Tuesday, March 16, 2021

News: Confident Harworth Group make progress through the pandemic


Rotherham-based real estate company, Harworth Group, has posted its latest financial results which highlight the "strength and resilience" of the business.

Based close to its flagship Waverley development, the listed firm is a specialist in brownfield regeneration and has a £250m income-producing portfolio across the UK.

For its unaudited figures for the year ending December 31 2020, Harworth, which was created through the complex restructure of what was UK Coal, reported an operating profit of £27.8m, up from £24.3m in the previous year.

Having passed on the opportunity in 2019, a dividend to shareholders is proposed this year.

Harworth's focus has been on the "beds and sheds" sectors where demand remains strong. Whilst income from property sales reduced from £79.9m to £75.8m, rental income increased from £15m to £19.8m. Value gains were made in business space as uncertainty remained in some parts of the residential markets.

Harworth has seen good progress on development sites despite COVID-19 restrictions and its pipeline is the largest in its history as a listed company.

Lynda Shillaw, chief executive at Harworth Group, said: "Our results for 2020 give us great confidence in the strength and resilience of our underlying business and our ability to grow and prosper, despite the disruption caused by COVID-19.

"The global pandemic has dominated 2020 for most businesses, and Harworth has been no exception: that said, our performance in 2020 was very robust and we successfully navigated the resulting changes to working practices, maintaining focus on delivery throughout the year.

"I was delighted to join Harworth as Chief Executive in November (Owen Michaelson retired after ten years in the role in October) and I am excited to be leading the business through its next phase of growth. During 2020 we again benefitted from the expertise of our specialist and highly experienced teams, a long track-record of building and developing a high quality strategic landbank, and an unrivalled focus on creating places where people want to live and work.

"Demand for our serviced land has remained strong and we continue to see this in the first few months of 2021 as we also make progress across the portfolio and explore potential acquisitions. Together with our strong balance sheet and opportunities in our core residential and logistics sectors, we are very well-placed to trade successfully through the pandemic and play a key role in delivering the infrastructure the country needs for regional economic recovery and long-term growth."

Regarding its flagship project at Waverley, further housing plots have been sold. With consent for 3,890 homes at Yorkshire’s largest ever brownfield mixed-use development, Harworth has already sold land with the potential to build over 1,500 homes. The next phase will open up the riverside.

Also at Waverley, a new school and a Costa Coffee unit opened during the period and plans were recently outlined for a new mixed-use scheme called Olive Lane.

The Advanced Manufacturing Park (AMP) is on track to deliver 4,000 high value jobs versus 900 when it was a working mine. The developers completed the building of the pre-let UKAEA building during the year and has recently submitted plans for the "last piece of AMP expansion land."

Harworth Group website

Images: Harworth


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