Industrial services group Hargreaves says increased work on the HS2 project has helped it make substantial increases in revenue and profitability.
The County Durham-based firm is undertaking earthmoving and engineering for the rail scheme and at its peak has employed 400 people on the project. In an update to investors covering the six months to the end of November, Hargreaves said revenue had increased 53% year-on-year to £116.5m while profit before tax had grown from £10.4m to £18.7m.
A series of new contract wins and renewals - including anticipated future work for Balfour Beatty on Lower Thames Crossing and hopes for contracts at Sizewell nuclear power station - were said to have set the business on a strong footing. And inflation-related clauses across the majority of the group's services contracts left the business relatively relaxed about rising costs.
