By Joe Hoppe
Hargreaves Services said all three of its divisions are performing in line with its expectations, and that it was confident in meeting full-year market views.
The London-listed industrial-and-property services company said Wednesday that its business sectors Services, Hargreaves Land and HRMS are all meeting its views, and it expects to deliver results for the year ending May 31 in-line with expectations. It didn’t provide a specific figure.
It said the Services business had a strong start to the year, and remains focused on securing works at major earthmoving sites and growing its portfolio of term and framework contracts.
The U.K. government’s cancellation of the planned northern section of the HS2 high speed rail network won’t affect the Services business, as the existing contract on Phase 1 of the development is performing in-line with the plan and no revenue was built into forecasts for Phase 2, the company said.
Hargreaves Land is focused on realizing value from its portfolio of renewable energy land assets, with the first four months of the year seeing continued developments.
HRMS’s first-half results are expected to be lower on-year, as a slowdown in business activity and softening in commodity prices persisted as expected.
Shares at 0748 GMT were down 7.5 pence, or 1.9% at 393.0 pence.
Write to Joe Hoppe at [email protected]
Read the full article here