Hargreaves’ H1 update confirms another strong trading period during H1, with revenue growth expected in Services and Land and PBT increasing across all three segments. The Board remains confident of delivering full year results in line with market expectations. The highlight in the period was the Group’s first sale of renewable energy land assets, an important milestone underpinning confidence in management’s ability to execute the transition to a capital-light model and unlock significant value in the process. This sale, alongside a further Land sale at Blindwells and cash generation in Services, led to a strong period end net cash balance of £37.3m (Nov. ’24: £15.7m). Against continued strong momentum and with several potential catalysts ahead, we see the valuation as undemanding and reiterate our Buy recommendation.
