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Hargreaves AM high as it doubles profit and expands

23rd February 2006
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Page 10, 23rd February 2006 — Hargreaves AM high as it doubles profit and expands
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With turnover and profits roaring ahead since floating its shares, this

North-East haulier is on the acquisition trail. David Harris reports.

HARCi REAVES SERVICES, the Durham-based haulier which floated on the Alternative Investment Market (AIM) last November. more than doubled its turnover and profits in its first results, published last week.

The half-year figures to 30 November cover the period immediately before Hargreaves floated. They show group turnover up to 1:70.8m from £34.7m and pre-tax profit at Om. against fl .2m for the same period in 2004.

The impressive increase is partly explained by Hargreaves' acquisition of the Monckton Coke & Chemical Company for 112m. Monckton made sales of tilt lm and a profit of £1.8m during the trading period. Hargreaves also bought Barnsley. South Yorks-based tipper opera tor R Hanson last year and says it is still in talks over the possible purchase of GilbraithTankers, based in Accrington, Lancs.

Hargreaves operates in several specialist sectors through four divisions: transport, waste, mineral and industrial services.

The company plans to expand its headquarters in Esh Winning, Co Durham.

and expects to employ 20 new staff. It also intends to continue looking for acquisitions.

Hargreaves' shares have jumped sharply since being valued at 12.43 on flotation — they were trading at 0.82 as CM went to press. Gordon Banham. group chief executive, says: "We remain determined to deliver strong organic growth through our existing and newly acquired businesses,together with Future strategic acquisitions within our skills base."


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