Positive year ahead for Hargreaves

14 February, 2012 The Yorkshire mining company has posted positive estimates for the coming year.

Hargreaves Services has announced that it expects a "positive" 2012 despite experiencing a drop in half year pre-tax profits.

The coal mining company, which owns Maltby Colliery and another deep mine near Doncaster, reported in November that group revenue had increased by £68.9 million to £322.8 million.

Bosses at Hargreaves believe the increase in sales was generated by higher commodity prices and high volumes of shipments of coal to power stations across the country and abroad.

Despite profits slipping by 9.8 per cent the company believes the coming year will still produce positive results. Hargreaves also announced a deal with Esh Winning to sell all coal from its Tower Colliery for the next three years.

Tim Ross, chairman, said: "The board expects that this will be another positive year for Hargreaves and we remain on track to deliver for the full year in line with management's expectations. Our investment this year in developing our industrial, surface mining and energy and commodities businesses will reap significant benefits during 2012/13 and beyond."

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