Business
Pre-Close Period Trading Upda
Pre-Close Period Trading Upda.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n RNS Number : 1213X Hargreaves Services PLC 01 December 2010 \n \n\n\n\n\n\nFor immediate release\n\n\n1 December 2010\n\n\n\n\n \nHARGREAVES SERVICES PLC \n(the \"Group\" or \"Hargreaves\")\n \nPre-Close Period Trading Update for the six months ended 30 November 2010\n \n \nHargreaves Services plc (AIM: HSP), the UK's leading energy support services provider, today issues the following trading update for the six months ended 30 November 2010 prior to the Group entering its close period.\n \nThe Group is pleased to announce that results are expected to be in line with management expectations. \n \nIn the Production Division it is pleasing to note that underground production at Maltby has improved following the slow start to the year which was reported in our Preliminary Results statement in September. The coke markets remain strong and the Group is confident of achieving its coke price targets.\n \nIn the Energy and Commodities Division, growth and trading levels in Europe have been in line with our expectations while the UK markets remain robust and strong.\n \nThe Transport and Industrial Services Divisions, underpinned by their long term contracts, continue to trade in line with management expectations.\n \nThe Board is pleased to note that working capital and capital expenditure is in line with management expectations. As is usual at the half year, net debt will be higher than the start of the year due to the seasonal building of winter coal stocks. The contracted shipment of that stock in the second half gives the Board confidence that its year end net debt and cash generation targets will be met.\n \nAs announced at the Preliminary results in September the Board had been hopeful of receiving a planning decision in respect to Tower Colliery project before the end of the year. Barring unforeseen circumstances we now expect a decision to be made early in the New Year. The Board and project team remain optimistic of a positive decision. The revised timetable will have no material impact on our financial expectations for the overall project.\n \nOutlook\n \nThe Board remain confident about the prospects for the Group and of achieving management expectations for the full year for both profit and cash generation.\n&nbs...