LONDON (ShareCast) - (ShareCast News) - Amid its restructuring Hargreaves Services on Thursday reported more stable trading conditions during the last six months, with underlying profits on target and a strong second half expected.
The second-half improvement is seen from its Coal Distribution and Property & Energy arms, which should more than offset the impact of the expected contract delays in Industrial Services.

Aggressive new business targets set for the industrial arm have seen "good progress", especially in the UK, but the company said it now "seems unlikely that these will be fully achieved" after a delay to a major project in Hong Kong.

Coal has benefited from a German associate trading very strongly as the coal price recovered due to China's policy rejigging, meaning profits for the whole division are expected to exceed internal forecasts by £3m for the full year.

Profits from the property division are expected to slightly exceed management targets over the year, if the timing of property sales does not throw a spanner in the works.

Having hit all-time lows during the summer, shares in Hargreaves were up 11% to 244.75p by lunchtime on Thursday, approaching the 258p level they began the year.

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