Hargreaves Services grows underlying profits and revenues
Management consulting company Hargreaves Services expects its full-year underlying operating profits to be in line with expectations after revenue showed growth in its last trading year.
FTSE AIM All-Share
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Hargreaves Services
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16:49 26/04/24
Support Services
10,641.76
16:59 26/04/24
Hargreaves told investors on Tuesday that as a result of improved trading within its wholly owned businesses, UOP was expected to be in line with current market expectations.
However, Hargreaves warned that its underlying operating profit results did not include the impact of provisions made as a result of the insolvency of Wolf Minerals in October 2018 and British Steel Limited in May 2019.
Hargreaves said the provisions would be reported as "exceptional items".
The AIM-listed firm also revealed it had managed to narrow net debt 41% year-on-year to £17.9m.
On an operational level, Hargreaves exchanged conditional sale agreements on the first two plots at its key residential development site near Edinburgh during the year.
Hargreaves expects to report preliminary results for the year ended 31 May on 31 July.
As of 0945 BST, Hargreaves shares had ticked up 0.59% to 226.32p.