HARGREAVES SERVICES PLC
(the “Group”, the “Company” or “Hargreaves”)
Interim Results for the six months ended 30 November 2025
Shareholder returns of up to £15.0m and CEO succession planning
Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the environmental, infrastructure and property sectors, reports its interim results for the six months ended 30 November 2025, and announces plans to return up to £15.0m to shareholders amid substantial revenue and profit growth, a 5.4% increase to the interim dividend to 19.5p and details of a planned CEO succession.
| KEY FINANCIAL RESULTS | Unaudited Six Months ended 30 Nov 2025 | Unaudited Six Months ended 30 Nov 2024 | |
| Revenue | £183.1m | £125.3m | +46.1% |
| EBITDA* | £18.3m | £14.9m | +22.8% |
| Profit before tax (“PBT”) | £14.3m | £5.3m | +169.8% |
| EPS | 33.4p | 12.2p | +173.8% |
| Interim Dividend | 19.5p | 18.5p | +5.4% |
| Cash and cash equivalents | £37.3m | £15.7m | +137.6% |
| Leasing debt | £43.2m | £34.2m | +26.3% |
| Net Asset Value | £201.4m | £188.9m | +6.6% |
| Net Assets per Share | 608p | 580p | +4.8% |
* EBITDA is calculated as Operating Profit after adding back depreciation and amortisation, and excludes gains or losses on the sale of fixed assets and investment property.
HIGHLIGHTS
- Group revenue has increased by over 46% driven by growth within Services on major infrastructure projects.
- Group EBITDA increased by 23% to £18.3m, due to the strong performance within Services
- Strong net margin maintained at 7% in Services
- Sale of the first tranche of the renewable energy land assets completed in the period for initial cash of £8.8m
- Interim dividend increased by 5.4% to 19.5p reflecting the growth in profit and clear forward visibility
- Strong cash position of £37.3m (Nov 24: £15.7m) aided by the sale of the first tranche of the renewable energy land assets
CASH RETURN
- Strong cash position, aided by the sale of the first tranche of the renewable energy land assets underpins the Board’s decision to return capital of up to £15.0m to shareholders before the end of the financial year by means of a tender offer. The Board will price the tender offer at an anticipated premium of between 12% and 15%, which, based on the current share price of £6.60, would equate to a tender price of approximately £7.50 per share, with further details to be announced in due course.
CEO SUCCESSION
- After 20 years as CEO, Gordon Banham has stated his intention to step down as CEO from 31 July 2026. He will be replaced by the current COO, Simon Hicks, who has worked closely with Gordon since joining the business in 2025. However, Gordon will retain executive responsibility for HRMS for the foreseeable future.
OUTLOOK
- Services revenue is now 90% secured under contract for the year ending 31 May 2026, combined with the strong first half performance on infrastructure contracts underpins the Board’s expectation for Services outperforming market expectations* for revenue by approximately 6%, leading to a 4% improvement in both PBT and EBITDA.
- Continued improvement in HRMS and good visibility on Land gives confidence for the second half of the year and the Board remains confident of delivering in line with expectations for these two business units.
Commenting on the interim results, Group Chair, Roger McDowell said: “I’m delighted to once again report a strong set of results for the Group. This has been another period of substantial growth within our Services business, demonstrating the value that we can bring to our clients and sustainable infrastructure more generally. We have seen the completion of material sales within Hargreaves Land and a return to meaningful profits from our joint venture, HRMS. All of which bodes well for the second half and underpins the Board’s confidence in delivering a full year result ahead of current market expectations.
“Furthermore, the completion of the first tranche of the renewable energy land assets is a critical milestone in the realisation strategy of that element of the Group and has resulted in our decision to return up to £15.0m of cash back to shareholders this financial year.”
COO video
Please find a link to a video overview relating to the Company’s interim results from the Group’s Chief Operating Officer, Simon Hicks here.
Investor presentation
Gordon Banham, Group Chief Executive, Stephen Craigen, Chief Financial Officer and Simon Hicks, Chief Operating Officer, will provide a live presentation on the Company’s interim results via the Investor Meet Company platform today at 4:30pm GMT.
Investors can sign up to Investor Meet Company for free and add to meet Hargreaves here.
*The Company considers that market expectations prior to the release of this announcement for the year ended 31 May 2026 to be revenue of £270.9m, PBT of £24.2m and earnings per share of 53.3p.