Hargreaves Services (AIM:HSP) when it rains it certainly pours, one for the brave
It doesn’t get any easier for the UK supplier of solid fuels and bulk material logistics, with the exceptionally low demand for thermal coal and closure of the Redcar steel works now adding to their woes. Given the muted share price reaction today much of the bad news is clearly in the price. This is certainly one for the brave!
Since they reported final results in August thermal coal markets have remained very weak with prices softening further by approximately £1 per tonne. In addition, and more significantly, demand for thermal coal in the UK remains exceptionally low as coal-fired power stations have been operating at low capacity levels in recent months with substantial accumulated stockpiles. The result of this is a revised estimate for thermal coal sales of approx. 0.5 million tonnes below previous…
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