Hargreaves Services PLC on Wednesday upped its interim dividend, despite a drop in revenue and profit.
Hargreaves Services is a Durham, England-based provider of services to industrial and property sector. Its shares were up 5.6% to 427.48 pence each in London on Wednesday afternoon.
In the six months ended November 30, revenue fell to £110.2 million from £116.5 million a year earlier. The company said this was due to several post period end completions within Hargreaves Land.
Pretax profit fell to £2.7 million from £18.7 million.
Hargreaves Services said the six month period was ‘a time of contrasts across [its] three business segments.’
On the back of the results, the company said it will pay out an interim dividend of 18.0p, up from 3.0p a year ago.
Hargreaves Services expects the interim dividend to be half of the full-year dividend.
Chair Roger McDowell said: ‘We are optimistic about the outlook for the business in the second half as Services continues to provide a robust underpinning to trading with over 90% of revenue already secured for the financial year. We anticipate positive pricing in Germany in the second half and Land is poised to deliver its best ever full year performance.’
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