Hargreaves Services – 375.875p

8 August 2017 – final results

Results for the year ended 31 May 2017 have been release.  These are complicated by changes to the business but revenue from continuing operations was up 0.6% to £342.9m.  Reported basic earnings per share improved from a loss of 33.0p to a profit of 16.1p.  Underlying diluted earnings per share increased by 220% from 5.6p to 17.9p.  A final dividend of 4.5p per share (2016: 0.6p), brings the dividend for the full year to 7.2p per share (2016: 2.3p).  The proposed final dividend will be paid on 20 October 2017 to all shareholders on the register at the close of business on 22 September.  The net asset value per share was 432p excluding any unrealised property gains.  Bearing the latter in mind we retain our BUY rating.

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