(Alliance News) - Hargreaves Services PLC said Thursday trading for the first half of its financial year was satisfactory and will in line with management expectations.
For the six months to the end of November, the material handling and logistics services provider said underlying operating profit is expected to be slightly ahead of the GBP4.1 million reported the year before.
However, reduced levels of activity in the Specialist Earthworks unit means revenue is set to be lower year-on-year from GBP167.9 million.
Excluding the proceeds from the sale of Drakelands Restoration Ltd - which held the Hemerdon Tungsten mine in Devon - which was announced on Monday, the company's net debt as at November 30 was GBP34.7 million, compared to GBP28.6 million the same date the year before.
In addition, the company said its working capital levels were higher during the period, mainly due to higher coal inventory levels, from efficient production levels.
Hargreaves Services will publish its interim results on January 29.
Shares in Hargreaves Services - which is headquartered in Durham - were untraded on Tuesday, last quoted at 306.00 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Hargreaves Serv (HSP)