Thursday, May 21, 2015

News: Harworth continues to make good progress

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Rotherham-based Harworth Group, one of the largest property and regeneration companies across the North of England and the Midlands, has made good progress across its portfolio of sites and is set to bring forward capital investment at the Advanced Manufacturing Park (AMP) in Rotherham.

The company, which is based on its own flagship Waverley development, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It was created through the complex restructure of what was UK Coal.

Today the listed company holds its Annual General Meeting and will report on current trading, financial performance and the outlook for the current financial year.

Progress has been made during the first four months of the year with house building underway at the Prince of Wales site in Pontefract and the Torne Park development at the site of the former Rossington Colliery in Doncaster, where more plots of land for sale to additional housebuilders are available.

Industrial development continues at the Logistics North site in Bolton and at Rockingham in Barnsley, where the three units, together totaling 65,000 square feet, are under construction and all of which are pre-let.

Owen Michaelson, chief executive of Harworth Group, said: "Activity in the housing market in the regions in which we operate remains strong.

"Given the strength of the group's balance sheet, and following careful consideration by the Board, we have brought forward capital investment at Logistics North in Greater Manchester and the Advanced Manufacturing Park in Rotherham to ensure we have land available for immediate occupation on the next phases of these developments to take advantage of positive market conditions, which we believe will create long-term value for shareholders.

"As usual, we expect residential and commercial sales for the year to be weighted towards the second half and our performance continues to be in line with management's expectations."

The recent restructure enabled the group to secure a new £65m, five year bank facility (£60m revolving credit facility and £5m bond facility) with Royal Bank of Scotland which paid off existing bank facilities and should allow more financing flexibility.

The directors believe that the new structure will allow the group to access capital on better terms than it has in the past, accelerating existing investment opportunities and increasing the potential to acquire new land for redevelopment.

Harworth Group website

Images: Harworth Group

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