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Hargreaves Services sees interim results boosted by strong UK performance

The services firm said that further sales of legacy assets were likely to take place in the second half
 Hargreaves Services sees interim results boosted by strong UK performance
Hargreaves Services expects to deliver good growth in earnings and revenues in its first half

Hargreaves Services PLC (LON:HSP) said it expected to report first-half results in line with expectations following an improved trading performance from its UK businesses.

The company, which provides services to the industrial and property sectors, said on Wednesday it expected to deliver good growth in earnings and revenues in its first half.

READ: Hargreaves Services expects results in line with expectations

“Both revenue and underlying operating profit are expected to show growth over that reported for the six months ended 30 November 2017, deriving from improved trading within the group's UK businesses,” the company said in a statement.

“The board also confirms that it expects the group's full-year results to be in line with expectations”

The AIM-listed firm said it expected to record an exceptional charge of some £8mln relating to the insolvency of Wolf Minerals (UK) Ltd.

Hargreaves added that net debt at the end of the half-year was £28.6mln, down from £30.8mln at the end of May.

It added that it had experienced an increase in working capital in the first half of the year and that further sales of legacy assets were likely to take place in the second half.

Shares in the company were 3.8% down at 316.50p in late morning trade.

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