The Hargreaves Services Board announce an interim dividend of 18.0p (2022: 3.0p) reflects the cash generative nature of the Group and the continued expectation of recurrent cash returns from HRMS. The 18.0p interim dividend represents 50% of the Board's expected full year dividend.
The interim dividend will be paid on 11 April 2024 to shareholders on the register on 22 March 2024.
Other financial highlights include:
•Group revenue reduced by £6.3m due to several post period end completions within Hargreaves Land.
•Services revenue rose by 1.6%, supported by over 60 term and framework contracts.
•Decrease in PBT due to reduction in contribution from HRMS and timing of sales completions within Hargreaves Land.
•Receipt of £8m cash from investment in HRMS in the period, with cash returns from HRMS now expected to remain around £7m per annum (up from £4m).
•Cash of £18.7m, compared to £18.1m at Nov 2022 with investment in Land assets being offset by additional cash receipt from HRMS.
