Industrial group Hargreaves Services has posted underlying pre-tax profits of £32.7m despite a dip in revenue.
Announcing full year results to the end of May 2022, the business said it had seen particularly strong growth in its services arm and with its investment in German pig iron and zinc production joint venture HRMS. Investors were told how a significant earth moving contract for HS2 had boosted profitability as had two electrical engineering contracts worth £18m.
Hargreaves said the HRMS business had benefited from rising commodities prices and that its steel recycling business, DK Recycling und Roheisen GmbH, had undergone improvements to operating processes and administrative functions which would deliver around €10m savings per year. HRMS was also said to be taking steps to plan for potential threats to German energy supplies.
