Business
Half-year Report
Half-year Report.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 9079P Harworth Group PLC 06 September 2017 \n \n\nHARWORTH GROUP PLC\nUNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2017\n \nHarworth Group plc (\"Harworth\" or the \"Group\"), the brownfield land and property developer & investor, announces its interim results for the half year ended 30 June 2017.\n \n\n\n\n\n \n\n\nSix months to 30 June 2017\n\n\nTwelve months to 31 December 2016\n\n\nSix months to 30 June 2016\n\n\n\n\nNet Asset Value (\"NAV\") per share (p) (1)\n\n\n117.4\n\n\n114.6\n\n\n103.7\n\n\n\n\nEPRA NNNAV per share (p) (1)\n\n\n118.0\n\n\n114.6\n\n\n103.7\n\n\n\n\nEPRA NAV per share (p) (1)\n\n\n120.1\n\n\n119.8\n\n\n108.3\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProfit from operations (£'m) (2)\n\n\n1.0\n\n\n2.2\n\n\n0.9\n\n\n\n\nValue gains (£'m) (3)\n\n\n7.8\n\n\n43.7\n\n\n7.4\n\n\n\n\nValue gains (including development properties) (£'m) (4)\n\n\n10.1\n\n\n43.7\n\n\n7.4\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share (p)\n\n\n5.4\n\n\n3.5\n\n\n0.3\n\n\n\n\nNotes: (1) Following the March 2017 equity capital raise to accelerate the acquisition of strategic land for development and the further evolution of our strategy, £77.7m of property was re-categorised from investment to development. Balance sheet measures will now include NAV, EPRA NNNAV which includes the market value of development properties (£2.3m), less deferred tax (£0.4m), and EPRA NAV which is EPRA NNNAV excluding deferred tax (£6.5m) and the mark to market movement on financial instruments (£0.2m)\n(2) Profit from operations comprises operating profit before exceptionals (£8.8m) less value gains (£7.8m) and pension costs (£nil)\n(3) Value gains comprise profits on sale of investment properties (£0.2m), assets held for sale (loss £0.4m) and development properties (£0.3m) plus increase in fair value of investment properties (£7.7m)\n(4) Value gains (including development properties) comprises value gains (£7.8m) plus the increase in the fair market value of development properties (£2.3m)\n \nFinancial Highlights\n\n\n\n\n· Full year financial forecasts are in line with the Board's expectations but, as usual, weighted towards the second half\n\n\n\n\n\n\n\nØ Continued double-digit growth in NAV (13.2%, 13.8% and 10.9% increases in NAV, EPRA NNNAV and EPRA NAV respectively from H1 ...