Hargreaves Services trades in line after 'satisfactory' half

Property services group Hargreaves Services said trading had been "satisfactory" in the six months ended 30 November, with the board now anticipating the company's interim results would be in line with expectations.

Hargreaves said group underlying operating profits for the first half were expected to be "slightly ahead" year-on-year but, as expected, revenues will be lower than the comparative period as a result of reduced activity in its specialist earthworks unit.

Net debt at the half end was £34.7m - compared to the £28.6m recorded on 30 November 2018. However, that figure excludes proceeds from the sale of Drakelands Restoration, which was announced on Monday.

"As expected, the group has experienced an increase in working capital in the first half of the year. This is mainly due to higher coal inventory levels, where production output has been particularly efficient," said Hargreaves.

The AIM-listed group expects to report its interim results on 29 January 2020.

As of 1330 GMT, Hargreaves shares had dipped 0.70% to 300.88p.