Odey's Hanbury sees core holding plummet 30%

Hargreaves Services, a core holding of James Hanbury's Odey UK Absolute Return fund, fell 30% earlier this week following a profits warning.

The mining and transport group issued the warning after it was forced to abandon a new block of coal at its Maltby Collery in South Yorkshire. It said the impact of having to abandon the coal seam will reduce profits in the 12 months to May 2013 by between £12m and £16m. Shares fell by as much as 29.6% to 745.5p on the news, ending the day at 748.86p. Shares are now trading at their lowest level for over a year. The sell-off will have had an impact on the Odey UK Absolute Return fund, with Hargreaves Services the sixth largest holding in the fund, worth 2.98%. While the sell-off...