Hargreaves Services expecting no interim surprises

MINING group Hargreaves Services today said it expected its half year results to be in line with management expectations.

The company said in a statement this morning for the period for the six months ended November 30 that underground production at Maltby Colliery near Rotherham had improved following a slow start to the year as previously reported.

Hargreaves said as coke markets remain strong it was confident of achieving its coke price targets.
 
In its energy and commodities division, growth and trading levels in Europe have been in line with its expectations while the UK markets remain robust and strong, Hargreaves said.
 
Its transport and industrial services divisions, underpinned by long term contracts, also continue to trade in line with management expectations.
 
Hargreaves said as is usual at the half year, net debt would be higher than the start of the year due to the seasonal building of winter coal stocks and the contracted shipment of that stock in the second half has given the company the belief that its year end net debt and cash generation targets will be met.
 
It is also hopeful of receiving a planning permission in respect of its Tower Colliery project early in the New Year.

Hargreaves said: “The board remain confident about the prospects for the group and of achieving management expectations for the full year for both profit and cash generation.”
 
The group expects to announce its interim results on February 21.