Business
Half Year Trading Update
Half Year Trading Update.
About this update from Harworth Group Plc
[{"type":"text","content":"\n\n\n\n\n\n24 July 2024\n\n\n\n\nHarworth Group plc\n\n\n\n\n(\"Harworth\" or \"the Group\")\n\n\n\n\n\n\n\n\n\nHalf Year Trading Update\n\n\n\n\n\n\n\n\n\nNDV growth underpinned by strong fundamentals\n\n\n\n\n\n\n\n\n\nHarworth, a leading regenerator of land and property for sustainable development and investment, today provides a trading update in respect of the six months ended 30 June 2024, ahead of its Half Year Results announcement which is scheduled for 12 September 2024.\n\n\n\n\n \n\n\n\n\nHighlights\n\n\n\n\n\n\n\n\n\n· Planning progress, disposals ahead of book value and positive revaluations drive moderate EPRA NDV1 growth and the Group expects EPRA NDV as at 31 December 2024 to be broadly in line with current market consensus2\n\n\n\n\n· Exchanged contracts for the conditional sale of 48 acres of serviced land at Skelton Grange to Microsoft for £107 million, representing an IRR of over 40% and a significant premium to the 31 December 2023 book value of £52 million\n\n\n\n\n· Excluding the sale at Skelton Grange, completed, exchanged, or in heads of terms on 86% of budgeted sales for the year, broadly in line with, or at a premium to, 31 December 2023 book values\n\n\n\n\n· Planning permission achieved for 1.8 million sq. ft. and 500 plots, and up to a further 1.5 million sq. ft. and 150 plots post period end, alongside new draft allocations or allocations in local plans for 5.7 million sq. ft. and 2,875 plots\n\n\n\n\n· Extensive existing pipeline now has the potential to deliver 38.8 million sq. ft of Industrial & Logistics space and 26,639 plots for new homes\n\n\n\n\n· Well positioned balance sheet with a pro-forma LTV of 10.8% based on December valuations and available liquidity of £154.2 million\n\n\n\n\n\n\n\n\n\n(1) European Public Real Estate Association Net Disposal Value, an adjusted Net Asset Value metric which is one of Harworth's key Alternative Performance Measures\n\n\n\n\n(2) Harworth market consensus EPRA NDV as at 31 December 2024 on Bloomberg is £693 million\n\n\n\n\n\n\n\n\n\nLynda Shillaw, Chief Executive of Harworth Group, commented: \"Harworth has continued to deliver against its growth strategy to reach £1 billion EPRA NDV by ...