Hargreaves Services plc

Hargreaves reported revenue up 30% year over year, PBT up over GBP 40 million, and EPS up 75%. The company increased the final dividend to GBP 0.205, making the full-year dividend GBP 0.40, up 8% year over year. Management said group margins were just over 6%, and cash at year-end was GBP 21.6 million. The results included just under GBP 10 million of one-off profit from the first two tranches of renewable energy land asset sales and a GBP 7 million gain from settling the Tungsten West contract. Looking ahead, management did not give formal numeric guidance, but said the business has strong momentum, no debt, a strong cash position, and is well placed to pursue opportunities as they arise.

Simon Hicks described the year as another strong one and repeatedly credited the team, safety performance, and operational execution. He said the business wins work by doing good work, with a focus on critical infrastructure, careful customer selection, and maintaining margins at the higher end of the sector. He also outlined a future vision centered on making Hargreaves more streamlined, more capital-light in land, and more digitally efficient across the group.

Stephen Craigen said this was the best set of numbers the group has delivered in 12 years. He highlighted revenue up 30%, PBT up over GBP 40 million, EPS up 75%, EBITDA up over GBP 36 million, and free cash flow in services of more than GBP 15 million. He emphasized disciplined capital allocation: over GBP 32.6 million returned to shareholders, GBP 20 million via tender offer, while still ending with GBP 21.6 million in cash and no debt. He also noted the land asset sales brought in over GBP 15 million upfront and that the board increased the final dividend to GBP 0.205.

Analysts focused on what drove the services division’s fifth straight year of growth, how Hargreaves keeps a strong pipeline, and how its margins compare with peers. Hicks said growth comes from strong delivery, understanding customers, operating in critical sectors, and being selective on contracts, adding that margins were just over 6% and at the top end of the sector. Questions also covered the land business, Germany, and the zinc project; management said land is being shifted toward a capital-light model, German trading volumes were up 12% with margin just under 6%, and the zinc plant remains on track for spades in the ground in Q4 this year and commissioning in late 2027.