Hargreaves on target after a busy year of growth

Oct 4 2007 by Graeme King, The Journal

FAST expanding transport and support services company Hargreaves has reported good progress with integrating its recent acquisitions and said it is on target to deliver results in line with expectations.

The County Durham company has bought several companies in the past year as it grows its operations right across the north of England and Midlands.

Yesterday chairman Tim Ross said Imperial Tankers in Billingham, acquired for a fee of up to £7m last month, was now working alongside Hargreaves’ other bulk liquid tanker operations to provide vital critical mass in the industry.

The acquisition is part of the group’s plans for rapid expansion as it aims to drive up annual sales by 50% to £400m by 2009.

And Hargreaves’ purchase of Simon Bulk Warehousing and Distribution in April this year has now been integrated into the Norec support services side of the group.

Mr Ross said: “The group order book continues to grow. A number of existing contracts have been renewed or extended and new contracts won.”

The company last month said it had seen annual revenue rise from £155m to £265.3m in the year ending May 31 and it expects this figure to soar to £350m this year with annual profits jumping from £10.4m to £16m by 2008.

Chief executive Gordon Banham has said the company plans to expand its headquarters on West Terrace, Esh Winning, or move to a larger base within the North-East to accommodate its growing workforce.

During the last financial year the group’s operating profit rose 44% to £10.4m while the company welcomed more than 1,000 new employees after a string of acquisitions.