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Hargreaves Services - Hedging marks latent upgrades

March 2008

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:
  • 531.5p
The shares rallied sharply following H1 results to 30 November whichmarked a period of substantial growth for the group, driven by severalacquisitions that made their first full H1 contribution whilst the coremineral division also traded strongly. Sales including joint ventureswere up 68% to £193m and pretax profit increased by 61% to £7.1m.Earnings lifted 33% to 17.6p.For the year to 31 May, Brewin Dolphin has upgraded its forecast to£17.1m pretax with £19.7m next year. Corresponding eps are 43.2p and49.9p. Meanwhile, were carbon prices to be sustained, we reckon profitswould go through the roof. For instance, Banham says most of thelong-term contracts in Maltby are locked in below spot and were thepresent contracts to be ren ...

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