28th Jan 2025 11:24
(Alliance News) - Harworth Group PLC on Tuesday said reported record-breaking residential plot sales for 2024, completing 2,385 plots in 13 transactions with a headline sales value of GBP104.1 million.
The Rotherham, South Yorkshire-based regenerator of land for sustainable development said it exceeded its target of 2,000 annual plot sales through deals with national and regional housebuilders as well as affordable housing providers.
The company also reaffirmed its confidence in achieving GBP1 billion in EPRA net disposal value by the end of 2027.
For the year ended December 31, Harworth anticipates EPRA NDV to be broadly in line with market consensus of GBP712 million, with an EPRA NDV per share of 220 pence.
In addition to residential sales, Harworth sold 4.4 million square feet of industrial and logistics land during the year, bringing its total headline sales value of Industrial & Logistics land to GBP230.1 million.
Transactions throughout the year included the completion of the first phase of a GBP106.6 million serviced land sale to Microsoft Corp at Skelton Grange, in Leeds, and a GBP53.5 million land sale at Ansty, Warwickshire, both supported by planning approvals.
Chief Executive Officer Lynda Shillaw said: "We have an extensive platform to scale the business, owning and controlling a sizeable land pipeline capable of delivering 33.6 million square feet of Industrial & Logistics space and 31,264 new homes, and we remain well positioned in structurally undersupplied sectors that are fundamental to the UK's economic growth.
"With low debt and high available liquidity, we are well placed to take advantage of opportunities whilst remaining resilient through the near-term macro-economic uncertainty."
Harworth Group reported net debt of GBP46.7 million as of December 31, a 28% increase from GBP36.4 million the previous year. The loan-to-value ratio rose to 6.1%, compared to 4.7% a year earlier, while available liquidity remained stable at GBP192.4 million, marginally up from GBP192.2 million.
Harworth is scheduled to announce its full-year results on March 18.
Shares in Harworth were up 3.0% at 170.00 pence each in London on Tuesday morning.
By Eva Castanedo, Alliance News reporter
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