Hargreaves Services (HSP) H2 2026 earnings summary

Executive summary

• Achieved record financial and operational performance, with revenue up 30% year-over-year and profit before tax exceeding GBP 40 million, marking the best results in 12 years.

• All business units—land, services, and HRMS joint venture—delivered growth in both revenue and profitability.

• CEO succession completed, with Simon Hicks appointed as CEO in July 2026.

• Returned GBP 32.6 million to shareholders, including a GBP 20 million tender offer.

• Services division marked its fifth consecutive year of growth, driven by major infrastructure projects and strong operational execution.

Financial highlights

• Services revenue increased by 35% year-over-year to GBP 329.9 million, with margins maintained at 6%.

• Underlying Group profit before tax rose by 93% to GBP 34.0 million.

• EPS grew 75% year-over-year to 79.1p.

• Full year dividend increased by 8% to 40.0p per share.

• Ended the year with GBP 21.6 million in cash and no debt.

Outlook and guidance

• Over 70% of FY27 revenue already secured, with more than 50% secured for FY28.

• Continued focus on transitioning the land division to a capital-light model and expanding services for external landowners.

• Ongoing investment in digitization, zinc recycling, and operational efficiency to support future growth.