Hargreaves Services reports steady progress across business

30th Oct 2024 12:22

(Sharecast News) - Hargreaves Services announced steady progress across its three business units - services, Hargreaves Land, and HRMS - in an update on Wednesday.

The AIM-traded firm, which was holding its annual general meeting, said all units were performing in line with expectations for the first four months of the financial year.

Chair Roger McDowell said the services division had maintained strong trading momentum, with over 65 term and framework contracts involving blue-chip clients, ensuring stable revenue visibility.

The business remained focussed on sustainable growth by expanding its portfolio of contracts within core infrastructure areas.

Hargreaves Land had meanwhile started marketing its initial tranche of renewable energy land assets, attracting early interest as it seeks to unlock value from these developments.

Meanwhile, HRMS was experiencing steady trading as commodity prices stabilised, with Hargreaves confirming that it had received the current year dividend from the HRMS joint venture, reinforcing its cash flow resilience.

Additionally, the company announced a planned directorate change, with David Anderson, group property director, set to retire on 31 May 2025.

Anderson, who joined Hargreaves in 2018 and had been instrumental in developing Hargreaves Land, would remain as a consultant post-retirement to ensure continuity.

The group said it planned to appoint an internal candidate to the newly-created role of Hargreaves Land managing director, supporting the strategic shift of Hargreaves Land to a capital-light model.

At 1202 GMT, shares in Hargreaves Services were up 2.72% at 528p.

Reporting by Josh White for Sharecast.com.