Hargreaves Services (LON: HSP) reported interim figures last week and this sparked forecast upgrades of around 20%. The performance of the German joint venture HRMS is the main reason for this.
In the six months to November 2021, revenues fell from £92m to £76.1m predominantly due to the past sale of the coal stocks to HRMS, although operating profit improved from £868,000 to £1.06m. Pre-tax profit was £10.4m, up from £1.08m, which includes a share of HRMS profit of £9.27m, up from £944,000.
Net debt is £3m after an increase in inventories and lending £15m to HRMS, which is repayable in the se...
