[Nick Hargrave]

https://www.londonstockexchange.com/news-article/HARL/half-year-report/16115820

A mixed bag of results. There seems to be positive momentum in the business with new contracts and the IM judicial review win, but the gross margin and profitability have suffered from inflationary pressures and the ramp up of personnel ahead of work. The outlook on revenue for the FY has maintained but the caveat around procurement processes remaining on track will likely catch the market’s attention. The refinancing is key to reduce the cost of debt and increase flexibility while a decision on the way forward with IM to clarify value are key to the share price near term while the long term outlook remains positive

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