News: Harworth Estates report loss
Property division, Harworth Estates produced a loss of £33.1m for 2010 as UK Coal reported a pre-tax loss of £124.6m after a "further year of poor operational performance."
Group revenue grew by 11% on the previous year to £351.2m but the value of their land portfolio fell by a further £34.2m. The projected value of the land was reported as "neither realistic nor deliverable" in the current market conditions and that a series of new approaches is required to unlock and develop the future value that exists in the property portfolio.
Harworth Estates moved to the Advanced Manufacturing Park in Rotherham last year. UK Coal's property division joined forces with Yorkshire Forward in 2001 to promote the site, whose tenants now include Boeing, Rolls-Royce, high tech metal specialists TWI and the University of Sheffield. It is part of the 700 acre Waverley Regeneration Site, Harworth Estates' flagship project.
Outline plans for the massive redevlopment of Waverley were approved last year after the government decided not to intervene. The application is for South Yorkshire's largest ever brownfield development creating a new 4,000 home community across 741 acres. The report states that, subject to market conditions, delivery of this project will commence through a series of phased sales with national house builders.
Approval was also granted for outline plans from Helical Governetz for a 60,000 sq m government office campus and hotel on the site. The two proposals are expected to create over 7,000 jobs with a development phase of over 20 years.
The report also provides an update on Evolution @ The AMP, a joint venture with Strategic Sites Limited, that has nine units occupied, four units under offer, leaving only one unit vacant.
Commenting on the results, Jonson Cox, Chairman, said: "The group delivered a further year of poor operational performance with a pre-tax loss of £124.6m, a loss per share of 41.8p and operating cash outflow of £35.0m. These results follow pre-tax losses of £129.1m in 2009 and £15.6m in 2008, bringing us to three years of unacceptable performance in a row.
"The Board is determined to arrest the trend of under-delivery and to seek value for our shareholders. The viability of UK Coal over the medium term depends on appropriately rewarding the equity capital required to finance the business.
"The Board fully appreciates that investors deserve a far better return than they have experienced over recent years. Over the last three months we have taken some immediate and difficult steps to improve performance, while a full strategic plan is developed."
Harworth Estates website
Images: harworthestates.co.uk
Group revenue grew by 11% on the previous year to £351.2m but the value of their land portfolio fell by a further £34.2m. The projected value of the land was reported as "neither realistic nor deliverable" in the current market conditions and that a series of new approaches is required to unlock and develop the future value that exists in the property portfolio.
Harworth Estates moved to the Advanced Manufacturing Park in Rotherham last year. UK Coal's property division joined forces with Yorkshire Forward in 2001 to promote the site, whose tenants now include Boeing, Rolls-Royce, high tech metal specialists TWI and the University of Sheffield. It is part of the 700 acre Waverley Regeneration Site, Harworth Estates' flagship project.
Outline plans for the massive redevlopment of Waverley were approved last year after the government decided not to intervene. The application is for South Yorkshire's largest ever brownfield development creating a new 4,000 home community across 741 acres. The report states that, subject to market conditions, delivery of this project will commence through a series of phased sales with national house builders.
Approval was also granted for outline plans from Helical Governetz for a 60,000 sq m government office campus and hotel on the site. The two proposals are expected to create over 7,000 jobs with a development phase of over 20 years.
The report also provides an update on Evolution @ The AMP, a joint venture with Strategic Sites Limited, that has nine units occupied, four units under offer, leaving only one unit vacant.
Commenting on the results, Jonson Cox, Chairman, said: "The group delivered a further year of poor operational performance with a pre-tax loss of £124.6m, a loss per share of 41.8p and operating cash outflow of £35.0m. These results follow pre-tax losses of £129.1m in 2009 and £15.6m in 2008, bringing us to three years of unacceptable performance in a row.
"The Board is determined to arrest the trend of under-delivery and to seek value for our shareholders. The viability of UK Coal over the medium term depends on appropriately rewarding the equity capital required to finance the business.
"The Board fully appreciates that investors deserve a far better return than they have experienced over recent years. Over the last three months we have taken some immediate and difficult steps to improve performance, while a full strategic plan is developed."
Harworth Estates website
Images: harworthestates.co.uk
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