Tuesday, September 1, 2015

News: Harworth restructure validated in early results

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Rotherham-based Harworth Group, one of the largest property and regeneration companies across the North of England and the Midlands, continues to make good progress, validating the complex restructure of the group and the focus on property.

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.

In its financial report for the six months to June 30 2015, the group saw a profit before tax of £51.3m, skewed by the £44.2m gain as part of the £150m takeover deal that was concluded in March. Underlying performance included profit from operations, before valuation gains and profits on disposals, of £1.1m, up from £0.8m in the same period in 2014. Operating profit was £14.8m, up on the £14.3m reported in the same period last year.

Jonson Cox, chairman of Harworth Group, said: "With three months' trading after the acquisition, which brought all of the ownership interests in Harworth Estates together under Harworth Group plc, these results are in line with our expectations and validate the strategic logic of the transaction."

During the period, the group secured planning consent on 230 residential plots and new rental streams from its investment portfolio which saw a revaluation gain of £8.2m and net asset values increase to £274.5m.

Selling off assets brought in £21.0m, with £5.5m profit coming from disposals.

Planning applications for a further 1,305 residential plots across the portfolio are being progressed. These include further phases at the planned 3,890 home community at Waverley from Barratt and Wimpey where the next stage of development is set to include the "local centre" which could bring a food store, retail units, medical centre, cafes, and a hotel to the former Orgreave Colliery site.

On the adjacent Advanced Manufacturing Park, capital investment has been brought forward, ensuring that there is land available for immediate occupation in the next phase of development.

Owen Michaelson, chief executive at Harworth, said: "Over the reporting period, Harworth has continued to make good progress in the regeneration and sale of brownfield land for residential, commercial and low carbon energy purposes. Trading remains in-line with expectations and we expect residential and commercial land sales to maintain momentum into the second half of the year."

Harworth Group website

Images: Barton Wilmore / Harworth

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