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Hargreaves Services - Trading on prospective PE of just 6

February 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.

  • Epic Code:
  • HSP
  • Price:
  • 690p
Chief executive of Hargreaves, Gordon Banham certainly has his hands full following the discovery of fraud at its Belgian subsidiary (which made a £2m profit last year). Fortunately this appears an isolated case with the potential balance sheet write-off unlikely to exceed £15m. Far more encouragingly for investors is that Banham has bitten the bullet and is mothballing the troublesome Maltby Colliery, whose cumulative operating loss for 2012 is expected to be £10.4m, while for 2013 post tax losses including book write-off are estimated to be £57.3m. Elsewhere, trading has been strong with the energy & commodities division ahead of expectations. Hargreaves' balance sheet remains strong post the Maltby problem ...

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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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