Business
UNAUDITED PRELIMINARY RESULTS
UNAUDITED PRELIMINARY RESULTS.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 8071R Harworth Group PLC 05 March 2019 \n\n \nHARWORTH GROUP PLC\nUNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018\n \nSTRONG PERFORMANCE UNDERPINNED BY SOUND MARKETS AND A CLEAR STRATEGY LEAVE HARWORTH WELL POSITIONED FOR THE FUTURE\n \nHarworth Group plc (\"Harworth\" or the \"Group\"), a leading regenerator of land and property for development and investment, announces its preliminary results for the year ended 31 December 2018.\n \n\n\n\n\n \n\n\n31 December 2018\n\n\n31 December 2017\n\n\nChange (%)\n\n\n\n\nNet Asset Value (\"NAV\") per share (p) (1)\n\n\n137.5\n\n\n127.4\n\n\n7.9\n\n\n\n\nEPRA NNNAV per share (p) (1)\n\n\n145.2\n\n\n128.9\n\n\n12.6\n\n\n\n\nEPRA NAV per share (p) (1)\n\n\n148.3\n\n\n131.0\n\n\n13.2\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nOperating profit (£'m)\n\n\n33.0\n\n\n40.1\n\n\n(17.7)\n\n\n\n\nOperating profit before exceptional items plus joint ventures (£'m)\n\n\n37.4\n\n\n43.8\n\n\n(14.6)\n\n\n\n\nValue gains (£'m)\n\n\n27.6\n\n\n41.6\n\n\n(33.6)\n\n\n\n\nValue gains (including development properties & overages) (£'m)\n\n\n51.3\n\n\n47.4\n\n\n8.2\n\n\n\n\nProfit excluding value gains (£'m)\n\n\n9.8\n\n\n2.2\n\n\nN/m\n\n\n\n\n \nHarworth's Chief Executive, Owen Michaelson, said:\n\"These are excellent results with Harworth again achieving its long-term objective of double-digit total return, reflecting our ability to seize opportunities to maximise the value of our existing portfolio. This has been achieved whilst simultaneously growing our regional land and property portfolio through selective acquisitions and new lettings, positioning us well for future growth.\n \n\"With the ongoing under supply of new homes and commercial space across the UK, our focus on the \"beds and sheds\" sectors in the North of England and the Midlands continues to address a clear economic and social need, evidenced by strong economic and consumer trends in those regions and reinforced by supportive central and local Government policy. This favourable backdrop coupled with our ability to execute a range of deals and our in-house technical expertise has been reflected in the record residential and commercial land sales realised in the year, alongside headline rents being achieved on commercial space that we have di...