Harworth Group plc, a regenerator of land and property for development and investment, has provided a trading update for the first half of its financial year, ahead of the announcement of its half year results on 14 September 2021.
Harworth said it had delivered a strong operational performance which was boosted by the buoyant land market, particularly in the industrial and logistics sectors.
Lynda Shillaw, Chief Executive of Harworth, commented : "Harworth has delivered a strong first half performance, advancing planning, development activity, sales and lettings across our portfolio.
"We continue to see depth of market demand from occupiers and investors for both built stock and, increasingly, strategic land within our industrial and logistics portfolio, as well as for our residential serviced land product. Looking ahead, the review of the business that I commenced shortly after joining is now largely complete, and I look forward to sharing how we see the business evolve as part of our half year results in September."
The statement added: "Our residential pipeline comprised 30,655 housing plots at 30 June 2021, of which 9,855 are consented.
"During the first half of 2021, demand for our serviced residential land product remained high, and we exchanged on sales in-line with, or ahead of, 31 December 2020 valuations, to a range of housebuilders, including at our major development sites at: Waverley, South Yorkshire; South East Coalville, Leicestershire; Moss Nook, Merseyside, and Prince of Wales, West Yorkshire. We also secured planning on two sites for a combined 382 new homes and progressed our planning application at Ironbridge."
Waverley is the former Orgreave coal mining site. Harworth plans to transform the 740-acre site into a new sustainable development that will comprise thousands of homes, shops, restaurants, a primary school, and leisure and community facilities including parks and 310-acres of green open space.
The statement added: "Harworth remains well-capitalised and continues to manage its cashflows sustainably. As at 30 June 2021, net debt was £100.2 million (31 December 2020: £71.2 million), providing significant headroom and flexibility."
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