14th Mar 2023 14:17
Harworth Group PLC - Rotherham, South Yorkshire-based land regenerator - Pretax profit drops to GBP30.9 million in 2022 from GBP127.2 million in 2021, despite revenue rising by 52% to GBP166.7 million from GBP109.9 million, as takes a GBP19.9 million net loss on fair value of investment properties and assets held for sale, compared to a GBP85.0 million net gain a year before. However, total net asset value rises to GBP602.7 million as of December 31 from GBP578.0 million a year before. Completes sales of 2,236 land plots, up from 1,411 in 2021, and has 29,311 more plots available to sell from its pipeline. Declares 0.929 final dividend, which increases total dividend by 8.3% to 1.3 pence from 1.2p.
"We continued to make significant operational progress during the year, delivering increased levels of direct development, accelerated land sales and targeted acquisitions in line with our strategy to become a GBP1 billion business by 2027," says Chief Executive Lynda Shillaw.
Current stock price: 116.50 pence, down 3.3% on Tuesday in London
12-month change: down 29%
By Tom Waite, Alliance News editor
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