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Hargreaves Services - Surge in oil price could lead to eps upgrades

April 2011

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:
  • 908p
Interims triggered a pleasing round of broker upgrades. Overall H1 revenues rose 20% to £254m and underlying profit 13% to £20.9m. In the production division, profits rose 17% to £4.6m thanks to rising coke prices and increased pond fine sales. Most of the challenging geological and equipment issues have been overcome at Maltby with a new face being mined, while agreement over future working practices should facilitate improved productivity. Elsewhere, the planning decision for the Tower Colliery project is imminent. Aside from broadly flat performances from its smaller transport and industrial services sides, which made a combined £4.3m, the other main division, energy & commodities, increased profit 13% to £12.1m reflec ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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