Hargreaves Services core businesses on improving trend

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Hargreaves Services (LON: HSP) continues to make progress with its underlying business although it is slightly masked by the contribution from German associate HRMS, where the profit contribution is falling from high, but unsustainable levels. The shares remain at a discount to their book value and there is potential for growth in NAV from realising renewable assets.

In the year to May 2023, revenues increased from £177.9m to £211.5m, while underlying pre-tax profit dipped from £30.4m to £27.3m. That is due to the reduction in HMRS contribution from £25m to £15.5m. The mineral trader’s con...

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