Hargreaves well placed for profit growth

In the year ended May 31, the company's underlying profit before tax increased by 5.7m to 34.3m.

Full year revenue fell by 8.6 per cent to 459.8m.

The energy support services provider recorded a strong performance in energy and commodities, transport and industrial services.

The company said it was well placed to focus on organic growth and cash generation

Chairman Tim Ross said: "I am pleased to report that the group has completed another successful year and delivered a further set of record results.

"The group is well placed to drive further profit growth and cash generation and the board continues to view the long-term future with confidence."

Hargreaves ended merger talks with Britain's biggest coal miner UK Coal in June.

Mr Ross added: "With the change to the new face having been completed at Maltby, we are hopeful that production consistency will now improve.

"The board is encouraged by the start that has been made to the current financial year by the rest of the group."