The vital work that is helping to bring communities back to life

The Rotherham-based firm said that whatever future impact Brexit has, the UK still needs land for new housing to meet increasing demand and there is also a lack of good quality, employment space in the North of England and the Midlands.

Harworth’s chief executive Owen Michaelson said: “We saw a hiatus for a couple of weeks after the referendum, but things are back to normal now.

“House sales continue in the regions and demand is still there.

“We’ve still got Help To Buy initiatives. House sales are continuing and that’s the important thing.”

With two bedroom houses for sale at less than £160,000 and a four bedroom house starting at £200,000, homes built on Harworth land are relatively affordable.

Asked whether business could deteriorate once Article 50 is triggered and the UK starts the two year process of leaving the EU, Mr Michaelson said: “We have a strong economy. We are still a proud nation. We just came second in the Olympics. There is worry out there, but people still need houses whatever happens to the economy.”

Harworth said it is keen to tap into opportunities created by the Northern Powerhouse and called for the Government to maintain its momentum following the removal of its champion, former Chancellor George Osborne.

“The Northern Powerhouse is a fantastic concept, but there is a deafening silence from the new Government about what will happen to it,” said Mr Michaelson.

“Clearly it was an Osborne initiative, but everyone got behind it. It’s a really important platform. Let’s not lose the momentum. That is a danger. Let’s get on with it.”

The firm said its locations in the former mining areas of the North provide an obvious synergy with the Northern Powerhouse.

“The Northern Powerhouse is a good platform to refocus the advantages of the North,” said Mr Michaelson.

“If you look at the corridor between Liverpool and Hull, you’ve got a population not far short of London. Let’s co-ordinate investment in primary infrastructure.”

Harworth reported flat underlying profits in the half year to June 30. Operating profit fell from £9.2m (or £14.8m on an underlying basis) to £8.3m, which reflects a £3m impact from 2016 stamp duty changes.

Analyst James Tetley at N+1 Singer said: “Harworth has announced a robust set of interims.

“Management aspires to double digit growth per annum. We consider this an encouraging update, particularly in light of comments in the outlook statement that the post referendum hiatus in activity (housebuilders land buying, etc) appears to be over. We retain our buy rating for this regional property regeneration and investment specialist.“

Analyst Daniel Cowan at Investec added: “Whilst the EU referendum led to an initial hiatus, activity is back to previous levels and overall trading remains in line with a healthy pipeline of anticipated sales.

“A maiden interim dividend of 0.23p reflects confidence in the outlook.”

Harworth made four acquisitions during the first half of 2016, totalling £12.8m.

The largest was its acquisition of a 50 per cent stake in The Aire Valley Land LLP for £9m, which owns Temple Green, the largest live logistics development in the Leeds City Region. It has an outline consent for 2.64m sq ft of employment space adjacent to Junction 45 of the M1.

“We are really pleased with The Aire Valley Land LLP. It’s a really great partnership. We’ve got an extension that could double the size of it,” said Mr Michaelson.

Harworth’s coal mining roots make it one of the largest landowners in the country.

One of the group’s redevelopments is The Advanced Manufacturing Park in Rotherham on the site of the former Orgreave Colliery, the scene of one of the most bitter confrontations of the 1984 miners’ strike.

“Typically a coal mine employs 700 people. On The AMP in Rotherham we’ve already got 1,000 people. We are making sure we maintain the vibrancy of the community,” said Mr Michaelson.

The park is now fully let and Harworth has committed to building another 50,000 sq ft phase on the site.

“We are bringing communities back to life, communities that could have been blighted by the end of the coal mines,” said Mr Michaelson.