The Hargreaves Board are to have a progressive dividend policy following an increase made in the previous year. Based on the growth observed to date and the strong levels of revenue visibility, the Board is sufficiently confident to raise the level of the interim dividend to 18.5p (2023: 18.0p) reflecting a 2.8% increase. The interim dividend represents 50% of the Board's expected increased full year dividend of 37.0p (2024: 36p).
The interim dividend will be paid on 8 April 2025 to shareholders on the register on 21 March 2025.
Other financial highlights include:
•Group revenue has increased by £15.1m, or 14% driven by revenue growth within Services, especially in earthmoving activities.
•Net margin within Services maintained at over 7%, growing in line with Revenue.
•Group EBITDA increased by £2.6m, or 21% driven by the strong performance within Services.
•Sale of 11-acre site at Blindwells completed in January 2025 for cash consideration of £9.3m.
•Positive turnaround within HRMS as the joint venture has returned to delivering a profit in the period.
•Investment continued into the Group's land assets ahead of the realisation in January 2025, resulting in cash in hand at period end of £15.7m (2023: £18.7m).
•Net asset value impacted by accounting for the pension scheme Buy-In which occurred in March 2024 resulting in a £12.4m adjustment.
