Hargreaves Services has said that its transport division saw a 7.6% rise in turnover in the year-ending 31 May, as it benefited from strong dry bulk volumes.

Turnover at Hargreaves Transport increased from £82.7m to £89m, it said in preliminary results, with dry bulk contributing £59.3m to that total.  Operating profit in the division also  increased, from £4m to £4.5m, of which dry bulk contributed £2.2m and tankers contributed £2.3m.

Since Hargreaves closed its financial year it has sold Imperial Tankers, its tanker unit in Hargreaves Transport, to Suttons Group for £26.9m.

It has retained its dry bulk fleet, which the board described as a key part of the group, as it “offered  synergies with our trading and production activities”.

Hargreaves chairman Tim Ross said the sale was in tandem with “the implementation of a new strategy to focus the group on its core strengths; simplifying operations and ensuring that the business is optimally placed to respond as market conditions continue to evolve”.