INDUSTRIAL services giant Hargreaves today reported record profits despite a fall in coal prices and problems at Maltby Colliery.
The Esh Winning company, which operates across production, industrial services, energy and commodities, and transport divisions, reported a 24.6% increase in revenues to £688.3m in the year to May 31 and pre-tax profits rose by almost 17% to £43.1m.
The strong performance came despite geological problems halting production at Maltby in South Yorkshire earlier in the year, the full impact of which is expected in next year’s results.
Hargreaves chairman Chairman Tim Ross said: “The group has had another successful year, with a strong performance resulting in record profits. The developments at Maltby were unexpected and we are closely assessing the implications of those developments.
“However the overall progress we have made across all our divisions is encouraging and gives us confidence in further growth in the business going forward.
“I can report that the group is trading strongly. Based on early trading, setting Maltby aside, and despite a slow start to production at Tower [Colliery in Wales], we are cautiously optimistic that we will meet or even exceed our overall budget for this financial year.”