North-East Business
Hargreaves optimistic despite disappointing six months
11:16am Tuesday 14th February 2012
County Durham mining and haulage firm Hargreaves Services, expects to meet full-year profit expectations despite a
disappointing six months.
The firm was hit by disappointing coal production at its Maltby mine in South Yorkshire, where it is installing a new "face."
The firm said results were also skewed because income from the Energy and Commodities division, which sells coal, coke and minerals, is weighted to the second half of the year.
Profits before tax fell 16.1per cent to £13.6m in the six months to November.
However total revenues for the period were £322.8m, a rise of 27.1per cent.
Hargreaves chairman Tim Ross still expected full year results to be in line with management expectations.