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

5 July 2017 
Hargreaves Services plc

Post-Close Trading Update and Notification of Preliminary Results

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, provides the following update on trading ahead of reporting its preliminary results for the year ended 31 May 2017.

The Group is pleased to report that overall trading in the run up to the year end was consistent with management expectations and consequently the Group expects underlying operating profit for the year ended 31 May 2017 to be in line with current market expectations. Underlying profit before tax is expected to be ahead of market expectations due to the net interest charge being £0.4m lower than anticipated for the full year.


Distribution and Services Operations

The Coal Distribution Division, which includes results from our German operating associate, is expected to report profits above management expectations. Favourable market conditions and an expanded local trading team have combined to deliver significant outperformance from our German associate more than offsetting the continued softness in the UK coal distribution and production operations. This outperformance has allowed the Group to accelerate the repositioning of its UK operations; exiting its Immingham port terminal space and undertaking preparations for investment in new low-cost briquetting products at Maxibrite.

Good progress has been made since the acquisition of Blackwell, moving the Earthworks business away from complex "design and build" civil engineering contracts to focus on its core competence of earthworks. Exceptional losses incurred in the year on legacy contracts have been partially mitigated by gains and profits from the realisation of plant. Excluding exceptional losses on legacy civil engineering contracts, the underlying operating profit for the Earthworks business is expected to be £1.0m below management expectations reflecting the expenses and margin impacts of withdrawing from civil engineering activities. All legacy contracts are now largely complete.

Operating profit in the Industrial Services Division was in line with management expectations.

A highly competitive market and low volumes combined to create an unusually poor final quarter performance for the Logistics Division and, as a result, the Division will report a full year break-even result, £1.3m below initial management expectations for the year. Management is focused on reducing overhead and re-scaling the operation to align to the current market conditions.


Property & Energy

The Group expects to report profits for the Property and Energy Division that are in line with management expectations for the year end 31 May 2017. Following the grant of planning permission at Blindwells in East Lothian, the Group continues to make good progress towards generating between £35m to £50m of incremental value from its property and energy portfolios. The independent property valuation is continuing and the Group expects to report the results of that valuation with its preliminary results. Positive progress continues to be made in the development of the plans announced on 14 June 2017 to form an independent energy business.


Legacy Asset Realisations and Exceptional Items

The Group is pleased to report that excellent progress has been made in the realisation of cash from legacy assets. The contract for the sale of underground assets from Maltby represented an important milestone. Remaining legacy assets consist largely of mobile plant and loans due from the Tower joint venture, both of which are expected to convert fully into cash in future periods.

The Group expects to book a net exceptional charge of £0.5m relating to various non-recurring trading items, asset impairment adjustments and discontinued activities.


Net Debt 

Net Debt at 31 May 2017 was £15.7m (Net Debt at 30 November 2016: £36.9m). Working capital performance across the Group remained in line with expectations.


Notification of Preliminary Results

The Group expects to report its preliminary results for the year ended 31 May 2017 on 8 August 2017. A briefing for analysts will be held at 10.00am on the morning of the results announcement. For more information on the briefing, please contact Buchanan on 020 7466 5000.

http://www.moneyam.com/action/news/showArticle?id=5580028

A reminder:

08 August 2017 Announce full year preliminary results

http://www.hsgplc.co.uk/investors/financial-calendar.aspx

8 August 2017
HARGREAVES SERVICES PLC

Preliminary results for the year ended 31 May 2017

Highlights

· Excellent progress toward stated strategic targets for operating profit, value creation from property and the conversion of legacy assets into cash
o The Group has delivered Continuing Underlying Operating Profit of £9.8m, an increase of 113% on the prior year
o The Development value of the property portfolio shows £52.1m of potential unrealised gain on independent Red Book basis
o Strong progress in the orderly realisation of legacy assets into cash, including the agreement to sell the surplus underground mining equipment

· Strong performance in trading operations in Germany compensated for legacy contract issues in Earthworks and a challenging final quarter for Logistics

· Continental European steel and specialised carbon markets remain buoyant, offering long term potential for investment and improved visibility and resilience of forward earnings

· Planning permission secured for Blindwells, a major new town development close to Edinburgh

· Brockwell Energy established to develop value from the Group's energy projects and assets without recourse to the Group's balance sheet

· Realisation of £25.5m of legacy assets into cash with an additional £3.2m of underground mining assets contracted for sale post year end

· The Net Asset Value per share excluding any unrealised property gains as at 31 May 2017 was £4.32 per share

· Focus on simplification continues

· Final dividend of 4.5 pence in line with the Group's 40% pay-out ratio target, bringing proposed full year dividend to 7.2p, a 213% increase on prior year

Commenting on the results, Hargreaves Chairman David Morgan said:
"These results demonstrate the excellent progress made by the Group over the last year. The achievement of our Group profit target was a positive step forward, which we believe marks a real turning point for the Group. The independent property valuation exercise provides further confidence about the longer term value that we aim to create from our property portfolio. Whilst challenges remain to be overcome in some of our businesses, we are on track to achieve or over-acheive the three key strategic goals we set ourselves in 2016. We will continue to be careful in managing capital allocation and risk as we move forward."


Analyst meeting

A meeting for analysts will be held at 10.00am this morning, 8 August 2017, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Please contact Buchanan on 020 7466 5000 for further information.

"Dividend

The Board proposes a final dividend of 4.5p, consistent with the targeted 40% pay-out ratio. If approved at the Annual General Meeting, this will result in a dividend for the full year of 7.2p compared with 2.3p in the previous year, an increase of 213%. The proposed final dividend will be paid on 20 October 2017 to all shareholders on the register at the close of business on 22 September 2017."

***More via Link Below***

http://www.moneyam.com/action/news/showArticle?id=5618113

Hargreaves Services Triples Dividend As It Swings To Annual Profit
8 August, 2017 | 9:42AM

LONDON (Alliance News) - Hargreaves Services PLC said on Tuesday it has tripled its dividend for its recently-ended financial year as it turned to a profit on the back of higher revenue.

For the year ended May 31, the solid fuel supply and bulk material logistics company reported a pretax profit of GBP4.4 million, swinging from a loss of GBP10.6 million the year before, due to a significant reduction in exceptional costs to GBP470,000 from GBP12.4 million, the latter of which arose from the group's restructuring in 2016.

The charges booked in the prior year included losses on three legacy contracts in the Earthworks business Blackwell which incurred GBP3.4 million, and impairments of property, plant and equipment at former Rocpower site, Commonside Lane, that resulted in a loss of GBP2.3 million.

After annual revenue halved in the year to the end of May 2016, Hargreaves said annual revenue in the recently-ended year amounted to GBP342.9 million, a 0.6% increase from GBP340.7 million the prior year.

The small rise in revenue reflects the first full year of trading from the Blackwell acquisition in the Earthworks division, which offset lower revenues in the Coal Distribution and Industrial Services divisions.

In particular, Hargreaves had a strong performance in its German operations, as well as continued progress in transforming legacy assets in cash, generating GBP25.5 million of inflow, with GBP3.2 million of underground mining assets contracted for sale after the year end.

In light of the return to growth, Hargreaves has proposed a full-year dividend of 7.2 pence a share, more than a threefold increase from 2.3p the year before.

"These results demonstrate the excellent progress made by the group over the last year. The achievement of our group profit target was a positive step forward, which we believe marks a real turning point for the group. The independent property valuation exercise provides further confidence about the longer term value that we aim to create from our property portfolio. Whilst challenges remain to be overcome in some of our businesses, we are on track to achieve or over-acheive the three key strategic goals we set ourselves in 2016. We will continue to be careful in managing capital allocation and risk as we move forward," said Chairman David Morgan.

http://www.morningstar.co.uk/uk/news/AN_1502181749769303000/hargreaves-services-triples-dividend-as-it-swings-to-annual-profit.aspx

Upcoming Events

08 September 2017 Annual Report Posting Date
21 September 2017 Ex-dividend Date
22 September 2017 Record Date
03 October 2017 AGM
20 October 2017 Payment Date

8 September 2017
Hargreaves Services plc
("Hargreaves", the "Company" or the "Group")

Posting of Annual Report and Notice of AGM

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, announces that its Annual Report and Accounts for the year ended 31 May 2017 is today being posted to shareholders and will be made available at the Company's website: www.hsgplc.co.uk

The Company's Annual General Meeting will be held on 3 October 2017 at 11.00am at Prior's Hall, Durham Cathedral, Durham DH1 3EH.

http://www.moneyam.com/action/news/showArticle?id=5656984

8 September 2017
Hargreaves Services plc

Posting of Annual Report and Notice of AGM

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, announces that its Annual Report and Accounts for the year ended 31 May 2017 is today being posted to shareholders and will be made available at the Company's website:www.hsgplc.co.uk

The Company's Annual General Meeting will be held on 3 October 2017 at 11.00am at Prior's Hall, Durham Cathedral, Durham DH1 3EH.

http://www.moneyam.com/action/news/showArticle?id=5656984

19 October 2017
Hargreaves Services plc

Capital Investment by German Associate

Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, is pleased to announce a new capital investment project by its German associate, Hargreaves Raw Materials Services GmbH ("HRMS"), the Group's European raw materials trading business.

HRMS Background

HRMS, which was established in June 2006, is based in Duisburg, Germany, and is a key supplier of specialist raw materials to major European customers in the steel, foundry, smelting, ferroalloy, sugar, limestone, insulation, refractory and ceramic industries. Favourable market conditions in the past 12 months have allowed HRMS to expand the range of products it trades and distributes and in the past financial year the business delivered an operating profit of £10.3m. HRMS adopts a flexible and low-risk trading model, sourcing and supplying product on spot or short-term contracts. The combination of experienced management and a low fixed cost base provide the flexibility to increase or decrease the volume of trading to match market conditions.

Recently, HRMS has focused on short term trading opportunities which, by their nature, offer limited forward trading visibility. Historically, HMRS benefited from more predictable trading based around the raw material inputs and production outputs of the Group's Monckton Coke production facility in the UK which closed in December 2014. Therefore, securing a trading position connected to an alternative strategic production asset represents a major strategic opportunity for HRMS to improve forward trading visibility.

Carbon Pulverisation Plant ("CPP")

The Board of HRMS has identified the opportunity to build a CPP with a capacity of 400,000 tonnes per annum. It will provide a backbone of long-term contracts around which the business can trade. Both the HRMS management and the Board of Hargreaves believe that the project, together with its associated long-term contracts, will add resilience to future trading prospects and augment the growth of HRMS.

The CPP will be constructed in Duisburg, Germany, a key hub for Central Europe which enjoys numerous logistical advantages. The CPP will process carbon-based raw materials, including coal and coke, into a pulverised carbon product which offers customers logistical, technical and cost advantages over alternative materials.

Agreements are in place with a key strategic customer to provide technical, logistical and operational support, including a guaranteed minimum off-take volume. Further agreements will be negotiated with a portfolio of other customers from a range of heavy industries operating blast furnaces in Germany and Western Europe. Production is expected to commence in Q4 2018.

The total capital cost of the project will be €27.5 million, of which €22 million is fixed under the terms of an Engineering, Procurement and Construction contract with Claudius Peters Group. Claudius Peters Group has an extensive and proven track record and is the manufacturer of the key components of the plant. The board of HRMS plans to fund the project through a combination of cash reserves and new and existing debt facilities. The investment will have no material impact on the Group's current banking arrangements in the UK. The banking arrangements for the Group and HRMS will continue to be run as largely independent facilities.

Hilmar Eller, Managing Director of HRMS, commented: "The HRMS team has worldwide expertise in raw material sourcing and logistics and the carbon pulverisation plant will be a valuable addition to our portfolio, helping to ensure the predictability of our profit streams."

Gordon Banham, Chief Executive Officer of Hargreaves, commented: "Our European trading division was the star performer of the Group in the last financial year and the Board continues to be impressed by the deep quality and knowledge of the HRMS team. As we continually strive to maximise long-term shareholder value through the strategic deployment of capital, this project represents a carefully targeted investment in a resilient market with strong potential returns."

http://www.moneyam.com/action/news/showArticle?id=5709606

30 November 2017
Hargreaves Services plc

Pre-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 entering its close period before reporting its interim results for the six months ended 30 November 2017.

The Group has enjoyed stable trading conditions during the period with underlying Group performance for the six months expected to be in line with management expectations.

Hargreaves anticipates a strong second half with expected outperformance in Coal Distribution offsetting any risks around the timing of specific property transactions. We are pleased to report that the problems associated with certain legacy civil engineering contracts in the Earthworks business, reported in the preliminary results on 8 August 2017, have been largely and satisfactorily resolved. Further, a substantial claim has been intimated to the vendors of CA Blackwell and the Group is confident, based on legal advice, that a number of warranties have been breached.

Our European raw materials trading business, Hargreaves Raw Materials Services GmbH, continues to trade strongly, and good progress is being made with the development of the new coal processing plant announced on 19 October 2017.

We are also pleased to note that cost reduction and restructuring measures taken in the Logistics business are already showing benefits resulting in that business trading in line with expectations. This is encouraging following the disappointing performance in the final quarter of last year.

Conditions in the heavy plant markets have improved significantly over the last six months leading to high levels of enquiries, largely from international buyers, for our surplus plant. This bodes well for the generation of both cash and profit from the sale of plant across the remainder of the year.

The Group expects to report its interim results for the six months ended 30 November on 14 February 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.

Gordon Banham, Chief Executive Officer of Hargreaves, commented: "It is very pleasing to see the progress that is being made in the operating businesses in the UK, Germany and Hong Kong. The focus remains on returning all of the Company's businesses to consistent levels of profitability and reducing the volatility of constituent profit streams. We remain focused on reducing the central overhead costs and are making excellent progress in that regard. I am also encouraged by the continuing progress in the development of both the property portfolio and the Brockwell energy spin-off. Given the improved conditions in the plant market we have made it a priority to accelerate the realisation of value and cash from our surplus assets."

http://www.moneyam.com/action/news/showArticle?id=5762456

01 December 2017
Hargreaves Services plc ('the Company')

TOTAL VOTING RIGHTS

In conformity with the Disclosure and Transparency Rules we would like to notify the market of the following:

The Company's issued share capital consists of 33,138,756 ordinary shares with a nominal value of 10p each ('Ordinary Shares'). The Company holds 1,146,419 Ordinary Shares in Treasury.

Therefore, the total number of voting rights in the Company is 31,992,337.

The figure of 31,992,337 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

http://www.moneyam.com/action/news/showArticle?id=5764342

06 December 2017
Hargreaves Services plc

PDMR Dealing

Hargreaves Services plc announces that on 5 December 2017, it received notification from Gordon Banham, Chief Executive Officer of the Company that he purchased 50,000 ordinary shares of 10 pence each in the share capital of the Company ("Ordinary Shares") at a price of £3.25 pence per share on 5 December 2017. Following this purchase, Mr Banham's total holding is 2,559,575 shares representing 8.00% of the Company's issued share capital.

http://www.moneyam.com/action/news/showArticle?id=5769971

More decent sized trades today at 325.0 Hopefully that's the seller cleared.

02 January 2018
Hargreaves Services plc

Board Changes

As previously announced, the Board is pleased to confirm that John Samuel has today been appointed to the Board to succeed Iain Cockburn in the role of Group Finance Director. Iain has today stepped down from the Group Board to take up a full-time position as Finance Director of Brockwell Energy Limited, the holding company for the Group's interests in the electricity generation sector.

http://www.moneyam.com/action/news/showArticle?id=5799453

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