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Hargreaves Services sees lower first-half profit, revenue, but in line with expectations
StockMarketWire.com
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Hargreaves Services said it expected interim results to meet its expectations, with revenue and profit forecast to decline in the first half of the year owing to the phasing works on the HS2 project.
Revenue and underlying pre-tax profit 'will be lower than that reported for the six months ended 30 November 2019, primarily due to the phasing of works on the HS2 project within the Specialist Earthworks business,' the company said.
'This timing gives greater emphasis to the weighting of profitability to the second half but the board's expectation of results for the financial year remains unchanged,' it added.
Net debt at the half year end was approximately £20.5m, compared with £40.3m at 30 November, with all debts due to Hargreaves and all unbilled work in progress expected to be recovered in full.
The company also wrapped up its talks with Jungye, with the latter agreeing that to bring certain activities in house, leading to approximately 160 Group employees transferring their employment to British Steel in January 2021.
The company also won a five-year contract from Drax Power to undertake maintenance, materials handling and plant operation at Drax Power Station in Selby, commencing in April 2021.
At 8:33am: (LON:HSP) Hargreaves Services PLC share price was 0p at 222p
Story provided by StockMarketWire.com
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