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(Sharecast News) - Hargreaves Services said on Wednesday that it expected to report full-year revenue ahead of market expectations and pre-tax profit in line with forecasts, with all three business areas delivering year-on-year profit growth.
The AIM-traded environmental, infrastructure and property services group said its Services division continued to perform strongly, supported by activity across HS2, Sizewell C and its first contract position on the Lower Thames Crossing.
The period also included a 7m non-recurring profit from the settlement of its mining services contract with Tungsten West.
Hargreaves said its Land business would deliver a substantial increase in profit following renewable energy land disposals that generated 14m of net cash proceeds, while its German joint venture HRMS was also expected to report higher profits.
Year-end cash stood at 21.6m, ahead of market expectations, after the group returned 20m to shareholders through a tender offer.
At 0914 BST, shares in Hargreaves Services were up 0.62% at 817p.
Reporting by Josh White for Sharecast.com.
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