**Summary of Hargreaves Services PLC Interim Results for H1 2026**
**Financial Performance Highlights**
**Revenue Growth** Revenue surged by 46.1% to £183.1 million (H1 2024: £125.3 million), driven by strong growth in the Services segment, particularly in major infrastructure projects.
**Profitability** Profit before tax (PBT) increased by 169.8% to £14.3 million (H1 2024: £5.3 million), with EBITDA rising by 22.8% to £18.3 million.
**Earnings Per Share (EPS)** EPS grew by 173.8% to 33.4p (H1 2024: 12.2p).
**Cash Position** Cash and cash equivalents rose significantly to £37.3 million (H1 2024: £15.7 million), supported by the sale of renewable energy land assets.
**Dividend Increase** Interim dividend increased by 5.4% to 19.5p per share (H1 2024: 18.5p).
**Key Strategic Developments**
1. **Shareholder Returns** The Board plans to return up to £15.0 million to shareholders via a tender offer, priced at a 12-15% premium to the current share price (£7.50 per share based on £6.60).
2. **CEO Succession** Gordon Banham, CEO for 20 years, will step down on 31 July 2026, succeeded by COO Simon Hicks. Banham will retain executive responsibility for HRMS.
3. **Asset Sales** Completed the first tranche of renewable energy land asset sales for £8.8 million, with further disposals expected. Sold a 16-acre site at Blindwells for £11.5 million.
4. **HRMS Zinc Project** Investment in a zinc recycling facility in Duisburg, Germany, with potential to disrupt the European market. Secured a €2 million German Government Grant and pursuing a €4 million state-guaranteed loan.
**Segment Performance**
**Services** Revenue grew by 41.4% to £171.4 million, driven by infrastructure projects. PBT increased by 33.0% to £11.7 million. Net margin maintained at 6.8%.
**Hargreaves Land** Revenue rose to £11.7 million (H1 2024: £4.1 million), with PBT of £4.0 million (H1 2024: loss of £1.4 million), aided by asset sales.
**HRMS** Post-tax profit of £1.0 million (H1 2024: £0.1 million), with DK Recycling showing improved performance.
**Outlook**
**Services** 90% of FY 2026 revenue secured under contract, with expectations to outperform market forecasts by 6% in revenue and 4% in PBT and EBITDA.
**Hargreaves Land** Continued asset realisations and pipeline growth in housing plots and renewable energy projects.
**HRMS** Focus on cash realisation and the zinc recycling project, with confidence in meeting expectations.
**Chair’s Statement**
Roger McDowell highlighted substantial growth, strategic progress, and confidence in delivering full-year results ahead of market expectations. The tender offer and CEO succession were emphasized as key milestones.
**CEO’s Review**
Gordon Banham underscored sustainable growth in Services, progress in asset realisations, and the transformative potential of the zinc recycling project. He expressed optimism about future value creation.
**Conclusion**
Hargreaves Services PLC delivered robust H1 2026 results, marked by significant revenue and profit growth, strategic asset sales, and shareholder returns. The company is well-positioned for continued growth, supported by strong market opportunities and a clear strategic focus.