By Joe Hope
Hargreaves Services PLC said Tuesday that it expects further improvements to its fiscal 2022 results after a strong performance from its German joint venture, Hargreaves Raw Materials Services GmbH.
The provider of services to the industrial and property sectors said commodity prices–specifically pig iron and zinc–are having a positive effect on the earnings on HRMS and its subsidiary.
HRMS’s management is now confident their contribution to Hargreaves Services’ results for the year ending May 31 will increase by around 5 million pounds ($6.2 million) after tax. The company also expects some benefit to fall into the first quarter of fiscal 2023, leading to a GBP1.5 million post-tax benefit for the period.
“It remains difficult to predict how long these favorable market conditions will prevail and both the German management team and the board remain cautious about the medium-term sustainability of these conditions,” the company said.
The remainder of Hargreaves’ businesses continue to perform in line with expectations, it said.
Write to Joe Hoppe at [email protected]
Credit: www.marketwatch.com /