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Leading the Way in Solid Fuel Supply and Bulk Material Logistics Hargreaves Services plc Source Process Distribute Leading the way in solid fuel supply Annual Report and Accounts 2011 and bulk material logistics Annual Report and Accounts 2011 Hargreaves Services plc West Terrace Esh Winning Durham DH7 9PT Tel: 0191 373 4485 Fax: 0191 373 3777 www.hargreavesservices.co.uk Established in 1994, Hargreaves Services plc Investor provides unrivalled performance in sourcing, Information producing, processing, handling and transporting carbon-based and other bulk materials throughout the UK and Europe. Company Secretary Joint Stock Broker Steve MacQuarrie RBS Hoare Govett Limited 250 Bishopsgate Independent Auditor London KPMG Audit Plc EC2M 4AA Quayside House 110 Quayside Registered Office Newcastle upon Tyne West Terrace NE1 3DX Esh Winning Durham Bankers DH7 9PT Royal Bank of Scotland 2nd Floor Registrar Keel Row House Capita Registrars 1 Sandgate The Registry Newcastle upon Tyne 34 Beckenham Road The Group has four complementary Divisions: NE1 2NG Beckenham Kent Revenue Legal Advisers BR3 4TU Production Division Walker Morris produces coal and coke and Kings Court also recycles tyres for customers £110.1m +27.7% 12 King Street Leeds throughout the UK and Europe. Underlying Operating Profit LS1 2HL £12.7m +50.8% Nominated Adviser and Joint Stock Broker Brewin Dolphin Limited 34 Lisbon Street Leeds LS1 4LX Energy & Commodities Revenue Division provides coal, coke, minerals, £330.8m +25.3% smokeless fuel and biomass Underlying Operating Profit products to a range of industrial, wholesale and public sector energy consumers. £25.9m +16.0% Transport Division Revenue provides bulk logistics to UK customers. £78.7m +8.2% Underlying Operating Profit £3.8m -7.5% Industrial Services Division Revenue provides quality assured Printed on Arctic Volume White (Matt). contract management services £69.5m +15.1% Arctic Volume White (Matt) is an FSC-recognised paper, to the power generation, Underlying Operating Profit produced from well-managed forests. This publication utilities, chemicals and was printed with vegetable oil-based inks by an FSC- minerals industries. £4.3m +12.9% recognised printer that holds an ISO 14001 certification. > For more information Please visit us online at www.hargreavesservices.co.uk for up to date investor information, company news and other information. Highlights of the Year Contents Review of the Year Review of the Year 01 Highlights of the Year New working patterns and fifth shift implemented at Maltby 02 Quality, Service and Expertise Strong growth in Europe, operating profit increased 106% 03 Chairman’s Statement 04 Group Business Review to £9.9m 08 Review of Operating Performance by Business Unit Coke and coal markets remain strong 14 Financial Review 18 Board of Directors Tower project planning recommendation received 19 Group Executive Management Team Management contract and coal off-take contract signed Corporate Governance with Hatfield Colliery Limited 20 Directors’ Report Corporate Governance 23 Corporate Governance and Remuneration Report 26 Statement of Directors’ Year ended Year ended Change Responsibilities in Respect of the 31 May 2011 31 May 2010 % Annual Report and the Financial Statements Revenue £552.3m £459.8m +20.1% 27 Independent Auditor’s Report to the Members of Hargreaves Services plc Operating Profit £43.1m £35.2m +22.2% Underlying Operating Profit1 £46.7m £38.7m +20.7% Financial Statements 28 Consolidated Statement of Profit Before Tax £36.9m £30.7m +20.2% Comprehensive Income Underlying Profit Before Tax2 £40.5m £34.3m +18.1% 29 Balance Sheets 31 Statements of Changes in Equity Financial Statements Diluted EPS 90.5p 75.6p +19.7% 34 Cash Flow Statements Underlying Diluted EPS2 103.7p 88.8p +16.8% 35 Notes (forming part of the financial statements) Proposed Full Year Dividend 15.5p 13.5p +14.8% 76 Notice of Annual General Meeting Net debt £66.0m £88.2m –25.2% IBC Investor Information (1) Underlying Operating Profit is stated excluding the amortisation of acquired intangibles and including share of profit in jointly controlled entities. (2) Underlying Profit before tax and EPS are stated excluding the amortisation of acquired intangibles. Dividend Per Share Underlying Operating Profit (pence) (£m) 11 15.5 11 46.7 10 13.5 10 38.7 09 11.8 09 33.5 08 10.3 08 23.6 07 9.0 07 10.8 Underlying Diluted EPS Revenue (pence) (£m) 11 103.7 11 552.3 10 88.8 10 459.8 09 76.3 09 503.1 £552.3m 08 51.1 08 404.9 Revenue 07 28.8 07 240.1 Hargreaves Services plc Annual Report and Accounts 2011 01 Quality, Service and Expertise The Hargreaves Group is a fully integrated business; we source, produce, process, handle and transport a wide range of bulk materials to meet the increasingly demanding needs of today’s industry. We pride ourselves on our quality, service and expertise. Quality It is a long time since the UK was an exporter of carbon products, but Hargreaves’ reputation for quality sees us doing just that. Service Hargreaves is the UK leader in the delivery of bulk material handling and transport services. Expertise Hargreaves has built an international reputation for providing quality products to precise specifications; products perfectly aligned to the varying but exacting standards of our broad spectrum of customers – from power stations to electrical component manufacturers to steam railways. 02 Hargreaves Services plc Annual Report and Accounts 2011 Chairman’s Review of the Year Statement “ Underlying diluted EPS increased by 16.8% from 88.8p to 103.7p.” Corporate Governance Tim Ross, Chairman Results The final dividend is proposed to be paid Outlook This has been another successful year for on 16 November 2011 to all shareholders The Board remain very excited by the Hargreaves. Underlying profit before tax on the register at the close of business on Group’s positioning and opportunities for the year increased 18.1% from £34.3m 14 October 2011. available to grow the business. All production to £40.5m. Revenues increased by £92.5m, from Monckton and Maltby is contracted from £459.8m to £552.3m. Underlying diluted People until at least 2012, with the average contract Financial Statements EPS increased by 16.8% from 88.8p to 103.7p. Our staff remain key to the business and price comfortably below the current We are pleased to report that growth in our I would again like to thank them for their market prices for coke and coal. We remain European operations is on track and was loyalty and hard work. A group as diverse particularly excited by the prospects of indeed a major contributor to this year’s growth and specialised as Hargreaves needs a strong the Group in Europe and at Tower. Whilst in Group profitability. Operating profit from and coordinated senior management team we will carefully monitor the short-term our European operations increased 106% from and we are fortunate in this regard. economic volatility, we will also continue £4.8m to £9.9m in the year ended 31 May 2011. efforts to invest to grow our operations We were also pleased to announce in July that Board in Europe and further afield. we had obtained a recommendation from There were no changes in the Board Rhondda Cynon Taf County Borough Council composition during the year ended 31 May Tim Ross (‘RCT’) to approve the Tower Colliery project. 2011. However, in September 2011, we Chairman announced that Peter Gillatt was appointed 14 September 2011 Dividend to the Board as a Non-Executive Director. The Board continues to balance the progressive Peter brings many years of experience in dividend policy with the requirement to a number of industry sectors that are very support the growth potential of the business. relevant to Hargreaves including waste, The Board has recommended a final dividend recycling, renewables and coal mining. of 10.4 pence per share, bringing the dividend At the same time we also announced that for the year to 15.5 pence per share, an increase Nigel Barraclough would be stepping down of 14.8% on the previous year. from the Board as a Non-Executive Director and assuming a full-time operational role within the business. I would like to thank Nigel for his seven years of service to the Board and we look forward to working with Peter. +18.1% Underlying Profit Before Tax up 18.1% from £34.3m to £40.5m +106% Excellent progress made in European expansion, 106% increase in operating profit Hargreaves Services plc Annual Report and Accounts 2011 03 Group Business Review “ As a Group we continue to operate in four distinct divisions, each of which is the market leader or a major player in its sector.” Gordon Banham, Group Chief Executive Senior Management Perspective Overview of Europe. We believe the European market The Group extended its strong track record offers significant potential for the Group and of growth since the flotation six years ago. will continue to be a core element of our Last year was another period of significant growth strategy. achievement. We are pleased with both the Group’s financial results and the foundations In contrast to progress made in Europe, as we for growth that have been laid down. This indicated last year, further investment by the would not have been possible without the skill Group in renewable energy projects such as and hard work of our staff and management Rocpower is on hold as we await the outcome and I would like to take this opportunity to of the Government’s policy review and its Energy & Commodities thank them all for their help and support results to be passed into primary legislation. Steve Anson over the last 12 months. We will be undertaking a strategic review of Managing Director the opportunity and strategy in the renewable As a Group we continue to operate in sector once the next round of legislative I first became acquainted with Hargreaves four distinct divisions, each of which is the review is completed.
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