Hargreaves Services FY10 Trading In Line With Management Views

15th Jun 2010 07:22

LONDON (Dow Jones)--Hargreaves Services PLC (HSP.LN), a U.K. energy support services provider, said Tuesday overall results for the year ended May 31 are expected to be in line with management expectations, adding that while talks with UK Coal PLC (UKC.LN) have ended it continues to work closely with UK Coal and looks forward to a continuing positive trading relationship. MAIN FACTS: -All coke is sold for the current calendar year and discussions are already underway with customers concerning new contracts or contract extensions beyond Dec. 31. -Full year production at Maltby was 1.056 million tons, slightly below the 1.075 million guidance provided in December 2009. -Overall, mainly due to the lower underground production at Maltby, the performance of the Production Division in the second half will be slightly behind management expectations. -Industrial Services has traded in line with management expectations and the Board continues to be pleased with the steady growth and development of the business. -Transport Division's overall performance has continued to be slightly ahead of management expectations. -A charge of GBP230,000 will be made to the Accounts for the year end May 2010 for aborted UK Coal deal costs. -Group net debt as at May 31, was in line with management expectations at GBP88 million. -Board remain confident about the prospects for the Group. -Board is particularly excited by the prospects of the Tower project and pleased with the progress that is being made in developing the European business and will continue to focus efforts and investment at developing this market presence. -Hargreaves shares closed Monday at 635 pence valuing the company at . -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 15, 2010 02:22 ET (06:22 GMT)