Its land division saw record profits but the group also saw falling trading volumes in its German joint venture
Bosses at County Durham company Hargreaves Services say there are “reasons to feel positive” this year despite seeing pre-tax profits fall by 38%.
The Durham-based group, which is involved in logistics, land and raw materials, published results for the year ended May 2024, showing a significant drop in contributions from its German joint venture HRMS, resulting in pre-tax profits falling by 38% to £16.7m and revenues dipping slightly from £211.5m to £211.1m.
It said the fall in trading volumes in its joint venture were, however, offset by a record profit before tax at its development arm Hargreaves Land, following several notable transactions, with underlying pre-tax profit rocketing 110.3% from £3.9m to £8.2m. Deals included the eight-acre site at Westfield, which held an energy from waste plant lease, which was sold for £7.6m, and the sale of 28 acres of land at Maltby raising £4.9m.
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