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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hargreaves Services Plc | LSE:HSP | London | Ordinary Share | GB00B0MTC970 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
9.00 | 1.84% | 497.00 | 490.00 | 500.00 | 497.00 | 495.00 | 497.00 | 7,866 | 11:00:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Sanitary Services, Nec | 211.46M | 27.92M | 0.8510 | 5.84 | 163.03M |
TIDMHSP
RNS Number : 0676D
Hargreaves Services PLC
04 July 2016
For immediate release 4 July 2016
Hargreaves Services plc
("Hargreaves", "the Group" or "the Company")
Post-Close Trading Update and Notification of Preliminary Results
Hargreaves Services plc (AIM: HSP), a leading supplier of solid fuels, bulk material logistics and specialist earthworks services, provides the following update on trading ahead of its preliminary results for the year ended 31 May 2016.
Core Operations
The Group is pleased to report that trading in the run up to the year end was in line with management expectations and consequently the Group expects underlying profitability for the year ended 31 May 2016 to be in line with current market expectations.
The restructuring and repositioning of the Group's core operations continues to progress and the resulting restructuring and exceptional costs are expected to be broadly in line with previous market guidance.
Tower Joint Venture
The Group notes that since reporting its interim results on 16 February 2016, RWE has confirmed its intention to cease buying Welsh coal for its Aberthaw power station by 31 March 2016. This decision firmed up our previously announced intention to consider a shortened mining programme at our Tower joint venture. Within our interim results we stated that a shortened mining plan could result in a modest impairment of our outstanding loans to the joint venture vehicle. It is our current view that, although the equity investment values and goodwill require to be impaired as no future dividends are likely to arise, a full recovery of the loans remains achievable. The Group will continue to work with its joint venture partners to seek an optimal outcome. The impairment charge in respect of our equity investment and goodwill will be approximately GBP4.9m.
Brexit
The Group continues to appraise the potential impacts of Brexit. The Group is a net beneficiary of Sterling weakness due to its current stocks of largely dollar-denominated coal and coke. No revaluation gains have been booked to date, but if the current exchange rate trends continue the Group should benefit as and when these stocks are realised.
On a negative note the Group has been informed that a GBP7m earthworks project at a major UK port has been postponed owing to Brexit-related concerns. The current uncertainty associated with Brexit presents potential risks for our Earthworks and Logistics businesses which have a significant exposure to construction activity and capital investment projects. However, it is difficult at this stage to form a clear picture of the medium term impacts and we currently consider the risk of a downturn in private sector activity as against the potential upside from Government-sponsored public sector works to reflate the economy to be relatively finely balanced.
Notification of Preliminary Results
The Group expects to report its preliminary results for the year ended 31 May 2016 on 9 August 2016. A briefing for analysts will be held at 10.00am on the morning of the results announcement at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000.
For further details:
Hargreaves Services Gordon Banham, Chief Executive Officer Iain Cockburn, Finance Director 0191 373 4485 Buchanan Mark Court / Anna Michniewicz / Sophie Cowles 020 7466 5000 N+1 Singer (Nomad and Broker) Sandy Fraser / Nick Owen 020 7496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
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July 04, 2016 02:00 ET (06:00 GMT)
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