Hargreaves Services Live Discussion

Totally_Wired 29 Jan 2020

RNS-Historic 29 January 2020 HARGREAVES SERVICES PLC Interim Results for the six months ended 30 November 2019 Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the industrial and property sectors, announces its interim results for the six months ended 30 November 2019. HIGHLIGHTS · Underlying Operating Profit increased by 19% and margin improved to 2.0% (2018: 1.3%); · Underlying EPS increased by 18.5% to 6.4p (2018: 5.4p); · Interim dividend maintained at 2.7p (2018: 2.7p); · Net debt before IFRS 16 adjustments £34.7m (2018: £28.6m), £40.3m after IFRS 16; · Successful disposal of Drakelands Restoration Ltd for £2.8m, generating exceptional profit of £2.4m and a strong future position at the Hemerdon tungsten mine; · HRMS (German associate) carbon pulverisation plant commencing trial production; · HRMS acquisition of DK Recycling in December 2019 for €1; · German associate is now an integrated speciality manufacturing and trading entity with an annualised revenue in excess of €300m. Commenting on the interim results, Chairman Roger McDowell said: “These positive financial results demonstrate the Group’s progress in delivering higher quality earnings from the Distribution & Services business. I am also pleased with the initiatives being driven by our German associate in developing and enhancing the underlying value of our German investment and am encouraged by early indications.” For further details: [link]

Totally_Wired 24 Dec 2019

RNS-Historic 24 December 2019 Hargreaves Services plc Director/PDMR Shareholding Hargreaves Services plc announces that on 23 December 2019, Gordon Banham, Chief Executive Officer, acquired 14,250 ordinary shares in the Company at a price of 290 pence per share. Following this purchase, Mr Banham’s total holding is 2,646,825 shares, representing 8.20% of the Company’s issued share capital. [link]

Totally_Wired 10 Dec 2019

RNS-Historic 10 December 2019 HARGREAVES SERVICES PLC (the “Group” or “Hargreaves”) Acquisition by Hargreaves Raw Material Services GmbH Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the industrial and property sectors, is pleased to announce an acquisition by its German associate company, Hargreaves Raw Material Services GmbH (“HRMS”) which furthers its strategy of creating an integrated specialist manufacturing and minerals trading business in Germany’s industrial heartland. HRMS has acquired 94.9% of DK Recycling und Roheisen GmbH (“DK”) from DK Holdings GmbH. The acquisition cost was €1. Through a combination of this acquisition and the investment in its Carbon Pulverisation Plant (“CPP”), the management of HRMS is seeking to strengthen its business by adding complementary manufacturing process capability to HRMS’ specialist commodity trading skills. The integrated German business will provide improved trading visibility and moderate the natural volatility of earnings in the trading business whilst creating tangible value for shareholders. DK is based in Duisburg, Germany on a site adjacent to HRMS’ CPP. DK’s unique recycling process produces high quality pig iron and other products from residual waste materials produced by the steel industry’s manufacturing process. The pig iron is mainly reused by the foundry industry in an environmentally sustainable production cycle. Recycling waste from the steel industry utilises material which presents an environmental challenge as these residual materials are otherwise frequently simply stockpiled or sent to landfill. DK is well known to HRMS having been a customer of HRMS for many years and is already a contracted customer for future output from the CPP. Hilmar Eller, Managing Director of HRMS, has been appointed as Managing Director of DK. Under its previous owner and management, DK has been undergoing an extended period of restructuring with a view to returning it to a sustainable and acceptable level of profitability, but this has not yet been successful. The management of HRMS will focus initially on improving DK’s sales and procurement processes, both of which align well with the expertise of HRMS. These immediate actions together with some operational changes and cost reduction measures will be implemented to improve DK’s financial performance. DK’s audited accounts for the year ended 31 December 2018 were prepared under German accounting standards. Those accounts showed revenue of €135m and a loss before tax of €2.2m. Those accounts also showed DK to have net assets of €15.8m. After fair value adjustments to comply with IFRS, the Board estimates that the net assets of DK are approximately €1. The principal adjustments relate to the recognition of pension liabilities which have not previously been recognised in DK’s balance sheet, provisions against inventory, provisions for taxation liabilities and the write down of certain items of plant and machinery. The latest management expectation is that DK will break even for the year ending 31 December 2019. DK is separately financed from both HRMS and Hargreaves and there is no recourse whatsoever to either HRMS or Hargreaves in connection with DK’s financing arrangements or any other liabilities which DK has or may have in the future. Neither HRMS nor Hargreaves currently provide or will provide any form of financial support to DK. DK is an existing customer of HRMS and balances arising in the ordinary course of trading will continue to exist between the two companies. As HRMS is an associate company, Hargreaves does not consolidate its results into the Group’s results. The Group accounts for the results of HRMS in accordance with IFRS 28, Investments in Associates and Joint Ventures. Hargreaves does not expect any material changes to the expected results of HRMS until such time as the profitability improvement measures at DK can be fully implemented and their impact reliably assessed. [link]

Totally_Wired 03 Dec 2019

RNS-Historic 3 December 2019 HARGREAVES SERVICES PLC **Pre-Close Trading Update and Notification of Interim Results** Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the industrial and property sectors, provides the following update on trading ahead of reporting its interim results for the six months ended 30 November 2019. Trading has been satisfactory, and the Board anticipates reporting interim results in line with its expectations. Group Underlying Operating Profit* for the first half is expected to be slightly ahead of that reported for the six months ended 30 November 2018. As expected, Revenue will be lower than the comparative period primarily due to reduced levels of activity in Specialist Earthworks following the completion of site work on certain civils contracts. Net debt at the half-year end was £34.7m, compared with £28.6m at 30 November 2018. The net debt figure excludes the proceeds of the sale of Drakelands Restoration Limited, which was announced yesterday. 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. The net debt figures above are stated prior to the impact of the adoption of IFRS 16, which will be adopted by Hargreaves in its accounts for the year ending 31 May 2020 and in the interim results for the six months ended 30 November 2019. Notification of Interim Results The Board expects to report its interim results for the six months ended 30 November 2019 on Wednesday 29 January 2020. A briefing for analysts will be held at 10.00am on the morning of the results at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000 or email [email protected]. [link]

Totally_Wired 02 Dec 2019

RNS-Historic 2 December 2019 HARGREAVES SERVICES PLC Recent progress at the tungsten mine at Hemerdon £2.8m disposal of Drakelands Restoration Limited and 10-year Mining Services Contract Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the industrial and property sectors, announces recent progress at the tungsten mine at Hemerdon, Devon, which was previously operated by Wolf Minerals (UK) Limited (“Wolf”). Following the announcement by Wolf on 10 October 2018 that it had ceased trading, Hargreaves has been in discussions with the Official Receiver, acting as liquidator of Wolf, and other interested parties including Devon County Council, the Environment Agency and various landowners regarding the future of the tungsten mine. Earlier this year, Drakelands Restoration Limited (“DRL”), a wholly owned subsidiary of Hargreaves, acquired various freehold and leasehold properties and an assignment of the minerals lease whilst discussions over the site’s future progressed. DRL has been reimbursed for the costs of safeguarding and maintaining the site during the period of those discussions. The Board is pleased to announce that it completed the sale of DRL to a third party, Tungsten West Limited (“TWL”), for £2.8m in cash on 29 November 2019. The sale proceeds will be paid to Hargreaves today. As a result of this transaction, TWL has acquired control of the Hemerdon mine with a view to recommencing tungsten mining operations in due course. In conjunction with the sale of DRL, Hargreaves has entered into a 10-year Mining Services Contract (“MSC”) with TWL to carry out works similar to those previously fulfilled for Wolf. The MSC provides for a minimum £1m per annum fee payable to Hargreaves for a period of eight years commencing no later than two years from 29 November 2019. This annual fee will be additional to any other services which Hargreaves may provide under the MSC. The MSC also contains advance payment provisions in respect of mining services, which ensure that Hargreaves will not be exposed to any credit risk. Until mining operations commence, Hargreaves will continue to carry out maintenance services at the site on existing terms. The Board estimates that the net gain on the disposal of DRL after accounting for legal and other expenses, including the acquisition of the minerals lease and freehold properties, will be approximately £2.4m. This transaction will be accounted for as an exceptional item in the financial results for the year ending 31 May 2020. Gordon Banham, Group Chief Executive of Hargreaves Services, said: “We have worked closely over the last year with the many stakeholders of the former tungsten mine at Hemerdon. We are pleased to have achieved a solution that creates the opportunity for future tungsten production at the mine with associated local employment and provides our shareholders with substantial medium term earnings potential.” [link]

Totally_Wired 30 Oct 2019

RNS-Historic 30 October 2019 Hargreaves Services plc AGM Statement Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, will hold its Annual General Meeting (“AGM”) later this morning. At the AGM, the Group’s Chairman, Roger McDowell, will make the following statement: "The Board is pleased to announce that trading for the first four months of the year has been satisfactory and in line with expectations. “The Board expects to provide a trading update in early December 2019, prior to the announcement of the Group’s interim results for the six months ending 30 November 2019 on Wednesday 29 January 2020.”

Totally_Wired 16 Oct 2019

Information Upcoming Events 30 October 2019-Annual General Meeting 01 November 2019-Dividend payment date 03 December 2019-Half year trading update 29 January 2020-Results for the six months to 30 November 2019

Totally_Wired 28 Aug 2019

RNS-Historic 28 August 2019 HARGREAVES SERVICES PLC Posting of Annual Report and Notice of AGM Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects to the industrial and property sectors, announces that its Annual Report and Accounts for the year ended 31 May 2019 is today being posted to shareholders and will also be made available on the Company’s website at www.hsgplc.co.uk. The Company’s Annual General Meeting will be held at The Solarium, Durham Cathedral, Durham, DH1 3EH on 30 October 2019 at 11.00am. [link]

Totally_Wired 31 Jul 2019

RNS-Historic 31 July 2019 HARGREAVES SERVICES PLC Preliminary Results for the year ended 31 May 2019 Hargreaves Services plc (AIM: HSP), a diversified group delivering key services to the industrial and property sectors, announces its preliminary results for the year ended 31 May 2019. KEY FINANCIAL RESULTS (via link at BOP) HIGHLIGHTS · Underlying performance of the Group has been satisfactory · £16.1m of exceptional provisions made against the insolvencies of British Steel & Wolf Minerals · Disposal of Brockwell Energy, treated as a Discontinued Operation, realising £5.2m pre-tax profit · Distribution & Services revenue up by 4.7% to £293.8m (2018: £280.7m) · Construction of Carbon Pulverisation Plant by German associate nearing completion · Conditional sales of first plots achieved at Blindwells · £13m Legacy assets left to realise, down from £28m at 31 May 2018 (£60m three years ago) · Net Debt down to £17.9m (2018: £30.8m) · Net Asset Value per share as at 31 May 2019 £3.97 per share (2018: £4.24) · Roger McDowell appointed Chairman on 1 August 2018 · David Anderson recruited as Group Property Director in November 2018 · Final dividend maintained at 4.5p (2018: 4.5p); full year dividend of 7.2p (2018: 7.2p) · Additional annual dividend of 12p per share from repatriating profits from German associate to commence in the year ending 31 May 2021 Commenting on the preliminary results, Chairman Roger McDowell said: “In what has been a challenging year, the Group has made progress towards its strategic objectives. The Group’s property business, Hargreaves Land, has gained further momentum and, by extracting capital from our UK mining activities, its growth can be accelerated. Value held in the balance sheet of our German associate business is being unlocked and will be distributed to shareholders in due course. The Board anticipates progress through the next financial year.” Analyst meeting A meeting for analysts will be held at 11.00am this morning, 31 July 2019, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Please contact Buchanan on 020 7466 5000 or at [email protected] for further information. More via link below: [link]

Totally_Wired 04 Jun 2019

RNS-Historic 4 June 2019 Hargreaves Services plc **Pre-Close Trading Update and Notification of Preliminary Results** Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, provides the following update on trading ahead of reporting its preliminary results for the year ended 31 May 2019. Both revenue and Underlying Operating Profit* (“UOP”) are expected to show growth over that reported for the year ended 31 May 2018, as a result of improved trading within the Group’s wholly owned businesses, with UOP expected to be in line with current market expectations. The results at UOP level do not include the impact of the provisions made following the insolvency events of Wolf Minerals (UK) Limited in October 2018 and British Steel Limited in May 2019, details of which have been previously announced. Those provisions will be reported as exceptional items. Additionally, in October 2018, the Group completed the disposal of Brockwell Energy Limited, the profit on disposal of which will be reported within Discontinued Operations. Net debt at the year end was £17.9m, compared to £30.8m as at 31 May 2018. During the year, conditional sale agreements have been exchanged in respect of the first two plots at the Group’s key residential development site, Blindwells, near Edinburgh. The value of these two transactions, which are expected to reach legal completion in the year ending 31 May 2020 is over £10m. These contract successes demonstrate the positive momentum behind the Blindwells development and contribute to the Board’s confidence in the Group’s future trading prospects. Notification of Preliminary Results The Group expects to report preliminary results for the year ended 31 May 2019 on Wednesday 31 July 2019. A briefing for analysts will be held at 11.00am on the morning of the results at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For more information on the briefing, please contact Buchanan on 020 7466 5000 or email [email protected]. [link]

Totally_Wired 30 May 2019

Information Upcoming Events 04 June 2019- Full year trading update 31 July 2019- Preliminary results for the year to 31 May 2019 [link]

Totally_Wired 22 May 2019

RNS-Historic 22 May 2019 Hargreaves Services plc British Steel Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, notes the media commentary regarding British Steel Limited (“British Steel”) and the reported uncertainty over its financial position. Hargreaves supplies materials handling and other services to British Steel’s operations and has been doing so for almost 8 years, employing approximately 170 people in those operations. Until the future of British Steel is clarified, the potential impact on Hargreaves cannot be fully determined. However, the Board estimates that the Group has a current net exposure of approximately £4.5m to British Steel comprising trade debt and work-in-progress balances, some or all of which may prove to be irrecoverable were British Steel to be unable to continue trading. Redundancy and other associated employment costs may result in a further non-recurring charge of up to £3.0m against Group profits. Potential asset write downs and leasing obligations amount to an additional £1.5m, resulting in a possible total exceptional charge of £9.0m. Additionally, if British Steel ceases to trade, this could reduce the Group’s revenue in the next financial year by approximately £11m and its profit before tax by about £1.3m. The Board will issue a further statement as appropriate and in the meantime is taking all possible steps to mitigate the Group’s exposure. Separately, the Board intends to issue a period end trading update on Tuesday 5 June 2019 following the end of its financial year on 31 May 2019. [link]

Totally_Wired 05 Apr 2019

Holding Announcements 05 April 2019 Hargreaves Services plc Transfer of shares held in Treasury and Total Voting Rights Hargreaves announces that on 4 April 2019, a total of 5,864 ordinary shares of ten pence each fully paid in the Company were transferred from treasury to satisfy the exercise by an employee of nil cost options granted under the Company’s Deferred Share Bonus Scheme 2014. Following the above transfer, 1,013,502 ordinary shares remain in treasury and the total number of voting rights in the Company are 32,125,254. This latter figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

Totally_Wired 26 Feb 2019

Sectors Websites (update later) Hargreaves Services plc Hargreaves Land

Totally_Wired 26 Feb 2019

Sectors Coal Production and Distribution Industrial Services Specialist Earthworks European Raw Material Services Hargreaves Associate Company Hargreaves Land Logistics