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Hargreaves Services hails improved German JV performance; upgrades cash outlook
StockMarketWire.com
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Hargreaves Services said it now expects the contribution from its German joint venture to the company's profits to be 'materially greater' than current market expectations.
The company said its German joint venture, Hargreaves Raw Material Services GmbH, and in its subsidiary, DK Recycling und Roheisen GmbH was exceeding expectations.
The company also announced it had experienced material cash inflows due to working capital reductions, and now expected that year end cash balances would be 'substantially higher than market expectations.'
Improved trading from German JV and material improvement in year end cash position.
The company also received all cash from settlements related to the C A Blackwell Legacy Civils contracts, resulting in a £2.2 million exceptional charge, consistent with the previous accounting for these contracts.
At 8:50am: (LON:HSP) Hargreaves Services PLC share price was 0p at 222p
Story provided by StockMarketWire.com
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