Updates

Hargreaves Services - Shares storm towards Â£9

April 2013

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.

With the shares storming towards Â£9 investors can clearly see brighter times ahead and even though interim results included Â£28.6m charges against the mothballed Maltby Colliery and fraud in Belgium, when stripping these out underlying pretax profit increased almost 9% to Â£22.7m with eps up 15% to 60.4p. Even the 36% rise in net debt to Â£106m, due to seasonal working capital requirements, leaves net debt to EBITDA of 1.5 times still comfortably below its covenant of 2.5 times.Energy & Commodities, its minerals trading business, increased revenues 20% to almost Â£245m, driven mainly by strong power station volumes and the first shipments from the Redcar steelworks. Operating profit rose 8% to Â£13.9m, with the f ...

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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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