Hargreaves Services plc
(“Hargreaves”, the “Company”, or the “Group”)
Preliminary Results for the year ended 31 May 2025
Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, announces its preliminary results for the year ended 31 May 2025, a year which delivered significant double-digit revenue and EBITDA growth, a return to profitability for HRMS, and an increase in the proposed final dividend to 18.5p.
The Group has delivered a strong performance in Services and experienced a significant improvement in the HRMS joint venture. Despite the decrease in profits reported in Hargreaves Land, largely as a result of an exceptionally strong prior year, revenue increased following higher sales activity within the Group’s largest project, Blindwells. With a strong order book in Services and promising long-term opportunities ahead, the Group is well-positioned to sustain its positive momentum. Backed by a robust, debt-free balance sheet and a clear focus on realising and delivering value to shareholders, the Group remains in a strong strategic position.
KEY FINANCIAL RESULTS
| Year ended 31 May 2025 | 2025 | 2024 | |
| Revenue | £264.4m | £211.1m | +25.2% |
| EBITDA* | £33.7m | £26.1m | +29.1% |
| Underlying Profit Before Tax (“UPBT”)* | £17.6m | £16.9m | +4.1% |
| Share of profit from HRMS (net of tax) | £4.1m | £1.3m | +215.4% |
| Profit Before Tax | £17.5m | £16.7m | +4.8% |
| Basic underlying EPS* | 45.2p | 38.2p | +18.3% |
| Basic EPS | 44.8p | 37.8p | +18.5% |
| Proposed Final Dividend | 18.5p | 18.0p | +2.8% |
| Cash and cash equivalents | £23.3m | £22.7m | +2.6% |
| Net Assets | £194.2m | £192.1m | +1.1% |
HIGHLIGHTS
- UPBT up 4.1% to £17.6m (2024: £16.9m), with an increase following growth in services and improvement in profitability in HRMS, somewhat offset by a reduction in profit in Hargreaves Land
- EBITDA increased 29.1% to £33.7m (2024: £26.1m) due to improved profitability of the Services business
- Cash receipt from HRMS of £6.3m (2024: £7.8m)
- Services business holds a strong contract portfolio, growing to over 70 term and framework contracts following several new contract wins, providing visibility of 70% of next year’s expected revenue
- Proposed final dividend of 18.5p (2024: 18.0p) taking the full year dividend to 37.0p (2024: 36.0p), representing an increase of 2.8%
* The basis of Underlying profit before tax, EBITDA and basic underlying EPS is set out in Note 5.
Commenting on the preliminary results, Group Chair Roger McDowell said: “I am pleased to be able to report another strong set of results for the Group with substantial growth in both revenue and profits. Whilst Services has been a standout performer in terms of growth, this year has also seen a significant improvement in the performance of HRMS. The completions at Blindwells continue to demonstrate the value within the portfolio.
“Looking ahead, Hargreaves Services is well-positioned to capitalise on its strong pipeline of opportunities within the infrastructure sector. The Services business has already secured over 70% of its budgeted revenue for the upcoming year, showcasing its resilience and strength in key areas such as clean energy, water, and infrastructure projects. With further prospects emerging in these sectors, the Group continues to demonstrate its capacity to adapt and thrive amidst evolving market conditions, ensuring sustainable growth and delivering continued value to shareholders.“
Analyst briefing
A briefing open to analysts will take place today, Wednesday 30 July 2025 at 9:30 am BST. To register and for more details please contact Walbrook PR on hargreavesservices@walbrookpr.com.
Investor presentation
Gordon Banham, Group Chief Executive, Simon Hicks, Chief Operating Officer and Stephen Craigen, Chief Financial Officer, will provide a live presentation on the Company’s preliminary results via the Investor Meet Company platform today, Wednesday 30 July 2025, at 4.30 pm BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00 am the day before the meeting or at any time during the live presentation.