Successful year for Hargreaves

14/09/2010

Mining group Hargreaves Services said today that its future was bright after posting record annual results.

Hargreaves Services, which operates Maltby Colliery near Rotherham and Kellingley Colliery in West Yorkshire, reported revenues of £459.8m for the year ended May 31, down 8.6% on the previous year.

However, underlying profit before tax increased by £5.7m to £34.3m and underlying diluted earnings per share were up 16.5% from 76.3p to 88.8p.

Pre-tax profit increased by 17.4% to £30.7m.

Hargreaves’ proposed full year dividend was up 14.4% to 13.5p.

The group said that its performance in energy and commodities, transport and industrial services was strong and that it had made "excellent" progress in European expansion with a 25% increase in volume.

Chairman Tim Ross said with the exception of Maltby, business across the group performed in line with, or ahead of, expectations.

Mr Ross said although Hargreaves would not rule out acquisitions, it intended to focus on organic growth and remain on the AIM market for the forseeable future.

Mr Ross said: "I am pleased to report that the group has completed another successful year.

“The group is well placed to drive further profit growth and cash generation and the board continues to view the long-term future with confidence."

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