HARWORTH ESTATES has said initial trading figures “validate the strategic logic” of Coalfield Resources’ reverse takeover of the property group six months ago.
The £150m reverse take over deal earlier this year saw Coalfield Resources acquire 75.1% of the shares in Harworth Estates from the Pension Protection Fund – adding to its existing shareholding as it became the sole shareholder in the group, which owns and manages a diversified portfolio of approximately 27,000 acres across some 200 sites valued at nearly £300m.
The group has announced a steady operating performance, with operating profit edging up 3.5% to £14.8m. The group’s pre-tax profit figure is distorted by a £44.2m gain arising from the takeover.
Harworth’s chairman, Jonson Cox, said: “With three months’ trading after the acquisition, which brought all of the ownership interests in Harworth Estates together under Harworth Group plc, these results are in line with our expectations and validate the strategic logic of the transaction.”
Harworth’s chief executive Owen Michaelson added: “Over the reporting period, Harworth has continued to make good progress in the regeneration and sale of brownfield land for residential, commercial and low carbon energy purposes. Trading remains in-line with expectations and we expect residential and commercial land sales to maintain momentum into the second half of the year.”
Finance director Mike Richardson, who joined the group last September, will step down during 2016, with Mr Cox acknowledging his “sterling contribution” to the business.
