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LONDON (Alliance News) - Solid fuels, bulk material logistics and earthworks services provider Hargreaves Services PLC on Monday said an earthworks projects on its books has been postponed due to uncertainty following the UK's decision to vote to leave the European Union, though the group said trading in its recently ended financial year met market expectations.
Hargreaves Services said it will a net beneficiary of the sterling weakness which has followed the UK referendum vote, due to its current stocks of largely US dollar-denominated coal and coke. No revaluation gains have yet been booked, but if exchange rates remain at current levels, Hargreaves said it should benefit.
However, the company said a GBP7.0 million earthworks contract at a major port in the UK has been postponed due to the uncertainty which has also accompanied the Brexit decision. The group added its Earthworks and Logistics divisions face potential risks from the uncertainty caused due to their significant exposure to UK construction activity and capital investment projects.
Hargreaves added trading in the run-up to the close of its financial year, on May 31, was in line with its expectations and underlying profit should meet market expectations for the year.
It added its restructuring and re-positioning work has continued to progress and costs from this will be broadly in line with market expectations.
Hargreaves will publish annual results on August 9.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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