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Hargreaves is public, profitable and planning
Page 12
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HARGREAVES SERVICES, which floated on the Alternative Investment Market last November, has reported a 134% rise in annual profits in its first annual accounts as a public company. The acquisitive Co Durham group, which has its HQ at Esh Winning, boosted turnover to £155m for the year ending 31 May, up from £87.6m in 2004/05. Pre-tax profit rose to £5.5m from £2.3m. The company is paying a dividend of 5p per share.
The group bought the Monckton Coke & Chemical Company for £13.9m in June 2005 and Gilbraith Tankers for £2m in May this year. Earlier this month it acquired South Yorks industrial services group Norec for £5.5m.
Hargreaves is now divided into four trading divisions: transport, minerals, industrial and Monckton. The company says these four divisions offer a complete supply chain for coal, coke and other minerals to the generating, foundries, cement and chemical industries.
Chairman Tim Ross says order books for the group are at record levels. He adds that Hargreaves is still planning to expand and expects "significant progress in the coming year, by organic growth and selective acquisition".