Hargreaves confident of hitting targets for the year

Nov 4 2008 by Peter McCusker, The Journal

SHARES in haulage and mineral company Hargreaves were bolstered after a trading update.

At its AGM yesterday Hargreaves Services chairman Tim Ross said: “I am pleased to note that current trading and order books remain strong across all divisions. The group’s strategy of forward-selling its production, to minimise exposure to short-term fluctuations in commodity prices combined with the resilient sectors in which we work, has provided the business with a solid foundation and means that the board remains confident of achieving expectations for the full year.” In September, the County Durham-based company reported annual profits up by 85% to £19m on the back of a 69% surge in sales to £404.9m for the year ending May 2008. Shares yesterday went up 2.5% to 461p before closing flat at 450p.