WORK to get around geological problems at Maltby Colliery is on track, industrial services giant Hargreaves said today.
In an update to the stockmarket, the Esh Winning company said that it is trading in line with expectations.
The problems at the South Yorkshire mine, where work was halted in May on health and safety grounds, will result in a profits dip of between £12m and £16m but this will affect the 2013 financial results.
Away from the Maltby problems, Hargreaves said coke production at Monckton, also in South Yorkshire, has been consistent, and work is under way at Tower Colliery in South Wales.
The group hailed an “exceptionally good year” in its industrial services division, where it won three new steelworks contracts, and said its energy and commodities business is trading well.
Hargreaves said: “Although the recent developments at Maltby were disappointing, Hargreaves is a diversified group focused on a broad range of activities associated with the supply of solid fuel and the board remains confident about the medium and long term prospects for the group.”
Its results for the year to the end of May will be published on September 25.