Hargreaves Services – 330.75p

14 June 2017 – update on energy interests and board change

The company has announced the creation of a new wholly owned subsidiary, Brockwell Energy Limited, to oversee the development and potential spin-off of the energy project interests it has.  Brockwell will be led by Alex Lambie, as CEO, supported by Iain Cockburn, Hargreaves Services’ Finance Director, who will step down from his current Board position once a suitable replacement has been identified.  A Memorandum of Understanding has been agreed with the UK Green Investment Bank to deliver the Earl’s Gate Combined Heat & Power project.  Overall this appears to be another interesting development and we retain our BUY rating.

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