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Hargreaves Services H1 underlying profit, revenue falls

Hargreaves Services plc reported first half underlying profit of £2.3m, down 8.7% from the prior year period while its interim dividend was maintained at 2.7p.

The company said first half reported underlying trading was in line with management expectations as underlying operating profit improved while net debt fell by 44% to £20.6m.

Revenue for the period was £150.3m, down from £170.9m in the previous year.

Commenting on the interim results, Chairman David Morgan said: 'The Group's operational focus on delivering consistent performance with an emphasis on risk management and margin improvement is beginning to bear fruit.'

'Progress on the key strategic objective of realising value from the Group's Property and Energy assets has continued with further significant news, particularly in respect of the Energy portfolio, expected in the next few months.'

'The Group has a strong balance sheet to support its strategy and the Board remains confident that there is substantial shareholder value to be realised.'

At 8:40am: (LON:HSP) Hargreaves Services PLC share price was -4.5p at 355.5p

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