Thursday, May 26, 2022

News: Harworth continues momentum into 2022


Harworth Group plc, the Rotherham-based leading regenerator of land and property for sustainable development and investment, has continued its strong operational momentum into 2022.

Listed on the London Stock Exchange, Harworth is based close to its flagship Waverley development and is a specialist in brownfield regeneration, owning and managing approximately 15,000 acres on around 100 sites in the North of England and the Midlands.

In a trading update, bosses said that momentum continued into 2022 with is ambitious strategy to reach £1bn of EPRA NDV over five to seven years. EPRA NDV is how Harworth measures the value of the its assets.

In its full year results for the year ended 31 December 2021 EPRA NDV, increased 23.6% to £637.5m from £515.9m in 2020. Total return, the actual rate of return of Harworth's investments, increased to 24.6% in 2021, from 3.0% in 2020.

Harworth's focus has been on the "beds and sheds" sectors where demand remains strong. The last financial year saw the new CEO launch and complete a strategic review of the business. This outlined an ambitious growth strategy but Harworth plans to keep doing what it is doing, with plans to grow its strategic land portfolio and land promotion activities - backed by a new £200m revolving credit facility (RCF).

In the latest update before the company's AGM, Lynda Shillaw, Chief Executive, Harworth Group plc, said: “We have continued our strong operational momentum into 2022, delivering our growth strategy against an ongoing backdrop of robust demand for our serviced residential plots and industrial & logistics products. We have demonstrated a step change in the scale of our direct development so far this year and recently launched our initial single-family Build to Rent portfolio of up to 1,200 homes: together these will accelerate the delivery of our development sites whilst creating further sustainable places where people want to live and work.

“We have also made great progress in replenishing our strategic land bank, with land acquisitions completed so far this year adding 3.9m sq. ft of industrial & logistics space and 793 residential plots to our pipeline. Although these sites are still largely in the land assembly phase, they represent significant opportunities that will ensure we maintain our target 12-15 year land supply as we deliver on our strategic plan.

“Despite macroeconomic headwinds, the fundamental supply and demand factors driving growth in the industrial & logistics and residential markets remain intact. These strong underlying market drivers, combined with our proven successful track record as a developer of large complex sites, our robust financial position, and our focus on creating high-quality, sustainable places, give us confidence in our ability to deliver on our medium-term ambition for Harworth to reach £1bn of EPRA NDV.”

Since the year end, progress continues at the world-renowned Advanced Manufacturing Park (AMP) in Rotherham which is part of Harworth Group's wider Waverley regeneration scheme where there is the potential for over 2,000 new jobs to be created.

Detailed plans for the latest commercial space were recently approved for R-Evolution Phase 4 which shows three buildings that can be sub-divided into 11 separate units with a total floor area of 92,800 sq ft.

Harworth Group website

Images: Harworth / Harris Partnership


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