HS2 contract helps Hargreaves grow revenues

An increase in activity in relation to the HS2 contract meant Hargreaves Services delivered a 23.4% increase in revenue within its services division, to £200.9m in the year ending 31 May 2023.

Group chief executive Gordon Banham said the trading period represented the first full year of operations on the high speed railway contract in Buckinghamshire and added that it had “performed very well” with over 400 workers on site at peak operations.

“A key aspect of the services business unit is its resilience and stability, which is derived from its strong contract base with high quality customers,” he said.

“During the last financial year we have seen more success in this area as the services business has signed more than 10 term and framework contracts.

“These contract wins have taken the total number of term and framework contracts within the services business to over 60, which provides an excellent underpin for the group.”

Banham added that the contracts secured around 70% of the expected revenue for the year ending 31 May 2024.

In total, the plc reported revenues of £211.5m, an increase of 18.8% compared to 2022’s £177.9m and profit before tax was £27.1m.

The post HS2 contract helps Hargreaves grow revenues appeared first on Motor Transport.

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