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Hargreaves - Overseas move expected

October 2006

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.

Full year results were again excellent and with the acquisition of Norec (mooted in August) consummated on an exit multiple of 7x, forecasts are upgraded. Turnover was up 77% to £155m, helped by the Monckton coke works acquisition and also very fast growth in coal importing. Pretax profit was £6.8m (the eps number can be ignored as Hargreaves had a different capital structure prior to float and comparisons are meaningless). There was a dramatic change in margin/mix with gross margins down from 12.4% to 11.6%, largely due to the exceptional growth of the low margin coal importing activity which supplies coal to the generators. That division reported an operating profit of £2.1m (30% of total) on sales o ...

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Hargreaves - Overseas move expected

October 2006

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