Business
Preliminary results
Preliminary results.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n\nHargreaves Services plc\n(\"Hargreaves\", the \"Company\", or the \"Group\")\n \nResults for the year ended 31 May 2024\n \nHargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, announces its results for the year ended 31 May 2024.\n \nFinancial results\nThe Group has seen strong performances across its Services and Hargreaves Land divisions and reduced profitability within German Joint Venture, HRMS. Hargreaves Land delivered a record profit before tax following several notable transactions. HRMS also delivered an increased cash receipt, double that of the prior financial year. With a high level of secured revenue in Services, clear visibility of transactions in Land and signs of market recovery at HRMS there are many reasons to feel positive about the coming year. The Group maintains a strong, debt-free balance sheet and a clear focus on realising and delivering value to our shareholders.\n \nKEY FINANCIAL RESULTS\n \n\n\n\n\nYear ended 31 May 2024\n\n\n2024\n\n\n\n\n\n2023\n\n\n\n\nRevenue\n\n\n£211.1m\n\n\n \n\n\n£211.5m\n\n\n\n\nEBITDA*\n\n\n£26.1m\n\n\n\n\n\n£21.8m\n\n\n\n\nUnderlying Profit Before Tax (\"UPBT\")*\n\n\n£16.9m\n\n\n\n\n\n£27.3m\n\n\n\n\nShare of profit from HRMS (net of tax)\n\n\n£1.3m\n\n\n\n\n\n£15.5m\n\n\n\n\nProfit Before Tax\n\n\n£16.7m\n\n\n\n\n\n£27.2m\n\n\n\n\nBasic underlying EPS*\n\n\n38.2p\n\n\n\n\n\n86.3p\n\n\n\n\nBasic EPS\n\n\n37.8p\n\n\n\n\n\n85.9p\n\n\n\n\nProposed Final Dividend\n\n\n18.0p\n\n\n \n\n\n6.0p\n\n\n\n\nAdditional Dividend from HRMS\nCash and cash equivalents\n\n\n-\n£22.7m\n\n\n\n\n\n12.0p\n£21.9m\n\n\n\n\nNet Assets\n\n\n£192.1m\n\n\n \n\n\n£201.0m\n\n\n\n\nNet Assets per Share*\n\n\n586p\n\n\n\n\n\n618p\n\n\n\n\n \nHIGHLIGHTS\n· UPBT at £16.9m (2023: £27.3m), with a decrease due to expected reduction in profitability in HRMS, somewhat offset by growth in Hargreaves Land\n· EBITDA increased 19.7% to £26.1m (2023: £21.8m) due to improved profitability of the Services business\n· Record profit for Hargreaves Land with UPBT increasing 110.3% to £8.2m (2023: £3.9m)\n· Increased cash receipt from HRMS of £7.8m (2023: £4.0m)\n· Services business holds a strong contract portfolio, growing to over 65 term and fr...