Hargreaves Services sees FY in line, says trading 'satisfactory'

In a trading update ahead of its preliminary results for the year to the end of May, the company - which provides services to the industrial, energy and property sector - also said it had entered into exclusive negotiations with one party to acquire subsidiary Brockwell Energy in a deal that is expected to take place within the next few months.

Hargreaves said net debt is likely to be around £30m, which is higher than expected due to the delay in the sale of a legacy land asset. Contracts for sale have now been exchanged.

In its interim results in February, the company said its underlying operating profit had increased to £2.3m from £2.1m a year earlier, although revenue fell to £150.3m from £170.9m in 2016.

At 1253 BST, the shares were down 1.5% to 355.09p.