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Hargreaves Services in Meltdown – Recovery Anyone ?

Hargreaves Services HSP went into meltdown in the year to 31st May leaving the total dividends for the year to be slashed by over 92%, as it went through a second successive year of tumultuous market conditions and  almost a complete absence of demand for coal by UK power stations.Last years profit before tax of £24.9m was turned into a loss of £10.6m after like for like revenue declined by 48.6%. Net debt soared by over 3,000% to £32.3m

But, with true Yorkshire grit, Hargreaves has not given up. Fully aware of the problems it was facing, the company has now completed a restructuring and re-positioning programme enabling the Chairman to deliver a positive view of the future which he says, will develop and deliver significant shareholder value. The share price has  been comparatively steady since mid May. Anyone for recovery??

Smiths Group SMIN expects revenue for the year to 31st July will be above both expectations and the previous year, due to a stronger operational performance and the favourable impact of a stronger US$, which has more than offset a10% decline in the John Crane subsidiary. Full year operating profit will also be above expectations but because of the John Crane problems will be below the level of last year.

boohoo.com BOO performed well during its first quarter and this has maintained with robust demand and sales momentum continuing into the second quarter. results for the full year will now be above expectations, says the company, with sales growth of between 28 and 33%.

Amec Foster Wheeler AMFW After turning last years first half profit of £73m into a thumping loss of £446m for the current year, Foster Amec has bowed to the inevitable and halved its interim dividend from 14.8p to 7.4p per share. The Chairman blames the very challenging conditions which have led to cancellations and delay in capital projects in many parts of the world.

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