12th Sep 2024 14:04
(Alliance News) - Harworth Group PLC on Thursday said its half-year net asset value per share has risen, as planning progress and innovation ramps up too.
The Rotherham, England-based regenerator of land and property said its net asset value per share on June 30 was 200.90 pence, up 7.5% on-year from 186.90p. Its net asset total return was 4.0%, in comparison to 0.1% at the same time last year.
Harworth declared a dividend of 0.49 pence, up 11.4% on-year from 0.44p.
The company achieved planning permission for 1.8 million square feet and 500 plots, as well as a further 1.5 million square feet and 500 plots since the end of the period in June. New draft allocations or allocations in local plans for 5.7 million square feet and 2,875 plots have also been achieved since the end of the six-month period.
Chief Executive Lynda Shillaw said: "Harworth continues to consistently deliver strong progress against its strategic objectives and we remain on track to reach GBP1 billion [European Public Real Estate Association] net disposal value by the end of 2027. In June we announced that the group would increase its focus on industrial & logistics direct development, with an intention to grow the investment portfolio, through direct development and selective acquisitions, to GBP900 million by the end of 2029. This reflects the opportunity we see to deliver into a sector which is key to economic growth and where there is critical undersupply of high-quality space, in order to grow recurring income and underpin sustainable shareholder returns.
"We are cautiously optimistic that a combination of improving economic stability and supportive government policy will be beneficial for both the real estate sector and Harworth. In the near term, we recognise market confidence could potentially be tempered by the extent of the steps taken by the government to address the public funding deficit, but as a long-term investor Harworth is well-versed in delivering performance through different policy environments.
"Ultimately, Harworth is a long-term through-the-cycle business and its extensive land pipeline, track record, specialist skill set and strong balance sheet sets us apart from our peers and enables us to maximise the value created from our sites for our shareholders."
Shares in Harworth were up 1.8% at 169.92 pence each in London on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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