Hargreaves Services declares special dividend as German JV shines

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Industrial and property services group Hargreaves Services posted a large rise in annual profit and declared a special dividend, underpinned by a positive contribution from a German joint venture.

Pre-tax profit for the year through May jumped to £14.4 million, up from £2.2 million year-on-year.

Revenue fell to £204.8 million, down from £222.2 million, but profit from JVs rose to £17.7 million, up from £2.1 million.

Hargreaves Services held its final dividend steady at 4.5p per share, but also declared an additional dividend of 12p per share.

'The group is now delivering good financial returns and the board looks forward to the future with confidence,' chairman Roger McDowell said.