Profits boost Hargreaves Services shares

AIM-listed industrial and property services provider Hargreaves Services Group (LON:HSP) saw its share price climb by 9.75% to 219.50p (as of 15:20 BST) after booking a pre-tax profit for the year ended 31st May. Revenues were down by 26.5% as had been expected due to delays on HS2 earthworks, but the impact of COVID was modest.

Chairman Roger McDowell commented: “My second annual report as Chairman is set against the background of the Covid-19 coronavirus pandemic which has impacted all of our personal lives and many businesses in an unprecedented manner. The Board has prioritised the health and safety of our employees above all else during this time and I am very grateful to all of our employees who have continued to support the business and work hard through this difficult period. Whilst Covid-19 has caused some delay to transaction completions within the Hargreaves Land business, the rest of the Group has been able to continue to trade without any material adverse impact and I would characterise the year as one of solid progress by the Group“.