LONDON (ShareCast) - Mining group Hargreaves Services unveiled higher annual profits but said trading was tough and its UK markets were volatile and uncertain.


Hargreaves, which mines for coal as well as providing bulk transport services, announced a 5.6% rise in underlying pre-tax profit to £55.1m in the year to 31 May.

The group hailed strong trading volumes and successful expansion of production activities and said the year had ended well for its surface mining activities with excellent production run rates after earlier delays and bad weather.

But it said the year was still challenging and said a business review was underway to focus the company on its most promising activities.

That has already involved closing its Maltby deep mine and selling its Imperial Tankers business for £26.9m.

Chairman Tim Ross said: "The strategy review that the board has begun will ensure the group is positioned to minimise risk and optimise shareholder value in response to rapidly evolving markets. The disposal of Imperial Tankers for £26.9m, completed earlier this month, is an encouraging first step."


Shares in Hargreaves fell 8.5p or 1.2% to 691.5p at 08:39 in London.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE