Hargreaves Services (HSP)

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Engaged in sourcing, producing, processing, handling and transporting carbon-based and other bulk materials throughout the UK and Europe, principal activities are the provision of haulage services, waste transportation, mineral import, mining and processing, together with specialist earthworks and related activities.


AGM Trading Update – An in-line statement with little other comment other than some directorate changes.

Nothing usually exciting about an in-line update.

30-Nov-2017 – 314.25p – £100.5m – PER 16.1

Trading Update For The 6 Months To End November 2017 – Expected to be in-line and expecting a stronger H2. Quite a confident sounding update.

All round this looks OK but it’s a little volatile. A dip to the 250p level (if we ever see it again) would make it much more interesting for me.

Subsequently revised Watchlist price, 270p.

14-Feb-2018 – 360p – £115.2m – PER 17.3

Interim Results For The 6 Months To End November 2017 –  Underlying trading in-line with Revenue down to £150.3m (from £170.9m, Underlying Profit up about 10% from £2.1m to £2.3m. EPS is 2.7p and the Interim Dividend remains unchanged, 2.7p. Net Debt reduced by 40%+ to £20.6m.

Not sure if this is good news or not, it will remain on my Watchlist at 270p for now.

Subsequent note: Having sold off a division just a little uncertain here so I have moved to Neutral for now.

30-Oct-2018 – 322p – £98.8m – PER 14.1

AGM Statement – In-line.

I remain Neutral for now.

5-Dec-2018 – 329p – £105.7m – PER 15.0

Trading Update For The 6 Months To End November 2018 – In-line and expect FY to be in-line.

I suggest this is perhaps fairly priced here, I have no conviction at present to get involved.

30-Jan-2019 – 292p – £94m – PER 14.3

Interim Results For The 6 Months To End November 2018 – Revenue up 12%, Loss made due to exceptional insolvency of Wolf Minerals (£8.1m), EPS up from 3.5p to 5.4p, Interim Dividend maintained at the same level.

I still have no conviction either way here.

4-Jun-2019 – 225p – £72m – PER 12.1

Trading Update For The 12 Months To End May 2019 – Expecting Revenue and Operating Profit growth in the perios with the latter to be in-line with market expectations. Net Debt down from £30.8m to £17.9m.

Good to see the Net Debt down but there’s just not enough else to get me interested at present.

30-Oct-2019 – 241p – £78m – PER 12

AGM Statement – First 4 months satisfactory, in-line with expectations.

Possibly a bottom here but would prefer to see some actuals, at least H1, before considering investing.

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