Hargreaves Services first-half revenues grow 12%; sees limited impact from Brexit

Writer, Stock Market Wire
Wednesday, January 30, 2019 - 08:56

Hargreaves Services said Wednesday underlying operating rose by nearly a third as revenue grew 12%.

For the six months ended 30 November 2018, underlying operating profit, which excludes the impact from asset writedowns, was 32% higher at £4.1m, and revenue increased by 12% to £167.9m.

When the impact of asset writedowns of £8.1m were included, operating losses widened to £6.1m from a loss of £2.3m a year earlier.

The asset writedowns included a £5.1m write down of trade debt and WIP balances and £3m of redundancy and other associated costs.

The company said it does not expect any 'material' impact from Brexit as almost all of its business wholly within the UK and has very little import/export activity with the EU.

The company also said it was in the final stages of negotiating three development projects which the board expected to conclude in second half of the financial year. These projects would require £4m of initial funding.

The interim dividend was maintained at 2.7p a share.

The company said it was making headway towards meeting its declared strategic objectives with further progress expected in the second half of this financial year. It anticipated reporting full year results in line with its expectations.

At 8:56am: (LON:HSP) Hargreaves Services PLC share price was -0.5p at 292p

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