Hargreaves Services PLC, a diversified group providing services to the environmental, infrastructure, and property sectors, released its interim results for the six months ended November 30, 2024. The company reported significant double-digit revenue and EBITDA growth, a return to profitability for its German joint venture, and an increase in the interim dividend to 18.5 pence. The Groups revenue increased by 13.7% to £125.3 million, driven by growth in earthmoving activities for large infrastructure projects. The profit before tax also rose to £5.3 million, a 96.3% increase compared to the previous year. The Services business contributed significantly to the Groups performance, with a 10.7% revenue growth and a 12.8% increase in profit before tax. Hargreaves Lands revenue increased to £4.1 million, while HRMS, the German joint venture, returned to profitability with a post-tax profit of £0.1 million. The Groups net assets decreased compared to the previous year due to the accounting treatment of the pension scheme buy-in. The Board expects the Services business to continue its strong performance and anticipates that the Group will perform in line with market expectations for the full year.
| Financial Metrics | Six Months Ended 30 Nov 2024 | Six Months Ended 30 Nov 2023 | Change |
|---|---|---|---|
| Revenue | £125.3m | £110.2m | +13.7% |
| EBITDA | £14.9m | £12.3m | +21.1% |
| Profit Before Tax (PBT) | £5.3m | £2.7m | +96.3% |
| Earnings Per Share (EPS) | 12.2p | 5.2p | +134.6% |
| Interim Dividend | 18.5p | 18.0p | +2.8% |
| Cash and Cash Equivalents | £15.7m | £18.7m | -16.0% |
| Leasing Debt | £34.2m | £28.8m | +17.0% |
| Net Asset Value (NAV) | £188.9m | £185.1m | +2.1% |
| Net Assets per Share | 580p | 567p | +2.3% |