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Hargreaves Services

August 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • HSP
  • Price:
  • 710p
Hargreaves’ preclose statement for the year to 31 May said that pretax profits will be in-line with broker forecasts of around £48m pretax (eps 121p).But the outlook for the current year underway is, of course, overshadowed by Maltby where Hargreaves had previously reported geological problems. Since the incident in May, progress has been made in moving the drivage equipment to a safer part of the mine and preparing the reduced size panel for production.  Production will resume in line with its original expectation of 12-16 weeks (ie. sometime in August), and the profit impact is roughly £1m a week. Overall given the shortfall in extraction, divisional performance in the production division is therefore reckoned to ...

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