By By Anthony O. Goriainoff
Hargreaves Services, the industrial-and-property services company, announced on Wednesday that its pretax profit for fiscal 2023 has decreased due to higher costs. However, the company remains optimistic about its trading activities.
- Pretax profit for the year ended May 31 was £27.2 million, compared with £32.2 million the previous year.
- Revenue increased to £211.5 million from £177.9 million, driven by organic growth in the services business.
Positive Outlook
Hargreaves Services has secured over 10 new term and framework contracts, bringing the total to more than 60. This provides the company with 70% visibility of fiscal 2024’s revenue.
Dividend Announcement
The board of Hargreaves Services is proposing a final dividend of 6.0 pence per share, along with an additional dividend of 12.0 pence related to a cash repatriation from its HRMS joint-venture in Germany. The full-year underlying dividend of 9.0 pence brings the total dividend for the year to 21.0 pence, reflecting a 2.9% increase from the previous year.
Renewable Energy Land Assets Portfolio
The company has assessed the value of its renewable-energy land assets portfolio and expects its market value to range between £27.2 million and £28.9 million at commissioning of development.
“It is the board’s intention to realize the value within these renewable energy land assets over the next five years and repatriate proceeds to shareholders,” stated Hargreaves Services.
Shares of Hargreaves Services remained unchanged at 460 pence as of 0818 GMT.
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