Hargreaves Services PLC - Durham, England-based services to industrial and property sectors - Expects boosted trading results for the year ending May 31, due to a continued strong performance from its German joint venture, Hargreaves Raw Materials Services GmbH.
Notes that results within both its HRMS materials trading business and its subsidiary DK Recycling und Roheisen GmbH are exceeding expectations, supported by the current levels of current commodity prices, specifically for pig iron and zinc. Expects future profit from HRMS to be at least 30% greater than current market expectations, even these levels of commodity pricing are not sustained.
Anticipates "some" beneficial impact of these favourable market conditions to continue into the first half of financial 2023.
Says that the rest of its businesses continue to trade in line with market expectations.
Current stock price: 528.00 pence, up 11% on Tuesday
12-month change: up 63%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Hargreaves Serv (HSP)