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

The large seller who's being selling at 189-190 for the last 6 weeks or so may or may not have finished but at worst they are letting orders on the bid at 190 stay there for hours at a time rather than ripping them off in microseconds.

I will be interested to see if in due course the coal price has picked up enough to encourage HSP to consider mining some of the coal which it has viewed until now as economically nonviable.

In any event it will help the price mix as you can't just mine specialty grade coal without producing some lower grade stuff no matter which equipment or tech you use.

Annual Report 2016

For the year ending 31 May 2016

http://www.hsgplc.co.uk/media/69726/Hargreaves-Services-plc-Annual-Report-2016.pdf

23 September 2016 
Hargreaves Services plc
("the Company")
 
Posting of Annual Report and Notice of AGM
 
Hargreaves Services plc (AIM: HSP) announces that its Annual Report and Accounts for the year ended 31 May 2016 has been posted to shareholders and is available at the Company's website: www.hsgplc.co.uk.

The Company's Annual General Meeting will be held on 5 October 2016 at 11.00am at The Solarium, Durham Cathedral, The College, Durham DH1 3EH.

http://www.moneyam.com/action/news/showArticle?id=5419988


Annual Report and Accounts 2016

03 October 2016 
Hargreaves Services plc

Update on Redcar Steelworks Closure and Trading Update ahead of AGM
 
Hargreaves Services plc (AIM: HSP), a group delivering key projects and services in the infrastructure, energy and property sectors, today provides an update, ahead of its AGM on 5 October 2016, on the Redcar steelworks closure activity and on current trading.

Update on Redcar Steelworks Closure

The Group notes the recent press coverage concerning the Tribunal claim by staff who were formerly employed by Hargreaves at the Redcar steel plant. Management is disappointed by the findings of the Tribunal's oral judgment delivered on 30 September 2016, which could give rise to an additional potential liability of £0.6m relating to the closure in October 2015 of the Redcar operation.  We await the Tribunal's fully reasoned written judgment. The circumstances surrounding the demise of SSI, the owner and operator of Redcar steelworks, gave rise to a highly complex and fluid situation.  It was against this challenging background that Hargreaves sought to do its very best by its employees, acting in accordance with legal and professional advice. We expect any cost arising from the Tribunal's decision to be treated as an exceptional item in line with all other historic costs associated with the closure of the Redcar operation.

AGM Trading Update

At the AGM, to be held on Wednesday 5 October 2016, Hargreaves Chairman David Morgan will make the following statement: "We are pleased that the increasing interest from coal power stations noted in the Preliminary Results Statement has now been translated into contracts for the sale of the Group's surplus coal stocks. Shipments of these coal stocks, totalling approximately £11m, have already commenced and will continue through the winter in line with expectations and without any impairment to book value.

"Trading across the rest of the Group for the year to date has been in line with expectations. Although there are still risks associated with the achievement of new business targets in the Industrial Services division, encouraging progress in our Property and Energy portfolio allow management to remain confident at this time in achieving its overall performance target for the year which, together with the realisation of legacy coal stocks referred to above, provides a favourable background against which to finalise our deliberations on returning surplus capital to shareholders."

http://www.moneyam.com/action/news/showArticle?id=5425400

05 October 2016 
 
Hargreaves Services plc
 
Result of AGM  
 
Hargreaves Services plc (AIM: HSP), a group delivering key projects and services in the infrastructure, energy and property sectors, announces that, at its AGM held earlier today, all resolutions were duly passed.

http://www.moneyam.com/action/news/showArticle?id=5427756

Price and volume action has been quite interesting on this stock for the last month or so.

The volume has died down to a very small level with the large seller at 190 now finished. Buyers keep going a little bit every day and are becoming more aggressive at nibbling at the offer.

I am hoping they will start attacking 200 tomorrow which was the intraday high from a couple of months ago.

Hard to work out how much of the £66m legacy assets are being turned into cash so I expect that's holding the shareprice back until they crystallise

Possible jobs boost for Glenrothes as plans revealed for brownfield site
25th November 2016

More than 2,500 jobs could be coming to Fife if plans to transform one of Europe’s biggest brownfield sites is given the go-ahead.

The former Westfield open cast coal mine could become an industrial and energy-producing powerhouse for the region under plans submitted by site owners Hargreaves Services.

Development of the vast site, situated between Kinglassie and Cardenden, could also result in the reopening of an old railway line following the findings of a feasibility study commissioned as part of the proposals.

A vast solar farm is also planned, with panels placed on land and floating on the water-filled former quarry.

Food production and the recycling industries are two areas being targeted, with the planning application having followed a public consultation by Hargreaves, which purchased the site in 2012.

Hargreaves estimates around 1,075 construction jobs would be created over a ten-year-period, with the completed development capable of supporting an estimated 1,500 full-time equivalent jobs.

The plans have been welcomed by the neighbouring Cardenden Community Council who have been supportive of the proposals to regenerate the site for a number of years.

“We are fully supportive of the application as long as we get the environmental safeguards in place,” said David Taylor, Cardenden Community Council chairman.



EDIT- Also reported earlier this week:

22 December 2016 
Hargreaves Services plc

Post-Close Trading Update and Notification of Interim Results

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, today provides the following update on trading ahead of its interim results for the six months ended 30 November 2016.

The Group has experienced more stable trading conditions during the period with underlying Group profits for the six months expected to be in line with management expectations. Hargreaves anticipates a strong second half with expected outperformance in Coal Distribution and Property & Energy that will more than offset the impact of the expected contract delays in Industrial Services.

Results for the Coal Distribution Division include the Group's share of profit from our associate operation in Germany which is trading very strongly as its markets recover. The recent increase in coal price during the first half, together with more robust coal demand, is expected to also result in the UK operation exceeding forecasts. Profits for the Division are currently expected to exceed management expectations by £3m for the full year.

The Industrial Services Division set aggressive targets for new business gains over the year as a whole. Whilst good progress continues to be made, it now seems unlikely that these will be fully achieved due to a delay in the commencement of a major project in Hong Kong. The Division's UK business has traded strongly and is expected to continue to do so through the second half.

Good progress continues to be made in the evaluation and development of the Group's Property and Energy project portfolio. Profits realised from the Property Division are expected to slightly exceed management targets over the year as a whole, although the timing of property sales remains difficult to predict.

The integration of the Blackwell acquisition is progressing well and underlying trading performance has been strong and in line with expectations. The Group has re-appraised the costs to complete and remediate two legacy contracts that were identified at the time of acquisition and as a consequence goodwill will be increased by £2.6m to £3.4m to reflect these additional costs, a level that management consider sustainable given the underlying profitability and cash generation of the operation.  The escrow account established at the time of acquisition continues to provide protection in relation to legacy contracts and no further provisions or adjustments in respect of pre-acquisition contracts are expected. Good progress continues to be made in the realisation of cash from sales of former Blackwell properties.

Management remain pleased with the rate of conversion of legacy assets into cash. As reported in October the Group's existing coal stocks have been sold and we continue to expect the full recovery of loans to the Tower joint venture. Working capital performance across the Group also remains in line with expectations. The Group is currently targeting to close the financial year with less than £5m of net debt.

The Group expects to report its interim results for the six months ended 30 November on 15 February 2017. 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=5470192

Boost from the Black Stuff: Hargreaves Services delivers positive trading update
08:55 22 Dec 2016

The AIM-listed group said its Coal Distribution arm has been boosted by good results from its associate operation in Germany, which has been trading “very strongly."



The black stuff gave a boost to shares in Hargreaves Services PLC (LON:HSP) today after the coal and solid fuels group said trading has stabilised in the first-half and met its expectations.

Notably, the AIM-listed group said, its Coal Distribution arm has been boosted by good results from its associate operation in Germany, which has been trading “very strongly as its markets recover.“

In a pre-close season trading statement, Hargreaves Services said: “ The recent increase in coal price during the first half, together with more robust coal demand, is expected to also result in the UK operation exceeding forecasts."

It added: “Profits for the Division are currently expected to exceed management expectations by £3mln for the full year.”

The company also said it has seen strong trading in its Property & Energy project portfolio, with profits from this arm to outpace management expectations.

But it added that its Industrial Services is unlikely to meet the targets set due to a delay to a major project in Hong Kong.

However, Hargreaves Services said it still expects a strong second half of the year as the outperformance of its Coal Distribution and Property & Energy units offset the softer trading in Industrial Services.

Jon Hopkins

Hargreaves Services prioritises safety with new Mercedes-Benz Arocs units
10 January 2017
Emma Shone



Hargreaves Services has put safety first with its recent order of 21 new Mercedes-Benz Arocs tractor units with StreamSpace cabs.

Replacing 21 older Scania vehicles, the new trucks are all fitted with an optional safety pack, including Active Break Assist and Proximity Control Assist systems, as well as a series of cameras and sensors for detecting vulnerable road users.

Paul Boulds, Hargreaves’ workshops and fleet manager, said: “We are always conscious of our duty of care.

“While you cannot put a price on safety, the additional cost of these features was not prohibitive. Hopefully we won’t need them, but it’s nice to know they’re there just in case.”

15 February 2017 
HARGREAVES SERVICES PLC

Interim Results for the six months ended 30 November 2016
 
Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, today announces its interim results for the six months ended 30 November 2016.

HIGHLIGHTS
 
·      Overall performance in the first half was in line with management expectations;

·      Strong prospects in Germany expected to drive outperformance in second half as announced in December;

·      Property & Energy portfolio development progressing well with planning permission granted for an energy-from-waste plant near Grangemouth and the planning decision on our Blindwells development expected in March;

·      Good progress being made with the integration of CA Blackwell to establish our new Specialist Earthworks division;

·      Wind down of coal mining activities and the commencement of the site restoration programme at Tower underpins the expectation of full repayment of Joint Venture loans;
·      Legacy asset realisation programme progressing well, with all surplus coal and coke stocks contracted;

·      Net debt expected to fall materially during the second half, with the final outcome dependent on the timing of material property disposals;
 
Commenting on the interim results, Chairman David Morgan said: "It is pleasing to see how much progress we have made towards the three strategic goals we set ourselves a year ago. First, earnings from the continuing Distribution & Services operations are well set to deliver operating profit within the target range that we set. Second, good progress is being made in creating and then delivering the targeted £35m-£50m uplift in value from our Property & Energy portfolio. Lastly, it is very gratifying to see the progress that has been made in the realisation of cash from the legacy assets and the increasing confidence that this realisation will be achieved without the need for any net impairment of the book value."

***More From Link Below***

http://www.moneyam.com/action/news/showArticle?id=5496578

Hargreaves Services sees profits drop, but hikes dividend and stays upbeat on second half
07:53 15 Feb 2017

The AIM-listed firm said its underlying pre-tax profits dropped by 71.9% to £0.9mln for the six months to the end of November, as continuing revenues fell by 2.2%.



Coal distributor Hargreaves Services PLC (LON:HSP) reported a drop in first-half profits, but the group still hiked its interim dividend and repeated its expectations that strong prospects in Germany will “drive outperformance in the second half.”

The AIM-listed firm said its underlying pre-tax profits dropped by 71.9% to £0.9mln for the six months to the end of November, as continuing revenues fell by 2.2% to £170.9mln.

But the group – focused on projects, services, and logistics to the infrastructure, energy and property sectors - said “overall performance in the first half was in line with management expectations.”

The Durham-based firm also raised its interim dividend to 2.7p per share, up from 1.7p a year ago.

Hargreaves’ chairman David Morgan said: "It is pleasing to see how much progress we have made towards the three strategic goals we set ourselves a year ago.

"First, earnings from the continuing Distribution & Services operations are well set to deliver operating profit within the target range that we set.

"Second, good progress is being made in creating and then delivering the targeted £35m-£50m uplift in value from our Property & Energy portfolio.

"Lastly, it is very gratifying to see the progress that has been made in the realisation of cash from the legacy assets and the increasing confidence that this realisation will be achieved without the need for any net impairment of the book value."

Jon Hopkins

29 March 2017 
Hargreaves Services plc
("Hargreaves" or "the Group")

Planning Permission Granted for Blindwells Site

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, is pleased to announce that it has today received planning approval in principle for 1,600 new homes at Blindwells, on part of a 392 acre site near Tranent in East Lothian, which is situated less than 15 miles from Edinburgh city centre. The approval, which includes affordable housing and mixed use development, represents the first phase of a wider master plan for more than 3,200 homes to be developed over the next 12-15 years.

The Blindwells site, which was formerly an open cast coal mine until its closure in 2000, will require some initial consolidation work and the development of infrastructure such as roads and connections to utility networks. This work is expected to commence shortly and will require upfront capital investment by Hargreaves in groundworks and enabling infrastructure at a cost of approximately £5.0m, which is expected to be funded from the Group's existing resources. Subsequently, it is expected that Hargreaves will undertake the phased sale of residential development plots to national and local house builders over a number of years.


The grant of planning is expected to generate a meaningful uplift to the market value of the Blindwells site relative to the book value included in the Group's Net Assets which totalled £129.2m at the 30 November 2016. As previously announced, the Group has commissioned a formal independent valuation of our property portfolio for publication in our Preliminary Results in August 2017, by which time we expect our assessment of the development options for the site will be more complete.

The valuation report will include an assessment of the value of the Blindwells site reflecting today's grant of planning permission. Going forward this valuation will be revised and reported on annually to enable shareholders to track progress.

Commenting on the planning approval, Iain Slater, Development and Estates Director for Hargreaves, said: 'We have worked in partnership with East Lothian Council to deliver its original vision for a new community and we are confident that Blindwells will provide a high quality lifestyle set around some of Scotland's finest countryside. We're delighted that the first phase has been granted planning approval in principle and we look forward to working with the Council to ensure delivery of the targeted development investment and associated benefits for East Lothian."

Gordon Banham, Chief Executive Officer of Hargreaves, said: "We are delighted to have secured this planning permission. It marks another important milestone in achieving the target we set ourselves to deliver £35-50m of new value from our overall property portfolio over the next five years. Blindwells is an important part of that portfolio and is an excellent and exciting site. The grant of planning permission now allows us to develop and commercialise the site and we look forward to providing further updates and information as our plans progress."

http://www.moneyam.com/action/news/showArticle?id=5521926

My average on this would appear to be 3.06 which is frankly a miracle as I managed to add very near the bottom when the price got stupidly low and avoid adding anything on the trip down from my first entry at 4.20.

Over the weekend I shall look up the NAV. My memory suggests that even at 300 the share price still looks crazy low.

Here we go.
2016 NAV 131m
No. of shares in issue 31.9m

=£4.11 per share.

Today the NAV just increased on the planning approval by an amount I'm unable to estimate but clearly the market considers healthy

Hargreaves Services to turn former opencast mine into town with 3,200 homes
By Coreena Ford
30 MAR 2017

The Durham coal giants have received planning permission which will trigger work in East Lothian



A plan by one of the North East’s largest companies to build a new town in Scotland is under way after planning approval for the first phase was granted.

Hargreaves Services, the Durham-based mining and bulk material logistics firm, announced plans in January 2015 which would breathe new life into a former open cast mine, creating a major development comprising more than 3,000 homes, a school, community facilities and commercial units in East Lothian.

Hargreaves acquired the Blindwells site in July 2013 from the liquidators of collapsed Scottish Coal, in a portfolio of some 30,000 acres of land.

The 392-acre site, which stands on the north east side of the A1, overlooks the Firth of Forth, and is likely to become a commuter settlement for Edinburgh.

It had been allocated for residential development by East Lothian Council, and Hargreaves submitted an application for the plans in October 2014 - and now firm has been given the green light for those plans.

The approval, which includes affordable housing and mixed use development, represents the first phase of a wider master plan for more than 3,200 homes to be developed over the next 12 to 15 years.

The Blindwells site was formerly an open-cast coal mine until its closure in 2000 and the firm said it will require initial consolidation work, as well as the development of roads and connections to utility networks. Hargreaves will invest £5m in that work.

The work is expected to start soon, after which Hargreaves will carry out the phased sale of residential development plots to national and local house builders over a number of years.

Hargreaves said it expects the grant of planning permission to generate a “meaningful uplift” to the market value of the Blindwells site relative to its book value, which was £129.2m as at the end of November.

Gordon Banham, chief executive officer of Hargreaves, said: “We are delighted to have secured this planning permission. It marks another important milestone in achieving the target we set ourselves to deliver £35-50m of new value from our overall property portfolio over the next five years.

“Blindwells is an important part of that portfolio and is an excellent and exciting site.

“The grant of planning permission now allows us to develop and commercialise the site and we look forward to providing further updates and information as our plans progress.”

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.

Things beginning to look promising here. Significant volume going through at 335 over the last 10 days or so. It's clear someone considers that a good price to invest.

Hoping the sellers will dry up at this point soon. Surprised we haven't had a RNS yet.

Energy

We are developing exciting renewable energy projects as well as providing a range of services to the power generation and renewables sectors


Hargreaves is looking to maximise the value of its extensive land portfolio through the development of renewable energy projects in the UK including waste-from-energy and onshore wind projects in areas of high wind speed. A number of other projects and collaborations are ongoing, centred around the Group's electricity grid connections.

In addition to the renewable energy projects, Hargreaves is also a leading provider of quality-assured contract services to power stations in the UK and abroad. These services were honed in the coal / thermal power stations of the UK, where Hargreaves has operations with 90% of generators.

The Group has successfully transferred these skills into more modern CCGT and CHP plants and has been able to export these skills into the Asia Pacific region.

18 May 2017 
Hargreaves Services plc

Sale of Underground Mining Equipment

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, is pleased to announce that contracts have been signed for the sale of surplus underground mining equipment to an overseas buyer for an undisclosed cash consideration.

The equipment was originally acquired for use at the Group's former deep mine at Maltby and formed part of the Group's legacy asset disposal programme. Although the precise sale terms are subject to a confidentiality agreement, the proceeds are in line with the carrying book value of the equipment on the Group's balance sheet. The consideration is payable in stages with the aggregate sale proceeds to be received in roughly equal amounts in the financial years ending 31 May 2017 and 31 May 2018.

Gordon Banham, Chief Executive Officer, commented: "This sale represents another positive step in the realisation of our portfolio of legacy assets. By maintaining a strong financial platform throughout our restructuring process, we have given ourselves the time and flexibility to realise value from our legacy assets in a structured and methodical manner."

http://www.moneyam.com/action/news/showArticle?id=5551415