Harworth's decision to focus on '˜beds and sheds' pays off

Financial highlights included a 15.4 per cent rise in earnings per share up to 15.8p, while the dividend per share increased by 10 per cent to 0.828p

Harworth’s chief executive, Owen Michaelson, said: “These are another strong set of results where we have again delivered double digit EPRA NNNAV growth, reflecting our continued ability to maximise the value of our portfolio whilst simultaneously growing our strategic landbank and income base through acquisitions and new lettings.

“Our focus, on the “beds and sheds” sectors in the North of England and the Midlands, is firmly underpinned by strong economic and consumer trends in the regions, and reinforced by supportive Government policy.

“This favourable backdrop coupled with active management has been reflected in 2017’s planning successes and the sales and lettings achieved at our major developments such as Waverley and Logistics North.

“Whilst our existing sites continue to perform well and have plenty of future potential, we are also pleased with the progress of the five new acquisitions to our strategic landbank, which were acquired with the cash proceeds from new equity raised last March. These acquisitions delivered significant revaluation gains in 2017 and provide a substantial pipeline for us to deliver further value gains through our market-leading planning and development expertise.

“2018 has started strongly, with over 50 per cent of expected full year sales already agreed since the year-end and the completion of three new lettings generating additional recurring income, further demonstrating the success of our proven and robust strategy.

“This performance, together with the supportive market fundamentals in the areas in which we operate, means we look to the future with confidence.”

​