Results for the year ended 31 May 2022

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, announces its results for the year ended 31 May 2022. The Group has delivered very strong results and developed a strong platform from which to create, deliver and realise value for shareholders.


Year ended 31 May20222021
Underlying Profit Before Tax (“UPBT”)**£32.7m£21.2m
Profit from joint ventures£28.2m£17.7m
Profit Before Tax from continuing operations£34.5m£14.4m
Basic earnings per share113.8p50.8p
Basic underlying EPS from continuing operations*103.2p70.7p
Proposed Final Dividend5.6p4.5p
Proposed Additional Dividend12.0p12.0p
Cash and cash equivalents***£13.8m£28.3m
Net (Debt)/Cash (including leasing debt)(£4.6m)£16.5m
Net Assets£183.1m£144.3m
Net Assets per Share563p447p

* Revenue reduced following exit from coal activities in 2021, while like-for like Services revenue increased by 18.7% to £162.8m (2021: £137.2m)
** The basis of Underlying Profit Before Tax and basic underlying EPS is set out in Note 7
*** Excludes £15m loan made to HRMS, £12m of which was repaid in July


  • UPBT improved materially to £32.7m (2021: £21.2m), including £28.2m (2021: £17.7m) contribution from joint ventures
  • German joint venture contributed £27.3m (2021: £13.6m) benefitting from:
  • Very strong commodity market conditions
  • DK Recycling sustainable cost reductions and operational improvements
  • Services UPBT increased to £7.6m from £5.1m as HS2 contract progresses
  • Hargreaves Land momentum continues:
  • Further sales delivered at Blindwells
  • £50m of conditional contracts exchanged at Unity JV
  • Renewable energy land portfolio records first rental
  • Balance sheet free of bank debt
  • Net assets increased by 26.9% to £183.1m (2021: £144.3m)
  • Final dividend of 5.6p (2021: 4.5p) proposed, an increase of 24.4%
  • Additional dividend of 12p (2021: 12p) proposed, funded by dividend to be received from HRMS

Commenting on the preliminary results, Chairman Roger McDowell said: “The Board has a clear, strategic investment proposition from which to create, deliver and realise shareholder value. These results, which include the highest level of profit recorded in seven years, illustrate the Group’s agility in taking advantage of market conditions whilst also delivering strong, underlying and sustainable profits. The Board is alive to current economic issues and our balance sheet strength will serve the Group well in a period of challenging global economic outlook.”

Analyst meeting & investor presentation

A briefing for analysts will be held via Zoom at 9.30am this morning, Wednesday 27 July 2022. Please contact Walbrook PR on 020 7933 8780 or at for further information.

A live presentation relating to the Company's Preliminary Results via the Investor Meet Company platform will be given by management on Thursday 28 July 2022 at 4:30pm GMT. Investors can sign up to Investor Meet Company for free and add to meet Hargreaves Services via:

A presentation recording on the financial results and business outlook delivered by management will be made available on the Company’s website later today, here:

For further details:

Hargreaves Services
Gordon Banham, Group Chief Executive
John Samuel, Group Finance Director
Tel: 0191 373 4485

Walbrook PR (Financial PR & IR)
Paul McManus / Lianne Applegarth / Louis Ashe-Jepson
Tel: 020 7933 8780 or
Mob: 07980 541 893 / 07584 391 303 / 07747 515 393

Singer Capital Markets (Nomad and Joint Corporate Broker)
Sandy Fraser/ Justin McKeegan / Rachel Hayes
Tel: 020 7496 3000

Investec (Joint Corporate Broker)
Sara Hale / David Anderson / Shalin Bhamra
Tel: 020 7597 5970

About Hargreaves Services plc (

Hargreaves Services plc is a diversified group delivering services to the industrial and property sectors, supporting key industries within the UK and South East Asia. The Company's three business segments are Services, Hargreaves Land and an investment in a German joint venture, Hargreaves Raw Materials Services GmbH (“HRMS”). Services provides critical support to many core industries including Energy, Environmental, UK Infrastructure and certain manufacturing industries through the provision of materials handling, mechanical and electrical contracting services, logistics and major earthworks. Hargreaves Land is focused on the sustainable development of brownfield sites for both residential and commercial purposes. HRMS trades in specialist commodity markets and owns DK Recycling, a specialist recycler of steel waste material. Hargreaves is headquartered in County Durham and has operational centres across the UK, as well as in Hong Kong and a joint venture in Duisburg, Germany.