Hargreaves Services Plc (HSP.L), a diversified services provider to the industrial and property sectors, on Wednesday posted a decline in pre-tax income for the first-half, mainly due to a reduction in contribution from HRMS and timing of sales completions within Hargreaves Land.
For the six-month period, the Group posted a pre-tax income of 2.732 million pounds, compared with 18.710 million pounds, reported for the same period last year. HRMS division recorded a pre-tax loss of 1.9 million pounds, compared with a profit of 10.8 million pounds a year ago. After tax, profit stood at 1.697 million pounds or 5.14 pence per share as against last year's 17.148 million pounds or 51.09 pence per share.
Operating income dropped to 5.101 million pounds from 7.976 million pounds a year ago.
Revenue for the half year was 110.171 million pounds, down from 116.475 million pounds in 2022.
Hargreaves Land division recorded revenue of 0.7 million pounds as against last year's 8.7 million pounds, with a loss before tax of 1 million pounds, compared with previous year's pre-tax profit of 1.6 million pounds.
The variation in both revenue and profit before tax was due to the timing of sales at Blindwells. Whilst the comparative period saw the completion of a plot sale at Blindwells, no such completion occurred in the first-half of 2023, in part due to the trends experienced in the general property markets.
The company will pay an interim dividend of 18 pence per share, compared with 3 pence per share announced in the same period last year. The interim dividend will be paid on April 11 to shareholders on the register as of March 22. Looking ahead, Roger McDowell, Group Chair said, "We are optimistic about the outlook for the business in the second half as Services continues to provide a robust underpinning to trading with over 90% of revenue already secured for the financial year. We anticipate positive pricing in Germany in the second half and Land is poised to deliver its best ever full year performance."
Further, the company noted that its stronger outlook for HRMS with changes to gate fees and the impact of EU sanctions on pig iron expected to give a significant improvement to profitability in the second half and the full-year 2025.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.