Hargreaves Services PLC Pre-Close Trading Update (4767A)

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RNS Number : 4767A

Hargreaves Services PLC

02 June 2021

Hargreaves Services plc

("Hargreaves" or the "Group")

Pre-Close Trading Update and Notification of Preliminary Results

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, provides the following update on trading ahead of reporting its preliminary results for the year ended 31 May 2021.

The Board expects to report results in line with market expectations which have recently been materially upgraded in the light of the very strong performance of the Group's Joint Venture in Germany ("HRMS") and the accelerated completion at the Unity Joint Venture in Hargreaves Land.

The Group had no bank debt and held cash reserves of GBP28.3m at the year end, compared with a net bank debt of GBP13.5m at 31 May 2020. Additionally, the only debt held by the Group is in respect of leasing debt related to specific assets which was approximately GBP12.0m at 31 May 2021, compared with GBP14.6m twelve months earlier, resulting in an overall net cash position of GBP16.3m compared with GBP28.1m of net debt at 31 May 2020.

Notification of Preliminary Results

The Group expects to report its preliminary results for the year ended 31 May 2021 on Wednesday 28 July 2021. Details of the analyst meeting to accompany the results will be provided in due course.

For further details:

 
 Hargreaves Services                                                              www.hsgplc.co.uk 
  Gordon Banham, Chief Executive                                                Tel: [phone] 
  Officer 
  John Samuel, Group Finance Director 
 Walbrook PR (Financial PR &               Tel: [phone] or [e-mail] 
  IR)                                                           Mob: [phone] 
  Paul McManus / Lianne Cawthorne 
 N+1 Singer (Nomad and Joint Corporate                                          Tel: [phone] 
  Broker) 
  Sandy Fraser/Justin McKeegan/Rachel 
  Hayes 
 Investec (Joint Corporate Broker)                                              Tel: [phone] 
  Sara Hale/David Anderson/Shalin 
  Bhamra 
 
 

About Hargreaves Services plc ( www.hsgplc.co.uk )

Hargreaves Services plc is a diversified group delivering services to the industrial and property sectors, supporting key industries within the UK and South East Asia. The Company's three business segments are Services, Hargreaves Land and an investment in a German joint venture, Hargreaves Raw Materials Services GmbH (HRMS). Services provides critical support to many core industries including Energy, Environmental, UK Infrastructure and certain manufacturing industries through the provision of materials handling, mechanical and electrical contracting services, logistics and major earthworks. Hargreaves Land is focused on the sustainable development of brownfield sites for both residential and commercial purposes. HRMS trades in specialist commodity markets and owns DK Recycling, a specialist recycler of steel waste material. Hargreaves is headquartered in County Durham and has operational centres across the UK, as well as in Hong Kong and a joint venture in Duisburg, Germany.

More information is available at www.hsgplc.co.uk and follow us on Twitter @hargreaves_plc

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June 02, 2021 02:00 ET (06:00 GMT)