Harworth Group has posted a sharp rise in net asset value (NAV) and profit to in the six months to the end of June. Its NAV rose from £541m in H1 2021 to £655m this year, with operating profit growing from £76.5m last year to £99.9m in H1 2022.
Lynda Shillaw, chief executive of Harworth, said: “Harworth made significant operational and financial progress in the first half. We undertook a record level of direct development in our industrial and logistics portfolio, continued to accelerate our residential sales, and made several acquisitions to grow our development pipeline.”
She added the company was “alive to the complex geopolitical and macroeconomic environment impacting economies across the world, and we remain closely attuned to the potential impact on our markets. We are confident that Harworth’s strong financial position, and the scale and mix of our portfolio, positions us well to respond to these challenges and adapt to the changing risk environment”.
However, Shillaw cautioned that because of the market backdrop, “valuation gains during 2022 are likely to be first half weighted”.
Harworth has already reached practical completion on 432,000 sq ft of Grade A industrial and logistics space at Bardon Hill in Leicestershire this year, which is 92% let, and development is underway on a further 203,000 sq ft at the Advanced Manufacturing Park, Waverley and Gateway 36, Barnsley.
In the next six months, it is awaiting planning decisions on 3m sq ft of industrial and logistics space across Gascoigne Wood, North Yorkshire; Skelton Grange, Leeds; and Houghton Main, Barnsley.
The company is also progressing a 28,990-plot residential pipeline through sales of serviced plots and the launch of a single-family BTR product.
