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Hargreaves Services PLC - Durham, England-based services to industrial and property sectors - Upgrades expected trading results on the continuing success of its German joint-venture Hargreaves Raw Materials Services GmbH. HRMS management team indicate they are confident of contribution after-tax £5 million more than prior consensus estimates. This is due to ongoing highs in commodity prices, specifically pig iron and zinc. Hargreaves say some benefit will fall in the first quarter of the year to end May 31, 2023, which will boost its after-tax result by £1.5m.
‘Clearly current market conditions are extremely favourable and the board is impressed with the way in which the HRMS team is successfully navigating the opportunities that the market is presenting,’ says Chair Roger McDowell.
Current stock price: 597.75 pence, up 1.0% on Tuesday
12-month change: up 73%
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