Hargreaves ups half-year profit

FUEL logistic group Hargreaves Services increased its interim dividend by 15 per cent yesterday after posting an 8.8 per cent rise in half-year profits.

Pre-tax profits at the miner, which last year issued a profit warning triggered by geological problems at its Maltby mine, rose to £22.7m for the six months ending in November.

Revenues rose 19.3 per cent to £385.1m from £322.8m, mainly due to higher volumes at its power, steel and coal station and falling prices in its energy and commodities division.

Chairman Tim Ross said yesterday it has been a “challenging period” for the group and that the prospects for its second half are “encouraging”.