Resultados provisionales
SERVICIOS HARGREAVES PLC
(el "Grupo", la "Compañía" o "Hargreaves")
Resultados provisionales de los seis meses finalizados el 30 de noviembre de 2023
Strong period for Services with revenue and margin improvements; Interim dividend increased six-fold.
Hargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the industrial and property sectors, announces its interim results for the six months ended 30 November 2023.
As anticipated the slowdown in performance within HRMS, combined with the progress on the pension buy out, has facilitated a material increase in the interim dividend in both absolute and percentage terms, whilst the Services business, with over 60 term and framework contracts, has delivered another period of solid underlying growth.
RESULTADOS FINANCIEROS CLAVE | Sin auditar Seis meses terminados Noviembre 30 2023
| Sin auditar Seis meses terminados Noviembre 30 2022 | |
Ingresos | 110.2m | 116.5m |
|
EBITDA * | 12.3m | 12.9m |
|
Beneficio antes de impuestos ("PBT")** | 2.7m | 18.7m |
|
EPS | 5.2p | 52.2p |
|
Dividendo a cuenta | 18.0p | 3.0p |
|
Efectivo y equivalentes de efectivo | 18.7m | 18.1m |
|
Deuda de arrendamiento | 28.8m | 30.6m |
|
Valor del activo neto | 197.5m | 196.2m |
|
Activos netos por acción | 605p | 603p |
|
* EBITDA is calculated as Operating Profit after adding back depreciation and amortisation.
** PBT decrease reflects the reduction in contribution from HRMS, timing of sales in Land and impact of a one off gain in the prior period
DESTACADOS
? | Group revenue reduced by £6.3m due to several post period end completions within Hargreaves Land. |
? | Services revenue rose by 1.6%, supported by over 60 term and framework contracts. |
? | Decrease in PBT due to reduction in contribution from HRMS and timing of sales completions within Hargreaves Land. |
? | Receipt of £8m cash from investment in HRMS in the period, with cash returns from HRMS now expected to remain around £7m per annum (up from £4m). |
? | Cash of £18.7m, compared to £18.1m at Nov 2022 with investment in Land assets being offset by additional cash receipt from HRMS. |
? | Interim dividend increased six-fold following an increase in cash receipts from HRMS and imminent elimination of annual payments to service the pension scheme liability. |
PANORAMA
? | Services has over 90% of revenues secured under contract for the year ending 31 May 2024, cementing its continued delivery of sustainable and reliable profits into the future. |
? | Stronger outlook for HRMS with changes to gate fees and the impact of EU sanctions on pig iron expected to give a significant improvement to profitability in the second half and FY25. |
? | Land poised to deliver its best ever full year result with several post-period end completions secured. |
Commenting on the interim results, Group Chair Roger McDowell said: "I am delighted we continue to deliver value for our shareholders through a substantial increase in the interim dividend. This demonstrates not only the value created by the strategic initiative set out at the year end to remove the pension liability but also the recurring revenue stream generated by the Group's Services business unit underpinned by the substantial cash returns from our German joint venture and good prospects for Land.
"We are optimistic about the outlook for the business in the second half as Services continues to provide a robust underpinning to trading with over 90% of revenue already secured for the financial year. We anticipate positive pricing in Germany in the second half and Land is poised to deliver its best ever full year performance."
Presentación inversionista
Gordon Banham, Group Chief Executive, Stephen Craigen, Chief Financial Officer and David Anderson, Group Property Director, will provide a live presentation on the Company's interim results via the Investor Meet Company platform today at 4:30pm GMT.
Para más información:
Servicios Hargreaves Gordon Banham, director ejecutivo Stephen Craigen, director financiero
| www.hsgplc.co.uk Tel: 0191 373 4485 | ||
Walbrook PR (Relaciones Públicas y Relaciones Públicas Financieras) Paul McManus, Louis Ashe-Jepson, charlotte edgar
| Tel: 020 7933 8780 o GME@dhr-rgv.com Multitud: 07980 541/893 07747 515 07884 664 686 | ||
Singer Capital Markets (Nomad y Corporate Broker) Sandy Fraser, Phil Davies, Sam Butcher
|
Tel: 020 7496 3000 | ||
Acerca de Hargreaves Services plc (www.hsgplc.co.uk)
Hargreaves Services plc is a diversified group delivering services to the industrial and property sectors, supporting key industries within the UK and South East Asia. The Company's three business segments are Services, Hargreaves Land and an investment in a German joint venture, Hargreaves Raw Materials Services GmbH ("HRMS"). Services provides critical support to many core industries including Energy, Environmental, UK Infrastructure and certain manufacturing industries through the provision of materials handling, mechanical and electrical contracting services, logistics and major earthworks. Hargreaves Land is focused on the sustainable development of brownfield sites for both residential and commercial purposes. HRMS trades in specialist commodity markets and owns DK Recycling und Roheisen GmbH ("DK"), a specialist recycler of steel waste material. Hargreaves is headquartered in County Durham and has operational centres across the UK, as well as in Hong Kong and a joint venture in Duisburg, Germany.
DECLARACIÓN DEL PRESIDENTE
Introducción
The six-month period to 30 November 2023 has been a time of contrasts across our three business segments, yet the Board is confident the overall trend leans solidly towards the positive. We have seen the momentum within our Services business continue, with increased earthmoving and engineering activity driving growth in both revenue and margin. Sales within Hargreaves Land have been slow, impacted by the wider property market. However, with several post period end completions we remain confident that Land is poised to deliver its best full year result to date. Whilst HRMS has delivered a loss for the period driven by the difficult economic circumstances in Germany and a low point in the cycle, we have started to see an increase in cash return from the joint venture and have visibility of a return to profitability in the second half.
Progreso estratégico
The Board outlined two areas of strategic focus in the Annual Report and Accounts for the year ended 31 May 2023. They were the plan to realise value from the Group's renewable energy land assets over the next five years and to progress the buy out of the Group's defined benefit pension scheme. I am pleased to report several developments with each of these strategic initiatives, as detailed below.
Renewable Energy Land Assets
The team continues to prepare the Group's renewable energy land assets into suitable portfolios for realisation in the medium term. We have seen good progress on the permitting, development and commissioning of the underlying assets by the third-party operators. The timing of portfolio asset sales will be determined by the commencement of energy production as the team look to optimise the realisation values. Notwithstanding this, we expect to go to market with the first package of assets for sale in the year ending 31 May 2025.
Plan de pensiones
Considerable headway has also been made on the project to buy out the Group's defined benefit pension scheme, which will remove the requirement to pay an ongoing £1.8m per annum to support the deficit. Our most recent estimate is that the cash cost to buy out the scheme will be no more than £9m with the payment expected to be made in the first half of calendar year 2024 out of existing cash reserves.
This action means that the Group will no longer be required to make annual payments to the scheme and all benefit payments will be managed by the insurer. I am pleased to confirm that once the payment has been made the main objective to cease annual contributions into the scheme will be achieved and it is this annual cash flow saving that has been used to support the increase in the sustainable dividend to our shareholders.
Resultados
Revenue for the Group decreased by 5.4% to £110.2m (2022: £116.5m) due to several sales within Hargreaves Land completing post period end. This resulted in a reduction in revenue from £8.7m to £0.7m for Hargreaves Land. The Group's PBT also decreased from £18.7m to £2.7m. Much of this can be attributed to the reduction in contribution from HRMS, as had been anticipated, and the impact of a £2m one-off gain in the first half of the prior year. EBITDA was £12.3m (Nov 2022: £12.9m), the reduction on the comparative period being due to the timing of sales within Hargreaves Land. As a result of this timing and the profile of activity with HRMS, we expect the second half of the year to be much stronger than the first.
Services Underlying Growth
Whilst the Group has seen a reduction in both revenue and PBT compared to the six months ended 30 November 2022, this masks the strong performance of the Services business, which is less impacted by the timing of individual events. EBITDA attributable to the Services business has increased to £15.9m (2022: £13.9m) reflecting the robust and resilient nature of the 60+ term and framework contracts in place.
The business remains unaffected by recent announcements regarding the future of the HS2 project, in particular the cancellation of the Northern leg between Birmingham and Manchester, as this phase had not been contracted and our forecasts had not included this aspect of the scheme. The Services project pipeline remains diverse, with limited reliance on the success of one specific scheme.
Cash return from HRMS
As expected, it has been a slower start to the year for HRMS than we have observed in recent times. The substantial profits that it has been able to generate over the last two years were not expected to be sustainable and the Board always anticipated that profit levels would reduce once commodity prices softened.
As highlighted in previous updates, the reduction in activity and commodity prices has been reflected in reduced working capital consumption, resulting in a cash release by HRMS. The Group received an £8m distribution from HRMS during the first half (2022: £4m) and we expect the cash repatriation from Germany to be sustainable at no less than £7m per annum. This cash inflow will be used to support the substantial increase in the interim dividend.
Efectivo y deuda
As at 30 November 2023 the Group held cash of £18.7m compared with £21.9m on 31 May 2023 (Nov 2022: £18.1m). This decrease is due, in part, to the continued investment in Land assets ahead of contracted sales.
The only debt held by the Group is leasing debt for specific plant items which was £28.8m at 30 November 2023 (Nov 2022: £30.6m). This decrease reflects the regular leasing payments to reduce the liability in the ordinary course of business.
Dividendo
In line with the announcement made on 21 December 2023, due to the progress made with the buy out of the pension scheme liability, combined with the additional sustainable cash receipt from HRMS the Board is confirming an historic six-fold increase in the interim dividend. The interim dividend of 18.0p (2022: 3.0p) reflects the cash generative nature of the Group and the continued expectation of recurrent cash returns from HRMS. The 18.0p interim dividend represents 50% of the Board's expected full year dividend.
The interim dividend will be paid on 11 April 2024 to shareholders on the register on 22 March 2024.
Outlook
The first half of the year has seen solid progress on our two key strategic goals, resulting in a substantial increase in the return of value to shareholders. The Group continues to trade in line with market expectations (as refreshed in December 2023). The Services business has continued to demonstrate its reliable and resilient earnings stream. Whilst it was a subdued first half of the year for Hargreaves Land, the sales expected to complete in the second half of the year leave that business unit in a strong position to deliver its best ever full year results. We anticipate a gradual recovery in Germany from the low point in the first half and the additional sustainable cash receipt from HRMS means we are also well placed to realise long-term value for our shareholders.
roger mcdowell
Presidente
24 de enero de 2024
RESEÑA DEL JEFE EJECUTIVO
£ 'm | Servicios | CARGA TERRESTRE | HRMS | Costos centrales | Total |
Ingresos (noviembre de 2023) | 109.5 | 0.7 | - | - | 110.2 |
Ingresos (noviembre de 2022) | 107.8 | 8.7 | - | - | 116.5 |
Beneficio/(pérdida) antes de impuestos (noviembre de 2023) | 7.8 | (1.0) | (1.9) | (2.2) | 2.7 |
Beneficio/(pérdida) antes de impuestos (noviembre de 2022) | 8.5 | 1.6 | 10.8 | (2.2) | 18.7 |
Servicios
The Services business delivered first half revenues of £109.5m (2022: £107.8m) and a PBT of £7.8m (2022: £8.5m). The growth in revenue is due to increased earthmoving activities and additional engineering works on certain contracts.
The comparative period includes a non-recurring gain of £2m relating to asset realisations. There is no such gain in the results to 30 November 2023. As such, the like-for-like comparison is a PBT of £7.8m with a comparative result of £6.5m. This represents an improvement in the net margin from 6.0% to 7.1%. Much of this improvement in margin has been due to the increased activities at HS2, accompanied by further enabling works at the Sizewell C nuclear project.
As has been the case in previous years, the full year result for Services is likely to be weighted towards the first six months of the financial year. This is due to the earthmoving season predominantly taking place during the first half, as well as the annual £1m receipt from Tungsten West being received in June 23.
The Services business continues to deliver good-quality, resilient, recurring profits and remains focused on delivering services to our four key market sectors: Energy; Environmental; Industrial; and Infrastructure.
Contract Security
The Services business continues to be the main driver of performance within the Group, holding over 60 term and framework contracts with high quality customers giving excellent visibility of revenue. The period has seen further contract successes, in particular the award and commencement of a three-year materials handling contract at Port of Tyne.
The largest single contract within the Group is the earthmoving contract for EKFB on HS2, which is now in its second full year of operation. This has been a key driver for growth over the past couple of years and the Board expects there to be at least another two full earthmoving seasons of full-scale activity. Looking forward, focus for the Group remains on securing positions on Lower Thames Crossing and Sizewell C. During the period, the Group has been awarded a number of contracts for essential enabling works at Sizewell C, which places Hargreaves in the best possible position to be able to secure the main contract for earthmoving when it is tendered.
Engineering Capability
The Group has had a lot of success in building and developing its capability in mechanical engineering. The first half of the year has seen the successful commissioning of a five-section conveyor solution, which has materially reduced the carbon emissions on our section of HS2. Additionally, the team is nearing completion of a significant Lime Silo and Dosing Plant for the Skanska Costain Strabag Joint Venture ("SCS"). Both of these schemes represent material projects, and the business is well placed to secure further projects of this kind.
Whilst inflation has abated somewhat in recent months, it remains relatively high and has been so through the period. The Group's contractual positions have continued to protect it from margin erosion, as demonstrated by the substantial increase in underlying margin within Services.
Services remains the core generator of revenue and cash flow for the Group. With a secure book of recurring contracted revenue, the business is in a strong position to deal with the ongoing economic and political uncertainties.
Tierra de Hargreaves
CARGA TERRESTRE
Hargreaves Land recorded revenue of £0.7m (2022: £8.7m) and a loss before tax of £1.0m (2022: profit of £1.6m). The variation in both revenue and profit before tax is due to the timing of sales at Blindwells. Whilst the comparative period saw the completion of a plot sale at Blindwells, no such completion occurred in the six months to 30 November 2023, in part due to the trends experienced in the general property markets. However, the underlying activity within the business unit has been high in terms of developing opportunities.
Preparatory works have been completed to enable the sale of a previously exchanged 20-acre plot to Avant Homes, which is expected to complete before the end of January 2024. The deal will see the Group receive total proceeds of £18.5m payable in four instalments over three years.
The Unity Joint Venture saw the completion of the construction of a forward funded 191,000 sq ft logistics unit ahead of programme. Additionally, terms have been agreed for the sale of two plots to McDonalds and Starbucks, which further demonstrates the desirability of this key location.
In December 2023, Hargreaves Land completed the sale of the Energy from Waste (EfW) ground lease investment at Westfield in Scotland for consideration of £7.6m. The sale represents the disposal of eight acres out of the 50 available developed acres at Westfield, allowing for future sales to occur at the site.
Finally, contracts have been exchanged in December 2023 on a 28-acre site at Maltby, Rotherham for the sale of 185 residential plots for gross proceeds of £4.9m.
Renovables
The Group's renewable energy land assets have continued to be a core focus for the business, with realisations expected to be in excess of £25m once they are sufficiently mature. At present 210MW of wind assets are operational on land owned by the Group.
It is expected that this will increase to over 930MW of operational wind assets and battery storage by the end of calendar year 2025, with a further 2,165MW of wind, solar and battery assets beyond 2025 subject to agreed terms and exchange of contracts. We have seen a significant increase in the appetite for battery storage in recent months, with 1,495MW of further opportunities added to the pipeline since our Annual Report and Accounts in August 2023.
The first tranche of renewable energy land asset sales is being prepared to go to market in FY25. This is likely to include around 400MW of wind assets, which should be sufficiently mature by that stage.
HRMS
HRMS recorded a post-tax loss of £1.9m (2022: profit of £10.8m) for the six months ended 30 November 2023. This substantial reduction has been driven by a number of contributing factors. First, the principal market for the business is Germany, which is currently in a technical recession and has seen many of the joint venture's clients operate on reduced shift patterns, therefore requiring lower levels of raw materials. Subsequently this has impacted HRMS' trading activities.
Second, zinc prices have dropped to around ?2,500 per tonne compared to highs of over ?4,000 in the previous period. Zinc is a key output of the steel waste recycling process within DK, a subsidiary of HRMS. Whilst 60% of the zinc output is hedged, the reduction in spot prices realised on the remaining 40% has put pressure on the result.
Third, pig iron prices have been very low during the period whilst coke pricing (a key input) has remained high. This disparity between pig iron and coke pricing reflects the absence of an embargo on imports into Europe of Russian pig iron, suppressing the sales price of pig iron whilst coke pricing has been supported by an embargo on Russian product.
Despite the headwinds encountered by the joint venture during the first half of the financial year, there are two key factors that give confidence for a turnaround. First, the 12th package of sanctions against Russia, which was recently announced by the EU, includes the restriction of "steel-making raw materials", including pig iron. This is expected to result in an increase in pig iron selling prices achievable by DK.
Second, a key input of the pig iron production at DK is steel waste dusts. DK charges a gate fee for accepting the dusts, which it then recycles into pig iron and zinc. Many of the suppliers of steel dusts are on long term contracts, however, several are up for renewal and renegotiation in 2024 and there is expectation that many will see substantial increases in the gate fee. The Board believes that these changes alone will be sufficient to return the joint venture to profitability during the second half of the financial year.
The reduction in trading activity has reduced working capital consumption, leading to an increased cash receipt from HRMS of £8m (2022: £4m) in the first half of the financial year. As reported on 21 December 2023, the management of HRMS has agreed to maintain this level of cash return to the Group for the foreseeable future. The Board has confidence in the sustainability of this cash flow, at no less than £7m per annum, to the Group based on the future likely base level of profitability from the trading activities within HRMS, which are not linked to the steel waste recycling activities.
ESG
The Group continues to make positive strides with regard to ESG and has recently appointed its first Head of ESG. This appointment will spearhead the Group's efforts to minimise our impact on the environment whilst also championing our ESG credentials, which will be crucial to unlocking new opportunities for Hargreaves.
Furthermore, the Group was awarded the prestigious HS2 EKFB sustainability award for the second year running as a recognition of our efforts to reduce carbon emissions through our Plant Idle Time campaign.
Resumen
The Services business' low capital model has continued to improve margin and grow underlying profitability through efficient contract management and engineering innovation. With over 90% of revenues secured under contract for the year ending 31 May 2024, the Services business can continue to deliver sustainable and reliable profits into the future.
Hargreaves Land has not been immune to the difficulties in the UK property market, however, this was expected and the post-period end completion of the Westfield EfW ground lease and the exchange of contracts at Maltby demonstrate the value in the underlying portfolio, as well as the ability of the team to realise these opportunities for shareholders. The outlook is also positive, with Hargreaves Land poised to deliver its best ever full year result.
Whilst the trading performance of HRMS has been disappointing, the confirmation of an increased cash flow from HRMS is very welcome and will be used to support the increased dividend to shareholders. The changes to gate fees and the impact of the recently announced EU sanctions on Russian pig iron imports are in combination expected to result in a significant improvement in the profitability of HRMS in FY25.
Overall, I remain optimistic about the value creation potential within the Group and, with no bank debt on the Balance Sheet, I firmly believe there are substantial opportunities to optimise and realise further value for shareholders in the coming years.
gordon banham
Consejero Delegado del Grupo
24 de enero de 2024
Estado de Pérdidas y Ganancias y Otro Resultado Integral Resumido Consolidado
por los seis meses terminados el 30 de noviembre de 2023
Sin auditar | Sin auditar | auditado | ||
| seis meses | seis meses | año | |
| terminó | terminó | terminó | |
| 30 de noviembre | 30 de noviembre | 31 De Mayo | |
| 2023 | 2022 | 2023 | |
Note | £000 | £000 | £000 | |
| ||||
Ingresos |
| 110,171 | 116,475 | 211,459 |
El costo de ventas | (88,943) | (94,782) | (172,402) | |
Beneficio bruto |
| 21,228 | 21,693 | 39,057 |
Otros ingresos operativos | - | 2,844 | 4,918 | |
Gastos administrativos | (16,127) | (16,561) | (32,178) | |
Beneficio operativo |
| 5,101 | 7,976 | 11,797 |
| ||||
| ||||
Ingresos financieros | 818 | 504 | 1,612 | |
Gastos financieros | (1,473) | (823) | (2,565) | |
Share of (loss)/profit in joint ventures (net of tax) | (1,714) | 11,053 | 16,311 | |
Beneficio antes de impuestos |
| 2,732 | 18,710 | 27,155 |
Taxation | 5 | (1,035) | (1,562) | 771 |
Beneficio del período |
| 1,697 | 17,148 | 27,926 |
| ||||
Otros ingresos / (gastos) integrales |
| |||
Partidas que no se reclasificarán a resultados |
| |||
Remediciones de planes de pensiones de beneficio definido | - | - | (4,645) | |
Impuesto reconocido sobre partidas que no se reclasificarán a resultados | - | - | 1,161 | |
Partidas que se reclasifican o pueden reclasificarse posteriormente a resultados |
| |||
Diferencias de conversión de moneda extranjera | 528 | 1,406 | 1,130 | |
Participación en otro resultado integral de negocios conjuntos (neto de impuestos) | -
| -
| 1,912 | |
| ||||
Otros ingresos / (gastos) integrales del período, neto de impuestos |
| 528 | 1,406 | (442) |
Resultado integral total del período |
| 2,225 | 18,554 | 27,484 |
Beneficio atribuible a: |
| |||
Accionistas de la empresa | 1,706 | 16,962 | 27,915 | |
Interes no controlado | (9) | 186 | 11 | |
Beneficio del período |
| 1,697 | 17,148 | 27,926 |
|
| |||
Resultado integral total del período atribuible a: |
| |||
Accionistas de la empresa | 2,234 | 18,368 | 27,473 | |
Interes no controlado | (9) | 186 | 11 | |
|
| |||
Resultado integral total del período |
| 2,225 | 18,554 | 27,484 |
Medidas GAAP |
| |||
Utilidad básica por acción (peniques) | 7 | 5.22 | 52.15 | 85.85 |
Ganancias por acción diluidas (peniques) | 7 | 5.14 | 51.09 | 84.13 |
Balance general consolidado condensado
al 30 de noviembre de 2023
Sin auditar | Sin auditar | auditado | ||
| 30 de noviembre | 30 de noviembre | 31 mayo | |
| 2023 | 2022 | 2023 | |
Note | £000 | £000 | £000 | |
| ||||
Activos no corrientes |
| |||
Propiedad, planta y equipo. | 10,822 | 10,392 | 10,861 | |
Activos por derecho de uso | 34,157 | 35,305 | 39,815 | |
Propiedad de inversión | 15,267 | 13,672 | 14,074 | |
Activos intangibles, incluido el fondo de comercio | 5,589 | 5,949 | 5,685 | |
Inversiones en negocios conjuntos | 9 | 73,226 | 70,541 | 74,282 |
Activos por impuestos diferidos | 14,214 | 9,657 | 14,753 | |
Cuentas por cobrar comerciales | - | 4,224 | - | |
Excedente de la prestación de jubilación | 9,111 | 11,467 | 8,474 | |
162,386 | 161,207 | 167,944 | ||
Activos circulantes |
| |||
Los inventarios | 44,192 | 33,872 | 39,302 | |
Cuentas comerciales y otras cuentas por cobrar | 82,474 | 86,109 | 71,609 | |
Activos contractuales | 5,058 | 6,081 | 5,114 | |
Efectivo y equivalentes de efectivo | 18,718 | 18,102 | 21,859 | |
150,442 | 144,164 | 137,884 | ||
los activos totales |
| 312,828 | 305,371 | 305,828 |
Pasivos no corrientes |
| |||
Otros préstamos y empréstitos que devengan intereses | (13,874) | (17,460) | (20,839) | |
Obligaciones por beneficios de jubilación | (2,839) | (2,666) | (2,902) | |
Provisiones | (3,829) | (5,898) | (4,120) | |
Pasivos por impuestos diferidos | (3,853) | (2,419) | (3,417) | |
(24,395) | (28,443) | (31,278) | ||
Pasivo circulante |
| |||
Otros préstamos y empréstitos que devengan intereses | (14,913) | (13,140) | (15,511) | |
Comerciales y otras cuentas a pagar | (64,545) | (58,792) | (47,427) | |
Provisiones | (11,268) | (8,844) | (10,467) | |
Pasivo por impuesto sobre la renta | (212) | - | (154) | |
(90,938) | (80,776) | (73,559) | ||
Pasivos totales |
| (115,333) | (109,219) | (104,837) |
Activos netos |
| 197,495 | 196,152 | 200,991 |
Balance General Resumido Consolidado (continuación)
al 30 de noviembre de 2023
Sin auditar | Sin auditar | auditado | ||
| 30 de noviembre | 30 de noviembre | 31 mayo | |
| 2023 | 2022 | 2023 | |
| £000 | £000 | £000 | |
| ||||
Patrimonio atribuible a los accionistas de la controladora |
| |||
Capital social | 3,314 | 3,314 | 3,314 | |
Compartir premium | 73,982 | 73,972 | 73,972 | |
Otras reservas | 211 | 211 | 211 | |
Reserva de traducción | (161) | (413) | (689) | |
Reserva de fusión | 1,022 | 1,022 | 1,022 | |
Reserva de cobertura | 318 | 318 | 318 | |
Reserva de amortización de capital | 1,530 | 1,530 | 1,530 | |
Reserva de pago basada en acciones | 2,540 | 2,216 | 2,388 | |
Ganancias retenidas | 114,959 | 114,018 | 119,136 | |
197,715 | 196,188 | 201,202 | ||
Interes no controlado |
| (220) | (36) | (211) |
Equidad total |
| 197,495 | 196,152 | 200,991 |
Estado de cambios en el patrimonio neto condensado consolidado
por los seis meses terminados el 30 de noviembre de 2022
Capital social | Compartir premium | Reserva de traducción | Reserva de cobertura | Otras reservas | Reserva de amortización de capital | Reserva de fusión | Reserva de pago basada en acciones | Ganancias retenidas | Patrimonio total de la matriz | Interes no controlado | Equidad total | |
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
Saldo al 1 de junio de 2022 | 3,314 | 73,972 | (1,819) | 318 | 211 | 1,530 | 1,022 | 2,029 | 102,781 | 183,358 | (222) | 183,136 |
Resultado integral total del período |
| |||||||||||
Beneficio del período | - | - | - | - | - | - | - | - | 16,962 | 16,962 | 186 | 17,148 |
Otro resultado integral |
| |||||||||||
Diferencias de conversión de moneda extranjera | - | - | 1,406 | - | - | - | - | - | - | 1,406 | - | 1,406 |
Total de otros resultados integrales | - | - | 1,406 | - | - | - | - | - | - | 1,406 | - | 1,406 |
Resultado integral total del período | - | - | 1,406 | - | - | - | - | - | 16,962 | 18,368 | 186 | 18,554 |
Transacciones con propietarios registradas directamente en patrimonio |
| |||||||||||
Transacciones con pagos basados en acciones liquidadas mediante acciones | - | - | - | - | - | - | - | 187 | - | 187 | - | 187 |
Dividendos pagados | - | - | - | - | - | - | - | - | (5,725) | (5,725) | - | (5,725) |
Contribuciones totales y distribuciones a los propietarios | - | - | - | - | - | - | - | 187 | (5,725) | (5,538) | - | (5,538) |
Saldo al 30 de noviembre de 2022 | 3,314 | 73,972 | (413) | 318 | 211 | 1,530 | 1,022 | 2,216 | 114,018 | 196,188 | (36) | 196,152 |
Estado de cambios en el patrimonio neto condensado consolidado
por los seis meses terminados el 30 de noviembre de 2023
Capital social | Compartir premium | Reserva de traducción | Reserva de cobertura | Otras reservas | Reserva de amortización de capital | Reserva de fusión | Reserva de pago basada en acciones | Ganancias retenidas | Patrimonio total de la matriz | Interes no controlado | Equidad total | |
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
Saldo al 1 de junio de 2023 | 3,314 | 73,972 | (689) | 318 | 211 | 1,530 | 1,022 | 2,388 | 119,136 | 201,202 | (211) | 200,991 |
Total de ingresos / (gastos) integrales del período |
| |||||||||||
Beneficio / (pérdida) del período | - | - | - | - | - | - | - | - | 1,706 | 1,706 | (9) | 1,697 |
Otro resultado integral |
| |||||||||||
Diferencias de conversión de moneda extranjera | - | - | 528 | - | - | - | - | - | - | 528 | - | 528 |
Total de otros resultados integrales | - | - | 528 | - | - | - | - | - | - | 528 | - | 528 |
Total de ingresos / (gastos) integrales del período | - | - | 528 | - | - | - | - | - | 1,706 | 2,234 | (9) | 2,225 |
Transacciones con propietarios registradas directamente en patrimonio |
| |||||||||||
Emisión de acciones | - | 10 | - | - | - | - | - | - | - | 10 | - | 10 |
Transacciones con pagos basados en acciones liquidadas mediante acciones | - | - | - | - | - | - | - | 152 | - | 152 | - | 152 |
Dividendos pagados | - | - | - | - | - | - | - | - | (5,883) | (5,883) | - | (5,883) |
Contribuciones totales y distribuciones a los propietarios | - | 10 | - | - | - | - | - | 152 | (5,883) | (5,721) | - | (5,721) |
|
|
|
|
|
|
|
|
|
|
|
| |
Saldo al 30 de noviembre de 2023 | 3,314 | 73,982 | (161) | 318 | 211 | 1,530 | 1,022 | 2,540 | 114,959 | 197,715 | (220) | 197,495 |
Estado de flujo de efectivo condensado consolidado
por los seis meses terminados el 30 de noviembre de 2023
Sin auditar | Sin auditar |
| |
seis meses | seis meses | auditado | |
| terminó | terminó | año terminado |
| 30 de noviembre | 30 de noviembre | 31 De Mayo |
| 2023 | 2022 | 2023 |
£000 | £000 | £000 | |
| |||
flujos de efectivo por actividades operacionales |
| ||
Beneficio del período | 1,697 | 17,148 | 27,926 |
Ajustes para: |
| ||
Depreciación y deterioro de propiedades, planta y equipo y activos por derecho de uso | 7,128 | 4,932 | 14,570 |
Gastos financieros netos | 655 | 319 | 953 |
Amortización de activos intangibles | 96 | - | 175 |
Share of loss/(profit) in joint ventures (net of tax) | 1,714 | (11,053) | (16,311) |
Beneficio por venta de propiedades, planta y equipo, propiedades de inversión y activos por derecho de uso | - | (2,844) | (4,718) |
Gasto por pago basado en acciones liquidado por acciones | 152 | 187 | 359 |
Gasto / (crédito) por impuesto a las ganancias | 1,035 | 1,562 | (771) |
Contribuciones a planes de pensiones de prestaciones definidas | (589) | (1,170) | (2,426) |
Reconversión de activos y pasivos denominados en moneda extranjera | (122) | 31 | 482 |
11,766 | 9,112 | 20,239 | |
Cambio de inventarios | (4,890) | (3,398) | (8,827) |
Cambio en cuentas por cobrar comerciales y otras | (10,889) | 4,314 | 23,290 |
Cambio en cuentas comerciales y otras cuentas por pagar | 17,156 | 6,622 | (4,563) |
Cambio de provisiones y beneficios a los empleados | 509 | 2,867 | 2,713 |
13,652 | 19,517 | 32,852 | |
Interés recibido | 818 | 504 | 1,127 |
Pago interesado | (1,585) | (775) | (2,192) |
Impuesto sobre la renta recibido / (pagado) | 2 | 28 | (281) |
| |||
Entrada neta de efectivo de las actividades operativas | 12,887 | 19,274 | 31,506 |
| |||
Flujos de efectivo de actividades de inversión |
| ||
Ingresos por venta de propiedades, planta y equipo | 110 | 4,565 | 6,565 |
Producto de la venta de propiedades de inversión | - | 146 | 266 |
Producto de la venta de activos de ROU | 12 | 54 | 81 |
Adquisición de propiedades, planta y equipo | (1,466) | (1,730) | (3,442) |
Adquisición de propiedades de inversión | (770) | (5,377) | (5,783) |
Adquisición de activos por derecho de uso | - | (54) | (85) |
Pago por adquisición de subsidiarias, neto de efectivo adquirido | - | (1,447) | (1,447) |
Salida neta de efectivo de las actividades de inversión | (2,114) | (3,843) | (3,845) |
| |||
Flujos de efectivo de actividades de financiación |
| ||
Elementos principales de los pagos por arrendamiento | (8,027) | (5,519) | (12,721) |
Dividendos pagados | (5,883) | (5,725) | (6,701) |
Salida neta de efectivo de las actividades de financiación | (13,910) | (11,244) | (19,422) |
| |||
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (3,137) | 4,187 | 8,239 |
Efectivo y equivalentes de efectivo al inicio del período | 21,859 | 13,773 | 13,773 |
Efecto de las fluctuaciones del tipo de cambio en el efectivo mantenido | (4) | 142 | (153) |
| |||
Efectivo y equivalentes de efectivo al final del período | 18,718 | 18,102 | 21,859
|
NOTAS A LA INFORMACIÓN FINANCIERA INTERMEDIA CONSOLIDADA CONDENSADA
1. Base de preparación
La información financiera intermedia consolidada condensada establecida en este estado para el período de seis meses finalizado el 30 de noviembre de 2023 y las cifras comparativas para el período de seis meses finalizado el 30 de noviembre de 2022 no está auditada. Esta información financiera no constituye cuentas legales tal como se define en la Sección 435 de la Ley de Sociedades de 2006. No cumple con la NIC 34 'Información Financiera Intermedia', según lo permiten las reglas del Mercado Alternativo de Inversiones.
La información financiera intermedia consolidada resumida, que no está auditada ni revisada, ha sido preparada de acuerdo con los criterios de medición y reconocimiento de las normas contables internacionales adoptadas en el Reino Unido. Este estado no incluye toda la información requerida para los estados financieros anuales y debe leerse junto con los estados financieros del Grupo al y para el año terminado el 31 de mayo de 2023.
No existen nuevas NIIF que apliquen a la información financiera intermedia resumida consolidada.
2. Políticas de contabilidad
Las políticas contables aplicadas en la preparación de la información financiera intermedia resumida consolidada son las mismas que las aplicadas en la preparación de los estados financieros anuales para el año terminado el 31 de mayo de 2023, como se describe en dichos estados financieros.
3. Estado de la información financiera
Las cifras comparativas del ejercicio cerrado el 31 de mayo de 2023 no son los estados financieros consolidados estatutarios del Grupo para ese ejercicio. Las cuentas financieras estatutarias del ejercicio económico finalizado el 31 de mayo de 2023 han sido informadas por el auditor de la empresa y entregadas al Registro Mercantil. El informe del auditor era (i) sin salvedades, (ii) no incluía una referencia a ningún asunto sobre el cual el auditor llamó la atención a modo de énfasis sin calificar su informe, y (iii) no contenía una declaración conforme a la sección 498 ( 2) o (3) de la Ley de Sociedades de 2006.
4. Principales riesgos e incertidumbres
The principal risks and uncertainties affecting the Group are unchanged from those set out in the Group's accounts for the year ended 31 May 2023. The Directors have reviewed financial forecasts and are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing the condensed consolidated interim financial information.
5. Taxation
UK income tax for the period is charged at 25% (2022: 19%). The effective tax rate, after removing the impact of joint ventures is 23.3% (2022: 20.4%), representing an estimate of the annual effective rate for the full year to 31 May 2024. This rate is lower than the standard rate of UK income tax due to the impact of overseas tax which applies a lower tax rate.
6. Dividendos
The final dividend of 6.0p and additional dividend of 12.0p per ordinary share, proposed in the 2023 Annual Report and Accounts and approved by the shareholders at the Annual General Meeting on 25 October 2023, was paid on 30 October 2023.
The directors have proposed an interim dividend of 18.0p per share (2022: 3.0p) which will be paid on 11 April 2024 to shareholders on the register at the close of business on 22 March 2024. Este se pagará con cargo a las reservas distribuibles disponibles de la Compañía. De acuerdo con la NIC 1, los dividendos se registran solo cuando se pagan y se muestran como un movimiento en el patrimonio y no como un cargo en el estado de resultados.
7. Ganancias por acción
| |||||||||
Seis meses finalizados el 30 de noviembre de 2023 | Seis meses finalizados el 30 de noviembre de 2022 | Año terminado el 31 de mayo de 2023 | |||||||
Sin auditar | Sin auditar | auditado | |||||||
Ganancias | EPS | DEPS | Ganancias | EPS | DEPS | Ganancias | EPS | DEPS | |
£000 | Pence | Pence | £000 | Pence | Pence | £000 | Pence | Pence | |
|
|
| |||||||
Ganancias básicas por acción | 1,706 | 5.22 | 5.14 | 16,962 | 52.15 | 51.09 | 27,926 | 85.85 | 84.13 |
Número medio ponderado de acciones (000) |
|
32,659 |
33,217 |
32,528 |
33,200 |
32,528 |
33,193 |
The calculation of diluted earnings per share is based on the profit for the period attributable to equity holders of the Company and on the weighted average number of ordinary shares in issue in the period adjusted for the dilutive effect of the share options outstanding. The effect on the weighted average number of shares is 558,000 (2022: 672,000), the effect on basic earnings per ordinary share is 0.08p (2022: 1.06p).
8. Información segmentaria
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the Board of Directors since they are responsible for strategic decisions. HRMS represents the Groups share of its German joint venture, which includes Hargreaves Services Europe Limited which is the parent company of HRMS and DK.
Servicios | Tierra de Hargreaves | Sin asignar | HRMS | Total | |
Sin auditar | Sin auditar | Sin auditar | Sin auditar | Sin auditar | |
30 de noviembre | 30 de noviembre | 30 de noviembre | 30 de noviembre | 30 de noviembre | |
2023 | 2023 | 2023 | 2023 | 2023 | |
£000 | £000 | £000 | £000 | £000 | |
Ingresos | |||||
Los ingresos totales | 110,327 | 673 | - | - | 111,000 |
Ingresos intrasegmento | (829) | -
| - | - | (829) |
Ingresos de clientes externos | 109,498 | 673 | - | - | 110,171 |
Ganancia / (pérdida) operativa | 8,913 | (1,284) | (2,528) | - | 5,101 |
Share of profit/(loss) in joint ventures (net of tax) | - | 173 | - | (1,887) | (1,714) |
(Gastos) / ingresos financieros netos | (1,092) | 108 | 329 | - | (655) |
|
|
|
|
| |
Beneficio / (pérdida) antes de impuestos | 7,821 | (1,003) | (2,199) | (1,887) | 2,732 |
Servicios | Tierra de Hargreaves | Sin asignar | HRMS | Total | |
Sin auditar | Sin auditar | Sin auditar | Sin auditar | Sin auditar | |
30 Noviembre | 30 Noviembre | 30 Noviembre | 30 Noviembre | 30 Noviembre | |
2022 | 2022 | 2022 | 2022 | 2022 | |
£000 | £000 | £000 | £000 | £000 | |
Ingresos | |||||
Los ingresos totales | 108,000 | 8,700 | - | - | 116,700 |
Ingresos intrasegmento | (225) | - | - | - | (225) |
Ingresos de clientes externos | 107,775 | 8,700 | - | - | 116,475 |
Ganancia / (pérdida) operativa | 9,147 | 1,331 | (2,502) | - | 7,976 |
Participación en beneficios en negocios conjuntos (neto de impuestos) | - | 242 | - | 10,811 | 11,053 |
(Gastos) / ingresos financieros netos | (642) | 28 | 295 | - | (319) |
|
|
|
|
| |
Beneficio / (pérdida) antes de impuestos | 8,505 | 1,601 | (2,207) | 10,811 | 18,710 |
9. Inversiones en negocios conjuntos
Torre de regeneración limitada | Hargreaves Services Europa Limitada | Waystone Hargreaves LLP | Participaciones en negocios conjuntos inmateriales | Total | |
? | £000 | £000 | £000 | £000 | £000 |
Al 1 de junio de 2023 | - | 68,607 | 5,751 | (76) | 74,282 |
Group's share of (loss)/profit in joint ventures (net of tax) | -
| (1,887) | 173 | - | (1,714) |
Diferencias de cambio | - | 646 | - | 12 | 658 |
A 30 de noviembre de 2023 | - | 67,366 | 5,924 | (64) | 73,226 |
10. Información financiera intermedia resumida consolidada
La información financiera intermedia consolidada resumida fue aprobada por el Consejo de Administración el 24 de enero de 2024. Se enviarán copias de este estado intermedio a todos los accionistas y estarán disponibles al público en el domicilio social del Grupo.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.