Regenerator of land and property for sustainable development and investment – Harworth Group plc – announces an update on its operational performance, ahead of its Annual General Meeting today (23 May 2023) at 10am.
The company is accelerating sales and broadening the range of its residential products, which includes working towards the exchange of contracts for the development of a single-family Build to Rent portfolio with the selected investment and construction partners.
Demand for serviced and therefore de-risked residential land remains strong, with the company reporting that transactions are progressing with a range of local and national housebuilders.
Harworth Group is also scaling up land acquisitions and promotion activities, increasing direct development of industrial and logistics stock, and is repositioning its Investment Portfolio to modern Grade A.
“Harworth has had strong strategic and operational momentum so far in 2023, against a backdrop of robust demand for serviced and therefore de-risked residential land as well as industrial and logistics assets.
“We have made significant sales from our Investment Portfolio in line with December 2022 valuations which, combined with our direct development of new places, means we are making good progress towards transitioning this portfolio to 100% Grade A.
“Our sustained progress with acquisitions, planning and development across our landbank, as well as our strong financial position, means we are well positioned to continue to drive value for stakeholders and deliver sustainable places where people want to live and work.”Lynda Shillaw, Chief Executive, Harworth
So far in 2023, Harworth Group has made significant progress against all four growth drivers of its strategy to reach £1bn of EPRA NDVby 2027.
Th company remains well capitalised with a strong balance sheet and financial position. As of 30 April 2023, net debt was £43.2m (31 December 2022: £48.4m), resulting in a pro-forma LTV of 6.0% (31 December 2022: 6.6%), based on 31 December 2022 valuations and adjusting for subsequent completed sales.