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Tip update: More than 40% rise in Hargreaves Services price in three months

Hargreaves Services (LON: HSP) has put out a string of trading statements since it was recommended during April. A strong performance from the German associate boosted profit in the year to May 2021, while the longer-term prospects for the core operations are good.

Last year was a tough one for Hargreaves Services, but it remained profitable and cash generative.

Hargreaves Services is no longer involved in coal or British Steel. That hit the contribution of the environmental, logistics and minerals business. The mechanical and electrical engineering and materials handling businesses increased their profit, while the earthworks division has completed the problem contracts and has won business for HS2.

Figures

In the year to May 2021, revenues fell from £222.2m to £204.8m. A low...

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