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Hargreaves - Thankfully pulls out of UK Coal bid talks

August 2010

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:
  • 612p
In its pre-close update for  the year to 31 May, Hargreaves noted that results are expected to be in line with expectations. Best performance has come from the Energy & Commodities division, which is ahead of management expectations. The UK-based coal trading operations performed well with strong margins in sized and speciality coal more than offsetting the softening in UK power station volumes. Trading and profitability levels in Europe are ahead of expectation. In the production division Monckton performed well in H2 with international coke markets having recovered strongly. All coke is sold for the current year and discussions are underway for new contracts or extensions after 31 December. Despite an encouraging start, ...

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