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Hargreaves Services - Shares finally move higher

November 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.

The past 12 months have proved troublesome for Hargreaves' share price but final results for the year to 31 May have kick-started a recovery. These showed underlying pretax profit rising 20% to Â£34.3m while eps increased 16.5% to 88.8p. Net debt increased from Â£69m to Â£88m, reflecting higher working capital needs but is expected to fall this year and next. Hargreaves' growth came almost single handedly from Energy & Commodities, its coal importing side, which increased profits 39% to Â£20.7m, helped by increases in industrial activity and higher tonnage levels in Europe. Although UK power station business slowed, this is low margin and didn't much affect profits. The production division (coking coal mining at Monckto ...

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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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Hargreaves Services - Shares finally move higher

November 2010

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