Earthmoving works help Hargreaves Services boost revenue and profitability

Industrial group Hargreaves Services says it is on track to meet full year expectations having grown revenue by more than 13% in the six months to December.

New, unaudited interim results for the County Durham group show revenue of £125.3m, up from £110.2m in the same period 2023. Pre-tax profits nearly doubled to £5.3m, compared with £2.7m as operating profits reached more than £6m, up from £5.1m.

Strong performance in the group's services business - which includes earthmoving, logistics and environmental services - spurred the results with CEO Gordon Banham saying there was even more work in the pipeline than had been expected. The division reported first half revenues of more than £121m and pre-tax profits of £8.8m - 10.7% and 12.8% rises respectively. Hargreaves said there had been numerous new contract wins and renewals, as well as extended works at major infrastructure projects such as HS2 and the Sizewell C nuclear power station construction.

Meanwhile, performance in Hargreaves' Land business was slower than expected with bureaucratic delays pushin