The fast-growing haulage and mining group Hargreaves Services increased its turnover by 71% in the year to 31 May, following a 134% jump last year. The Co Durham group, which floated on the Alternative Investment Market (AIM) in November 2005, turned over £265m last year and is aiming for £400m by 2009.
Pre-tax profit to 31 May was £9.8m (up from £5.5m the previous year), with earnings
per share of 23.1p. Hargreaves, which is based at Esh Winning, is highly acquisitive and its purchases this year include Simon Bulk Warehousing and Distribution, which it bought for £4.2m in April.
In March it paid more than £30m for Maltby Colliery, a deal which brought it not only the mine, but also the ability to transport coking coal to the mine's customers. Hargreaves chairman Tim Ross says: "As a result of these and other smaller acquisitions we welcomed more than 1,000 new employees to the group." Hargreaves runs more than 400 trucks in its own livery as well as employing 200 subcontractors.
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