Primary Recommendation

Hargreaves Services - Rocketing coal prices should drive significant re-rating in shares

September 2008

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.

Hargreaves Services, which provides support services to the energy, waste and transport sectors, is going through something of a boom right now with Brewin Dolphin forecasting pretax profit to nearly double from Â£9.1m to Â£17.1m in the year that ended 31 May. This success has partly been set up by the ability of chief executive Gordon Banham to make several value enhancing acquisitions and its largest to date, last year's purchase of a deep coal mine in Yorkshire, could prove the catalyst for some vintage years ahead. At the time that it was acquired, Hargreaves was obliged by its lenders to lock in future production on forward contracts when coal prices were much lower. But much of this hedging will have unwound within two years ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Hargreaves Services - Rocketing coal prices should drive significant re-rating in shares

September 2008

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