Business
Full Year Trading Update
Full Year Trading Update.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 8819J Hargreaves Services PLC 23 July 2013 \n \n\n \n\n\n\n\nFor immediate release\n\n\n23 July 2013\n\n\n\n\n \n \nHARGREAVES SERVICES PLC \n(\"Hargreaves\" or the \"Group\")\n \nPre-Close Period Trading Update for the year ended 31 May 2013 \n \nHargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, today issues the following trading update prior to the Group entering its close period. The Group expects to announce its Preliminary Results on Tuesday 24 September 2013.\n \nThe Group is pleased to announce that results for the year ended 31 May 2013 are expected to be in line with management's expectations. \n \n \nProduction\n \nAs expected, production at Tower was strong in the second half and this is continuing.\n \nCoal production activities at the new Scottish sites, acquired following the acquisition of assets from ATH/Aardvark, commenced before the end of the financial year and these operations are performing in line with expectations. Steps are currently underway to re-commence production at a number of former Scottish Coal sites. \n \nAt Maltby, the closure plan continued in line with expectations during the second half. The sale of the methane assets to Alkane Energy allowed the Group to achieve its target asset realisation for the year ended 31 May 2013. The process to sell the remainder of the plant and equipment is on-going.\n \nSales and production at Monckton were also in line with expectations.\n \n \nEnergy & Commodities\n \nCoal trading performance in the second half was slightly ahead of management expectations. Strong demand from UK power stations contributed to record volumes in the second half and this high level of demand has continued. Sales demand remained high across our speciality sectors. \n \nIt is disappointing to note that UK Coal continued to fall short of meeting its obligations under its supply contract with the Group during the second half. UK Coal ceased to make any supplies in May and defaulted on its contract prior to entering administration. The Group is continuing commercial discussions with UK Coal over future coal supply whilst in addition making arrangements to source alternative supplies from its new surface...