HARGREAVES SERVICES PLC
(the “Group”, the “Company” or “Hargreaves”)
Interim Results for the six months ended 30 November 2022
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 2022, having achieved strong trading throughout the period, profitable growth across all business sectors and reporting an increase in the interim dividend of 7.1%.
| KEY FINANCIAL RESULTS | UnauditedSix Months ended30 Nov 2022 | UnauditedSix Months ended30 Nov 2021 | |
| Revenue | £116.5m | £76.1m | |
| Profit before tax (“PBT”) | £18.7m | £10.4m | |
| EPS | 52.2p | 31.0p | |
| Interim Dividend | 3.0p | 2.8p | |
| Cash in handLeasing debt | £18.1m£30.6m | £8.5m£11.5m | |
| Net Asset Value | £196.2m | £149.2m | |
| Net Assets per Share | 603p | 462p |
HIGHLIGHTS
· Strong revenue growth in Services, leading to an overall increase of 53% year on year, primarily due to HS2
· Growth in PBT across all business units, delivering an overall increase of 80%
· Interim dividend increased by 7.1% to 3.0p
· Cash in hand of £18.1m, up from £8.5m in Nov 2021.
· Increase in leasing debt due to investment in plant to support HS2 driven growth in revenue and PBT
· Net assets per share have increased by 31% over the last twelve months.
Commenting on the interim results, Chairman Roger McDowell said: “I am delighted to report very strong results for our half-year. The outcome is both a result of great work by our team and a vindication of our strategy. Whilst conscious of the macro-economic challenges we remain confident in the strength of the business.”