Business
Half Year Results for 6 months ended 30 June 2023
Half Year Results for 6 months ended 30 June 2023.
About this update from Harworth Group Plc
[{"type":"text","content":"\n\nHarworth Group plc\nHalf Year Results for the six months ended 30 June 2023\nManagement actions underpin uptick in valuations and resilient EPRA NDV performance\nStrong balance sheet with significant available liquidity\n \nHarworth Group plc (\"Harworth\" or the \"Group\"), a leading regenerator of land and property for sustainable development and investment, today announces its results for the six months ended 30 June 2023.\n \n\n\n\n\nKey non-statutory measures(1)\n\n\nH1 2023\n\n\nH1\n2022\n\n\nFY\n2022\n\n\nKey statutory measures\n\n\nH1\n2023\n\n\nH1\n2022\n\n\nFY\n2022\n\n\n\n\nTotal Return (%)\n\n\n0.1\n\n\n14.1\n\n\n0.1\n\n\nOperating profit (£m)\n\n\n8.0\n\n\n99.9\n\n\n44.5\n\n\n\n\nEPRA NDV per share (p)(2)\n\n\n195.7\n\n\n224.7\n\n\n196.5\n\n\nNet asset value (£m)\n\n\n603.1\n\n\n655.1\n\n\n602.7\n\n\n\n\nValue gains (£m)\n\n\n7.5\n\n\n110.3\n\n\n(2.0)\n\n\nTotal dividend per share (p)(3)\n\n\n0.444\n\n\n0.404\n\n\n1.3\n\n\n\n\nNet loan to portfolio value (%)\n\n\n8.6\n\n\n7.6\n\n\n6.6\n\n\nNet debt (£m)\n\n\n63.7\n\n\n67.8\n\n\n48.4\n\n\n\n\n \nLynda Shillaw, Chief Executive of Harworth, commented: \"Harworth's first half performance reflected good progress against strategic objectives, coupled with a strong operational delivery, which highlights the resilience of our through-the-cycle model, and sustained demand for our serviced residential land and industrial & logistics assets. In particular, the combination of sales of more mature industrial & logistics sites and our development of new high-specification space has accelerated the transition of our Investment Portfolio towards our goal of 100% Grade A. In residential, we continue to transact with a range of housebuilders, both national and regional, alongside progressing our alternative product offerings, including Build-to-Rent and Affordable Housing.\n \n\"Our management actions and sustained demand for our products have resulted in an uptick in valuations and EPRA NDV remaining broadly stable over the first six months of the year. The industrial & logistics market has stabilised over the period, albeit transactions are taking longer to complete, and the residential Build-to-Rent market is experiencing sustained demand. However, interest rate rises, cost inflation and planning delays are all impacting the housebuilders. House...