Hargreaves at a glance

Hargreaves Services plc delivers key projects and services in the infrastructure, energy and property sectors.


Listed on AIM (LON:HSP) and headquartered in Durham, our 2,000+ employees are spread around the world delivering a vast array of projects and services.

Our history is steeped in coal through mining, sourcing, processing and blending, moving and handling. We still have a number of operations and services in the Mining & Minerals sector and now possess one of the largest mobile plant fleets in Europe, but today Hargreaves delivers much more.

After a series of strategic acquisitions, our land portfolio across the UK has increased to in excess of 18,000 acres. Our focus now is on adding value to this land through development with residential housing and renewable energy schemes.

Whilst we still carry out our traditional activities such as industrial services and logistics, these have now broadened to incorporate renewable energy, civil engineering and land restoration and remediation.

Take a look at the various sectors we work in to find out more.

NEWS

08th Jun 2018 Pre-Close Trading Update and Notification of Interim Results
08th Sep 2017 Posting of Annual Report and Notice of AGM
15th Feb 2017 Interim Results for the six months ended 30 November 2016
22nd Dec 2016 Post-Close Trading Update and Notification of Interim Results


PRESENTATIONS/RESULTS

Feb 2018 Interim Results for the six months ended 30 November 2017
Sep 2017 Annual Report
Aug 2016 Preliminary Results for Year Ending 31 May 2016
Apr 2016 Strategic Repositioning Update - 27 April 2016
Feb 2016 Interim Results 6 months ended 30 Nov 2015
Aug 2015 Preliminary Results for Year Ending 31 May 2015
Feb 2015 Interim Results for the six months ended 30 November 2014



EVENTS
22 January 2019 General Meeting
30 January 2019 Announce Interim Results

Upcoming Events

14 February 2018 Announce Interim Results
22 February 2018 Ex-dividend Date
23 February 2018 Record Date
06 April 2018 Payment Date

Interim Results for the six months ended 30 November 2017

http://www.moneyam.com/action/news/showArticle?id=5854818

Major employer Hargreaves to spin out energy firm in hope of creating new listed firm

Hargreaves Services Plc has said it expects to complete a deal to sell Brockwell Energy Limited in the next few months
14 FEB 2018



Major North East employer Hargreaves Services Plc has revealed it is spinning out its renewable energy business, in a move senior management hope will eventually create another listed company headquartered in the North East.

The County Durham business, which employs more than 2,000 people, has traditionally operated in the coal mining and logistics sectors but has branched out into property and development in recent years.

Now the business is in the process of selling Brockwell Energy Limited, a renewable energy firm created last year to focus on the development of onshore wind farms, energy from waste facilities, and flexible gas generation projects.

Negotiations are now in place to sell off the Team Valley-based business with a deal expected to be finalised in the coming months.

Gordon Banham, chief executive of Hargreaves Services, said: “We have announced that we are spinning our energy business out to other investors who are hopefully going to back it to build it out.

“That is great for Hargreaves as we will get back rental income from the wind farms and it is great for Hargreaves employees as they have moved into that business. I can see it being listed as a new energy business in the North East.

“If I get my way there will be Hargreaves, and in three to four years there will be another listed company that will be Brockwell.”

It is unknown which investors are interested in acquiring Brockwell, but Mr Banham confirmed there are six interested parties involved in the negotiations.

Hargreaves is expected to keep a minority stake in the energy firm after its sale is completed.

Hargreaves’s property business will continue to benefit from the activities of Brockwell through the collection of rental payments.

The announcement was made in the company’s interim financial results, which showed turnover for the six months ending November 2017 fell by almost £20m to £150.3m. The companies underlying operating profit increased from £2.1m in 2016, to £2.3m.

However, the firm made an operating loss of £2.7m, largely due to exceptional charges of £2.8m.
The charges relate to onerous contracts inherited by Hargreaves when it acquired earthworks firm CA Blackwell.

All three onerous contracts are expected to be completed by April 2018, and the company has said it may recuperate some of the charges through existing warranties held on the projects.

https://www.chroniclelive.co.uk/business/business-news/major-employer-hargreaves-spin-out-14288380

Major Shareholders
Last Update: 21 February 2018

Securities Information

Number of Ordinary shares in issue 31,992,337
Percentage of AIM securities not in public hands 61.68%
Restriction on the transfer of AIM securities NONE


Significant Shareholders (3% or more of the Issued Share Capital)

Name                                                 No.of O/shares        % of Issued
Schroder Investment Management         6,801,281                 21.26%
Artemis Investment Management         3,519,551                 11.00%
Shareholder Value Management         3,479,929                 10.88%
Fidelity International                         3,208,568                           10.03%
Gordon Banham                                 2,559,575                 8.00%
NFU Mutual                                         1,360,000                 4.25%
Harwood Capital                                 995,000                 3.11%


At 21 February 2018 Hargreaves Services plc holds 1,146,419 ordinary shares in Treasury.

Excepting AIM, the company has not applied or agreed to have any of its securities admitted or traded on any other exchanges or trading platforms.

http://www.hsgplc.co.uk/investors/shareholder-information/major-shareholders.aspx

The above was updated yesterday after Artemis 2.32% reduction.

I'll update after the acquisition by Downing LLP announced today.

Major Shareholders
Last Update: 22 February 2018

Securities Information

Number of Ordinary shares in issue 31,992,337
Percentage of AIM securities not in public hands 61.68%
Restriction on the transfer of AIM securities NONE


Significant Shareholders (3% or more of the Issued Share Capital)

Name                                                 No.of O/shares        % of Issued
Schroder Investment Management         6,801,281                 21.26%
Artemis Investment Management           3,519,551                 11.00%
Shareholder Value Management             3,479,929                 10.88%
Fidelity International                             3,208,568                 10.03%
Gordon Banham                                   2,559,575                  8.00%
MI Downing UK Micro-Cap Growth         1,657,850                   5.18%
Fund & Downing Strategic Micro-Cap
Investment Trust
NFU Mutual                                         1,360,000                 4.25%
Harwood Capital                                    995,000                 3.11%


At 22 February 2018 Hargreaves Services plc holds 1,146,419 ordinary shares in Treasury.

Excepting AIM, the company has not applied or agreed to have any of its securities admitted or traded on any other exchanges or trading platforms.

http://www.hsgplc.co.uk/investors/shareholder-information/major-shareholders.aspx

11 May 2018
Hargreaves Services plc

Board Changes

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the industrial, energy and property sectors, is pleased to announce the appointment of Roger McDowell as a non-executive director with immediate effect.

Roger brings a wealth of experience as a highly successful businessman and entrepreneur, with a strong record of driving shareholder value and serving on the boards of public companies. He was Managing Director of Oliver Ashworth for eighteen years before its sale to St. Gobain. He is currently serving as Non-Executive Chairman of Avingtrans plc and is also a Non-Executive Director of Augean plc, Tribal Group plc, Proteome Sciences plc, Swallowfield plc, ThinkSmart plc and D4t4 Solutions plc.

David Morgan, who has served as a Director since 24 February 2012 and as Chairman since 7 October 2015, has informed the Company of his intention to step down from the Board following the Group's preliminary results for the year ending 31 May 2018 which will be announced on 1 August 2018. He will be succeeded as Chairman by Roger McDowell. David has chaired the Company through a number of challenging events over the last few years and leaves the Group in a strong position to generate future shareholder value.

http://www.moneyam.com/action/news/showArticle?id=5966928

£20m regeneration scheme with 200 jobs in pipeline for Gateshead
Rebecca Wayman
30 MAY 2018

An £18.5m restaurant and retail scheme - which could regenerate a rundown site in Gateshead - is receiving widespread community support.

North East firm, Fintry Estates, and planning consultants, Lichfields recently held a public consultation on the plans for land to the north of the A184 Felling bypass.

The site at Albany Road is set to feature a 2,000 sq m discount foodstore, additional retail, food and beverage units and around 450 car parking spaces - and create almost 200 jobs.

Graham Wilson, of Fintry Estates, said: “We were delighted at the positive response of local residents and businesses to our initial proposals.

“Everyone we spoke to was keen to see this important site come forward for new shopping and leisure uses which improve the existing range of provision in the local area.”

Lichfields says it is keen to ensure as many people as possible have the opportunity to see the proposals and air their views.

The company hopes to submit a planning application this summer, which will take into account feedback received as part of the consultation programme.

Should planning permission be granted, it is anticipated construction could begin in 2019, with completion in 2020.

Councillor John Eagle, Gateshead Council member for the area, is backing regeneration efforts, saying: “It is great to see residents and users of local services attending the consultation at Gateshead College event to have their say on the proposals.

“The land in question is in a strategically important location for Gateshead and we need to get it cleaned up so it can help contribute to the wider vision for the area.”

A portion of the land is currently occupied by the ‘Dynamix’ indoor skatepark, however most of the site has lain unused for more than a decade.

Fintry is working in partnership with Hargreaves Services plc. Mr Wilson added: “The majority of the site has been vacant for over 15 years, without attracting any interest in industrial or office redevelopment.

Jonathan Wallace, of Lichfields, added: “The overall reaction to the scheme was very positive, with nearly all those completing the questionnaires supporting the scheme and agreeing that there was a need to regenerate this site.”

https://bdaily.co.uk/articles/2018/05/30/20m-regeneration-scheme-with-200-jobs-in-pipeline-for-gateshead

Hi Banjomick,

Do you have any further info on this. I'm a little surprised as I know HSP are diversifying but investing in a site which has been dormant for 15 years to build shops surprises me a little.

I see the total project is about £8m so a 50/50 joint venture is pretty small fry for HSP but nevertheless I'm trying to understand if this is the start in a change of strategy or something else.

Hope this helps:

http://www.hsgplc.co.uk/sectors/land-property.aspx

8 June 2018
Hargreaves Services plc

Pre-Close Trading Update and Notification of Interim Results

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial, energy and property sectors, provides the following update on trading ahead of reporting its preliminary results for the year ended 31 May 2018.

Trading has been satisfactory, and the Board expects to report results in line with its expectations. Net debt is likely to be c£30m, which is higher than expected solely due to the delay in the sale of a legacy land asset. Contracts for sale have now been exchanged.

Following a thorough process managed by third party advisors, the Board has now entered into exclusive negotiations with one party to acquire Brockwell Energy Limited. Completion of the disposal is expected to occur within the next few months.

The Group expects to report its preliminary results for the year ended 31 May 2018 on Wednesday 1 August 2018. A briefing for analysts will be held at 10.00am on the morning of the results at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000.

http://www.moneyam.com/action/news/showArticle?id=6003975

12 July 2018
Hargreaves Services plc

Board Appointment

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, is pleased to announce the appointment of David Anderson as Group Property Director. David will be appointed to the Board on commencement of his employment which will be no later than 1 December 2018.

David joins Hargreaves from Henry Boot Developments Limited, the principal property development subsidiary of Henry Boot PLC, where he has served as a Director since 1996 and as Managing Director since 2005. He has led the growth in revenue of that business from less than £10m in 2005 to over £220m in 2017.

David Morgan, the Chairman of Hargreaves, said: "We are delighted to have secured the services of David Anderson to spearhead the development of Hargreaves' Property business. David has an excellent track record in the property development sector in the UK and Hargreaves' current land portfolio provides a strong platform from which to create substantial shareholder value."

David Anderson said: "I am very pleased to be joining Hargreaves at such an exciting time for the Group's future as the Board looks to develop and grow its Property business. Hargreaves has a strong existing land bank for development, including the Blindwells site, together with a number of other exciting opportunities. I look forward to leading the Hargreaves Property team to create a substantial business within the Group."

http://www.moneyam.com/action/news/showArticle?id=6049103

***Relates to original announcement 12th July 2018***

Hargreaves to drive forward property division with new strategic appointment
25 JUL 2018



Hargreaves Services Plc has announced the appointment of David Anderson as group property director to drive forward the development of its property business, Hargreaves Land.

The senior appointment forms a strategic part of Hargreaves’ repositioning strategy to diversify away from coal and heavy industry into new sectors which provide better long-term prospects

Anderson will join the firm no later than 1st December 2018 and lead Hargreaves Land in bringing forward developments and unlocking value from the group’s 17,500-acre land bank, which is valued in excess of £50m.

Hargreaves Services plc delivers key projects and services in the infrastructure, energy and property sectors. The company’s UK-wide land portfolio includes over 50 sites ranging from former coal mines undergoing remediation, through to prime consented sites ready for development.

David Anderson has served as a director of Henry Boot Developments Limited, the principal property development subsidiary of Henry Boot PLC, since 1996 and as managing director since 2005. He has led the growth in revenue of that business from less than £10m in 2005 to over £220m in 2017.

David Anderson said: “I am very pleased to be joining Hargreaves at such an exciting time for the group’s future as the board looks to develop and grow its property business. I look forward to leading the Hargreaves Land team to create a substantial business within the group.”

Hargreaves’ key sites include the 390-acre Blindwells scheme located in East Lothian near Edinburgh, where planning consent has been secured for 1,600 new homes. At Westfield in Fife, Scotland over 1,000 acres have been earmarked for energy, waste recovery and employment uses.

Gordon Banham, chief executive of Hargreaves Services plc said: “I am delighted we have secured the services of David Anderson to spearhead Hargreaves Land. David has an excellent and successful record in the property development sector in the UK and Hargreaves’ current land portfolio provides a strong platform from which to create substantial shareholder value.”

In recent years the firm has been building a property team as its strategy evolves to reflect the changing market. Recent appointments include a new head of asset management, a project manager and financial controller, taking the team to 15 full time members of staff.

1 August 2018
HARGREAVES SERVICES PLC

Preliminary Results for the year ended 31 May 2018

Hargreaves Services plc (AIM: HSP), a diversified group delivering key services to the industrial and property sectors, announces its preliminary results for the year ended 31 May 2018.


HIGHLIGHTS


· Underlying trading satisfactory and in line with management expectations

· Distribution & Services Underlying Operating Profit margin up to 4.6% (2017: 4.3%)

· Independent property valuation confirms £20m market value uplift and a further £28m development value uplift

· Total property valuation uplift equates to 129p per share

· Good progress continues to be made on the development of the Blindwells project

· £29m Legacy assets to realise, down from £66m two years ago, with the majority to be realised by 31 May 2019

· Disposal of Brockwell Energy, treated as a Discontinued Operation, well advanced

· Roger McDowell becomes Chairman, 1 August 2018

· Final dividend maintained at 4.5p; full year dividend of 7.2p (2017: 7.2p)

Commenting on the preliminary results, retiring Chairman David Morgan said: "The Group is delivering against its strategic objectives. As revenues from traditional markets decline, operational focus is on risk management and margin improvement. Value realisation from the Group's Property and Energy assets is continuing with exclusivity granted to a purchaser for the Energy portfolio and sale completion expected in the next few months. Independent property valuations confirm the latent value in the Group's property portfolio. Legacy asset realisation should be substantially completed by 31 May 2019. The Board looks forward to an improvement in cash generation and underlying operating profits."

Analyst meeting

A meeting for analysts will be held at 10.00am this morning, 1 August 2018, at the offices of Buchanan,

107 Cheapside, London EC2V 6DN. Please contact Buchanan on 020 7466 5000 for further information.

***Further details via link below***

http://www.moneyam.com/action/news/showArticle?id=6074171

13 September 2018
HARGREAVES SERVICES PLC

Posting of Annual Report and Notice of AGM

Hargreaves Services plc (AIM: HSP), a diversified group delivering key services to the industrial and property sectors, announces that its Annual Report and Accounts for the year ended 31 May 2018 is today being posted to shareholders and will be made available on the Company's website at: www.hsgplc.co.uk.


The Company's Annual General Meeting will be held on 30 October 2018 at 11.00am at The Solarium, Durham Cathedral, Durham, DH1 3EH.

http://www.moneyam.com/action/news/showArticle?id=6125908

TR-1: Standard form for notification of major holdings

http://www.moneyam.com/action/news/showArticle?id=6142179

Plans for Westfield EfW plant take shape
26 September 2018 by Luke Walsh



A planning application by Westfield Energy Recovery has been submitted for an energy-from-waste plant as part of a project for the restoration and regeneration of an opencast mine.

A period of local consultation on the EfW plant application, which has been submitted to Fife Council, is due to end tomorrow. The facility would be located in the Westfield opencast coal site near Kinglassie, Fife, and process waste mainly in the form of refuse-derived fuel.

The plant already has planning permission in principle (PPiP) as part of the Westfield Restoration and Regeneration Project, granted by Fife Council on 15 August, but it was subject to 30 planning conditions and obligations.

Plans to build the EfW plant were originally announced in February this year, when mining and minerals business Hargreaves Services revealed it would spin off its energy business into a new company called Brockwell Energy.

https://www.endswasteandbioenergy.com/article/1494109/plans-westfield-efw-plant-shape

Brockwell Energy
The Groups interest in the Energy sector are managed by Brockwell Energy Ltd. The group is in the process of diversifying this business.

https://www.hsgplc.co.uk/sectors/brockwell-energy.aspx


Brockwell Energy Limited were formed in 2017 to raise investment capital to develop an £800 million portfolio of energy projects, predominantly in Scotland, on and around former coal mining sites.

What are we doing?
Brockwell’s focus is on a range of renewable technologies, including Energy-from-Waste (EfW) and onshore wind. We are also keen to explore the investment opportunities around other exciting projects such as solar photovoltaics (PV), small efficient gas engines, battery storage and other flexible generation assets to support the government’s drive towards a low-carbon economy.

Why are we doing it?
At the heart of our mission to produce clean, renewable energy are the communities in which we hope to develop and invest. As a responsible, people-focused company, we are committed to creating projects that bring long-term community benefits. This includes job creation, land restoration, public access, recreational opportunities and ecological enhancement.

How are we doing it?
Here at Brockwell we recognise the sensitive nature of some of our projects and that’s why we take the utmost care and consideration from the initial design phase through to completion. It also means the potential impacts of landscape aesthetics, public access, noise levels and local ecology are always at the forefront of our minds. Paramount to all our energy projects is our desire to be open, transparent and accessible. We pledge to proactively seek to engage with communities, groups, stakeholders and statutory bodies through dialogue, consultation and press coverage.

http://www.brockwellenergy.com/

Thanks for these posts. Keep them coming.

I'm holding these shares based on the discount to NAV and future plans.

I have quite a few so I'm looking to sell 25% of them if the price moves up a decent amount.

AGM trading update coming up on 30/10. I have thinking about going.

8 October 2018
Hargreaves Services plc

Disposal of Brockwell Energy Limited ("Brockwell")

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, is pleased to announce the signing of a conditional agreement for the sale of the entire share capital of Brockwell Energy Limited to Lantern Bidco Limited, a newly incorporated company backed by international investors experienced in UK energy infrastructure.

Brockwell is the holding company for the Group's interests in the renewable energy sector which the Board has previously announced its intention to sell. The initial gross proceeds, which are payable in cash at completion, are estimated to be £21m including the reimbursement of certain costs to be incurred by Brockwell prior to completion. A further £2m in cash may become payable, contingent upon the successful financial close of a future development project.

Completion will take place no later than 19 October 2018, but the purchaser has the right to withdraw from the contract up to that time at its sole discretion.

Brockwell has not recorded any income to date and was reported as a discontinued business in the audited results of Hargreaves for the year ended 31 May 2018, recording a loss before and after tax of £1m. The net assets of Brockwell at completion are estimated to be £10m. After deduction of transaction fees and other non-recoverable costs, the Board estimates that Hargreaves will record a profit on disposal of Brockwell of approximately £4m excluding the contingent consideration. The Board intends to use the cash received to reduce bank borrowings.

Hargreaves will retain certain freehold land assets on which Brockwell intends to develop renewable energy assets in the future and as a result the Group will continue to have a landlord/tenant relationship with Brockwell on arm's length terms.

Roger McDowell, the Chairman of Hargreaves, said: "The Board is pleased to have exchanged contracts for the sale of Brockwell to a partner who we believe has demonstrated its commitment to the successful development of Brockwell's renewable energy asset portfolio."

https://www.moneyam.com/action/news/showArticle?id=6157446