Hargreaves Services has issued a trading update for the year ended 31 May 2025, stating that results will be ahead of previous expectations. We are raising our adj. PBT forecast for FY25E by 6.2% and we are also raising our adj. PBT forecasts for FY26E and FY27E by 4.8% and 10.9%, respectively, reflecting the continued positive momentum in the Services division in particular. In light of our earnings upgrades, we have reviewed our valuation and are raising our target price from 850p to 930p.
