Industrial-and-property services company Hargreaves Services has announced that all three of its divisions, Services, Hargreaves Land, and HRMS, are performing in line with expectations. The company is confident in meeting full-year market views and expects to deliver results for the year ending May 31 in-line with expectations.
Services Business Off to a Strong Start
Hargreaves Services reports that its Services business had a strong start to the year. The division remains focused on securing works at major earthmoving sites and expanding its portfolio of term and framework contracts.
HS2 Cancellation Not a Concern
The cancellation of the planned northern section of the HS2 high-speed rail network by the UK government will not impact the Services business. The existing contract on Phase 1 of the development is performing as planned, and no revenue was factored into forecasts for Phase 2.
Hargreaves Land Focuses on Renewable Energy
Hargreaves Land continues to prioritize the realization of value from its portfolio of renewable energy land assets. Developments in this area have been ongoing throughout the first four months of the year.
HRMS Expecting Lower First-Half Results
HRMS, on the other hand, anticipates lower first-half results compared to the previous year. This is attributed to a slowdown in business activity and a softening in commodity prices, which aligns with expectations.
Shares in Hargreaves Services were down 1.9% at 393.0 pence as of 0748 GMT.