Hargreaves Services PLC Trading Update (0253Z)

TIDMHSP

RNS Number : 0253Z

Hargreaves Services PLC

18 May 2021

Hargreaves Services plc

("Hargreaves" or the "Group")

Trading Update

Further improvement in trading results from German Joint Venture

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, announces a further improvement to expected trading results from its German joint venture, Hargreaves Raw Material Services GmbH ("HRMS").

On 20 April 2021, the Board reported that trading in the Group's German joint venture, HRMS, was benefitting from favourable market conditions. Since then, as has been widely reported in the financial press, certain raw material commodity prices have continued to be very strong, fueled in part by demand from global steelmakers. HRMS has continued to take advantage of these conditions such that the Board now expects the contribution from its joint venture to Group profits to exceed current market expectations by a material amount. It is unclear how long these market conditions will endure and as a result, the Board remains cautious with regard to any impact on the financial year ending 31 May 2022.

Chairman, Roger McDowell, commented : "Our German joint venture has always been particularly adept at maximising trading opportunities and continues to do so to our advantage, although it is unclear for how long these very strong market conditions might endure."

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

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTFVLFFFELEBBK

(END) Dow Jones Newswires

May 18, 2021 08:10 ET (12:10 GMT)