Harworth Group delivered a “robust performance” in the financial year ended 31 December 2023, the company said in a trading update ahead of its full year results on 19 March 2024.
Last year, the company sold 1,170 residential plots, added 1.8m sq ft of industrial and logistics space and 809 residential plots to the pipeline and secured planning consent for 397 residential units, with a further 500 units approved post year-end.
The group said it anticipates that EPRA NDV as at 31 December 2023 will be slightly ahead of current market consensus.
Lynda Shillaw, chief executive of Harworth, said: “Harworth had a strong 2023 and delivered another robust performance. The unique combination of our extensive land bank and applying our specialist skillset to identify and realise the highest value from each of our sites saw us complete serviced land and property sales at prices in line with, or ahead of, book values, achieve lettings ahead of estimated rental values, and progress sites through the planning system, all against an uncertain market backdrop.
“Since re-listing in 2015, Harworth has doubled its EPRA NDV. The progress made across our portfolio in 2023 has meant that our year-end valuation is slightly ahead of expectations, moving us closer to our strategic ambition of becoming a £1bn business by 2027. As we enter 2024, there are some signs of optimism in the macro environment whilst our key markets remain characterised by structural undersupply. We are encouraged that we are seeing continued good demand into the new year for our serviced residential land as well as occupier interest in our employment sites.
“This, combined with our long-term through-the-cycle approach, our low loan-to-value and significant financial liquidity means that as well as securing and progressing opportunities to deliver long-term value to investors, we are well positioned to take the management actions that will generate further value gains from our portfolio in the year ahead.”
