14 September 2011 – final results
Excellent results have been produced by support services group Hargreaves with revenue up 20% at £552m and underlying pre-tax profit up 18% at £40.5m. Earnings per share on the same basis were 17% ahead at 103.7p and the dividend was raised by 15% to 15.5p. It was also pleasing to see that net debt fell by 25% to £66m. These were very good results and the group’s European operations doubled operating profits during the year with growth on the continent remaining on track. A very positive statement by the group regarding prospects is clearly encouraging and the shares look too CHEAP.