Member Article

Hargreaves enjoys coke-powered growth spurt

NEW growth opportunities in Europe and a spike in coal demand as winter approached helped County Durham’s Hargreaves Services to a surge in sales and profits last year, the industrial giant said yesterday.

The group, which operates coke and coal works, transport businesses and energy projects, saw turnover jump by £42.3m to £253.9m in the half-year to the end of November, as profits climbed almost 10% to £16.1m.

The Esh Winning firm enjoyed record monthly coal shipments as the temperature dropped towards the end of the period while it also resolved previous production problems at Maltby Colliery and has sold all coke from its Monckton coke works for the rest of 2011.

As well as expanding its presence in Europe, through a number of new opportunities, the company’s success this year will be partly dictated by the outcome of two major decisions.

Alongside a planning decision surrounding the future of the vast Tower Colliery site in Wales, it also awaits news on the Government’s intentions on the Renewable Obligation Order (ROO) legislation before investing more into its renewable power stations subsidiary.

“We are particularly encouraged by the performance of both the European and UK trading operations,” Hargreaves told the market yesterday.

This was posted in Bdaily's Members' News section by Ruth Mitchell .