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

***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

I'm pleased to see this deal done and leave HSP with a rental income stream on the freehold assets kept.

This project whilst profitable was chewing up cash and the directors knew they had to sell it on to maximise returns.

Net debt at year end was £30m, so this is going to reduce that to say around £10m.

Further disposals would appear to take HSP cash positive, although I'm sure they have investment plans for it.

An increase in the dividends would be nice.

Hi CC, haven't had chance to even read what I posted, so thank you for your input.

09 October 2018
Hargreaves Services plc

Wolf Minerals Limited

The Board of Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, notes the announcement made this morning by Wolf Minerals Limited ("Wolf") (AIM: WLFE). The Group supplies contract mining services to Wolf's tungsten mining operation at Hemerdon, Devon.

The announcement states that in connection with recent announcements in relation to Wolf's financing arrangements, Wolf has been working with its key financial stakeholders to develop longer term funding solutions required to provide it with capital to progress further production improvements. It states that Wolf's discussions with its stakeholders are ongoing and it expects to conclude those discussions this week, following which a further announcement will be made. However, should Wolf not be able to satisfactorily conclude its discussions with those stakeholders within the next two days, it will not be in a position to meet its short term working capital requirements after that point in time.

Until Wolf has concluded those discussions, the impact on Hargreaves' financial position and trading expectations cannot be fully determined. However, the Board estimates that the Group has a current net exposure of approximately £5m to Wolf comprising trade debt and WIP balances, some or all of which may prove to be irrecoverable were Wolf to be unable to continue trading. Redundancy and other associated costs may also result in a further non-recurring charge of up to £3m against Group profits in the current financial year. Additionally, if Wolf ceases to trade, this could reduce the Group's revenue in the balance of the current financial year by approximately £15m and its profit before tax by a further £1m.

Hargreaves is in close contact with Wolf and its advisors and a further announcement will be made in due course.

https://www.moneyam.com/action/news/showArticle?id=6159730

Best not to read the one above either!

Still a very interesting company to follow for the longer term or after that drop short/medium term!

From earlier today:

10 October 2018
Hargreaves Services plc


Wolf Minerals Limited

The Board of Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, notes the latest announcement, made today, by Wolf Minerals Limited ("Wolf") (AIM: WLFE). The Group supplies contract mining services to Wolf's tungsten mining operation at Hemerdon, Devon.

The latest announcement from Wolf states that it has been unable to satisfactorily conclude its discussions with its key financial stakeholders and therefore is not in a position to meet its short term working capital requirements in order to continue operations at its mine. Consequently, Wolf's wholly owned subsidiary, Wolf Minerals (UK) Limited, which is a customer of the Group, has ceased trading effective immediately and voluntary administrators have been appointed.

It is not yet clear how the administrators intend to proceed and as a result Hargreaves is not able to add any further information to the statement issued by the Group on 9 October 2018.

https://www.moneyam.com/action/news/showArticle?id=6162150

22 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 completion of the sale of the entire share capital of Brockwell to Lantern Bidco Limited, a newly incorporated company backed by international investors experienced in UK energy infrastructure.

As indicated in the announcement released on 8 October 2018, the initial gross proceeds, which have been paid in cash at completion, are £21m. A further £2m in cash may become payable, contingent upon the successful financial close of a future development project.

The net assets of Brockwell at completion were £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 retains 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 completed the sale of Brockwell and wishes the new owners every success in the future development of Brockwell's renewable energy asset portfolio."

https://www.moneyam.com/action/news/showArticle?id=6175390

30 October 2018
Hargreaves Services plc

AGM Statement

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, will hold its Annual General Meeting ("AGM") later this morning. At the AGM, the Group's Chairman, Roger McDowell, will make the following statement:

"The Board is pleased to announce that trading is in line with revised expectations following the announcement that one of its customers, Wolf Minerals (UK) Limited, has ceased trading and the completion of the sale of Brockwell Energy Limited.

"Net funds of £15m received from the sale of Brockwell have been applied to reduce short term overdraft borrowings.

"As previously announced, Peter Jones, a non-executive director, has decided to step down from the Board following today's AGM. I would like to thank Peter for his services and wish him well for the future. The recruitment of a further non-executive director is under consideration.

"The Board expects to provide a further trading update in early December 2018, prior to the announcement of the Group's interim results on 30 January 2019."

https://www.moneyam.com/action/news/showArticle?id=6185863

30 October 2018
Hargreaves Services plc

Director/PDMR Dealings


Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, announces the following Director share purchases and PDMR option exercise.

On 29 October 2018, Roger McDowell, Non-Executive Chairman, purchased 300,000 ordinary shares in the Company at a price of £3.40 per share. Following this purchase, Mr McDowell's total holding is 300,000 shares, representing 0.94% of the Company's issued share capital.

On 29 October 2018, Gordon Banham, Chief Executive Officer, purchased 73,000 ordinary shares in the Company at a price of £3.40 per share. Following this purchase, Mr Banham's total holding is 2,632,575 shares, representing 8.21% of the Company's issued share capital.

On 29 October 2018, Andrew Robertson, General Counsel and Group Company Secretary, exercised options over 12,234 ordinary shares in the Company at a price of nil pence per share. These options were granted under the Company's 2014 Deferred Share Bonus Scheme. The resulting shares were sold at a price of £3.13 per ordinary share.

https://www.moneyam.com/action/news/showArticle?id=6185911

03 December 2018
Hargreaves Services plc

Transfer of shares held in Treasury

Hargreaves announces that on 30 November 2018 a total of 5,047 ordinary shares of 10 pence each ("Ordinary Shares") in the Company were set aside for transfer from treasury to satisfy the exercise by an employee on 30 November 2018 of nil cost options granted under the Company's Deferred Share Bonus Scheme 2014.

Following the above transfer, 1,019,366 Ordinary Shares remain in treasury and the total number of voting rights in the Company is 32,119,390. This latter figure 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 Disclosure and Transparency Rules.

https://www.moneyam.com/action/news/showArticle?id=6228586

5 December 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 and property sectors, provides the following update on trading ahead of reporting its interim results for the six months ended 30 November 2018.

Trading has been satisfactory, and the Board expects to report interim results in line with its expectations. Both revenue and Underlying Operating Profit* are expected to show growth over that reported for the six months ended 30 November 2017, deriving from improved trading within the Group's UK businesses. The Board also confirms that it expects the Group's full year results to be in line with expectations.

As previously reported, the Group will record an exceptional charge of approximately £8m relating to the insolvency of Wolf Minerals (UK) Ltd. Additionally, the previously reported sale of Brockwell Energy Limited, which gave rise to a gain on disposal of approximately £4m, will be accounted for as the disposal of a discontinued operation.

Net debt at the half-year end was £28.6m, against £30.8m at 31 May 2018. As expected, the Group has experienced an increase in working capital in the first half of the year. Further sales of Legacy assets are expected to occur in the second half of the financial year.

The Group expects to report interim results for the six months ended 30 November 2018 on Wednesday 30 January 2019. 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 or email hargreaves@buchanan.uk.com.

*Underlying Operating Profit is defined by the Board as Operating Profit prior to exceptional items, amortisation and impairment of intangible assets and includes the Group's share of the operating profit of its German associate. It is a key indicator used by the Board to measure business performance.

https://www.moneyam.com/action/news/showArticle?id=6232216

06 December 2018
Hargreaves Services plc

Group Property Director Start Date


Further to the announcement of 12 July 2018, Hargreaves is pleased to confirm that David Anderson was appointed on 12 November 2018 to the Hargreaves Board in the executive role of Group Property Director.

The previous announcement listed the directorships and partnerships that Mr. Anderson held at the time or had held over the 5 previous years. Since that date, Mr. Anderson has resigned all directorships and partnerships that were listed as "current" and Hargreaves is now Mr Anderson's sole directorship.