Hargreaves Services FY results seen in line with 'materially upgraded' expectations

Engineering services company Hargreaves Services said on Wednesday that it now expects to report full-year results in line with market expectations.

Hargreaves noted that expectations had already been "materially upgraded" in light of a very strong performance from its German joint venture and the accelerated completion of its Unity joint venture in Hargreaves Land.

The AIM-listed group stated it had no bank debt and held cash reserves of £28.3m as of 31 May, compared with a net bank debt of £13.5m a year earlier. Additionally, Hargreaves said the only debt held by the group was in respect of leasing debt related to specific assets, which was approximately £12.0m, resulting in an overall net cash position of £16.3m, a marked turnaround from its £28.1m net debt position on 31 May 2020.

Hargreaves expects to report its preliminary full-year results on 28 July.

As of 0820 BST, Hargreaves Services shares were down 2.34% at 376.0p.