16th Sep 2025 10:38
(Alliance News) - Harworth Group PLC on Tuesday reported it was seeing "sustained demand for our residential serviced land" but warned tough market conditions may persist, as net asset value improved during the first half of 2025.
The Rotherham, South Yorkshire-based regenerator of land for sustainable development said net asset value per share rose to 215.5 pence at the June 30 half-year end, edging up 0.8% from 213.7p at the end 2024.
Pretax profit for the six months to June 30 was GBP7.4 million, falling 60% from GBP18.7 million a year earlier. This was driven partly by other gains reducing by 39% to GBP18.8 million from GBP30.7 million.
Revenue, on the other hand, grew 15% to GBP47.5 million from GBP41.3 million. Cost of sales increased 23% to GBP42.1 million from GBP34.1 million.
Harworth lifted its interim dividend by 10% to 0.538p from 0.489p.
EPRA net disposal value per share at June 30 was 223.7p, up 5.4% from 212.3p a year prior.
"We are seeing sustained demand for our residential serviced land, although costs to deliver increased in some instances impacting valuations and the market seems to be softer, an outlook we consider may continue to 2026, particularly with uncertainty around the UK Budget and the timing of further rate cuts," Chief Executive Officer Lynda Shillaw said.
"Our land bank remains one of our superpowers and with our proven track record in unlocking its embedded value, we remain focussed on identifying and executing those opportunities that optimise returns and drive the business forward to reach our strategic goals of GBP1 billion of EPRA NDV and the growth of our core investment portfolio to [GBP900 million] by the end of 2029."
Shares in Harworth were up 0.4% at 170.74 pence in London on Tuesday morning. The stock remains down 11% over the past year, however.
By Emily Parsons, Alliance News reporter
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