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Hargreaves Services hails strong performance of German joint venture

County Durham’s Hargreaves Services says its German joint venture is trading ahead of market expectations, thanks in part to higher commodity prices.

Hargreaves Raw Materials Services GmbH (HRMS) – a supplier of industrial raw materials including solid fuels, refractory minerals, pig iron as well as ferro-alloys and metals – is predicted to generate profits 30% ahead of current market expectations.

In a trading update to investors, Hargreaves said HRMS’ DK Recycling Roheisen GmbH subsidiary was performing ahead of expectations and noted commodity prices, specifically pig iron and zinc, as benefitting both businesses.

Hargreaves said “operational improvements” to the DK business meant the future profitability of HRMS is expected to be at least 30% greater than current market expectations, even if current levels of commodity pricing are not sustained.

The firm said visibility was such that it expected HRMS’ contribution to Hargreaves’ results in the second half to exceed the first half – and that while the market could not be predicted, it expected favourable conditions into the first half of the financial year ending May 31, 2023.

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