Member Article

Hargreaves announce pretax profit

Durham based industrial supplier, Hargreaves Services PLC, has reported a pretax profit of £52.1 million for the year ending May 2014.

The company, who made £43 million in pretax profit for 2013, has seen profits increase by £9 million.

Hargeaves’ revenue increased from £843 million last year to £869 million this year.

Hargreaves disposed of Imperial Tankers as management believed it was incompatible with other group operations and fell outside the group’s core activities. This contributed to reported profits.

Chairman of Hargreaves, Tim Ross, said: “This year was challenging for Hargreaves. In difficult market conditions it is testament to the strength of the Group that we are able to announce a 6% increase in profits.

“The Group achieved strong profitability on all measures. The review of strategy that the Board has commenced will ensure the Group is positioned to minimise risk and optimise shareholder value in response to rapidly evolving markets.

“The disposal of Imperial Tankers for £26.9 million, completed earlier this month, is an encouraging first step.”