Harworth Group posted strong results for the six months ended 30 June 2024.
In H1, the company’s operating profit increased by 164% to £21.1m, compared with £8m in the same period last year, and its net asset value reached £650m, compared with £603.1m in H1 2023.
The company said it had made strong progress against its strategic objectives and was on track to reach £1bn EPRA NDV by the end of 2027.
Lynda Shillaw (pictured), chief executive of Harworth, said: “The first half saw significant progress on planning approvals, adding further capacity to our near-term industrial and logistics pipeline and driving a strong revaluation performance. We are ahead of budget for land sales, with the standout transaction, as well as our largest sale to date, being the conditional £106.6m serviced land sale to Microsoft at Skelton Grange, announced in June. The sale of serviced land provides a stable funding channel for the planned growth in our industrial and logistics development programme.”
She added: “Our current industrial and logistics pipeline has the potential to deliver future gross development value of £5bn which contributes significantly to the £1bn EPRA NDV target. The near term pipeline has the ability to deliver up to £0.8 bn of gross development value by the end of 2027. Our recent transactions, both for commercial and residential use, are evidence of the underlying market demand for Harworth’s high-quality land and property.
“We are cautiously optimistic that a combination of improving economic stability and supportive government policy will be beneficial for both the real estate sector and Harworth. In the near term we recognise market confidence could potentially be tempered by the extent of the steps taken by the government to address the public funding deficit, but as a long-term investor Harworth is well versed in delivering performance through different policy environments.”
