Record levels of industrial and logistics development at property group
Rotherham-based property business, Harworth Group, has reported revenues of £62.6m (H1 2021: £18.9m) in its half year results for the six months ended 30 June 2022.
The company also recorded pre-tax profits of £98.8m (H1 2021: £80.1m). Available liquidity as of 30 June 2022 was £144.4m (31 December 2021: £128m), following the signing of a new £200m revolving credit facility earlier in the period.
Lynda Shillaw, chief executive, said: “Harworth made significant operational and financial progress in the first half.
“We undertook a record level of direct development in our industrial & logistics portfolio, continued to accelerate our residential sales, and made several acquisitions to grow our development pipeline.
“We are alive to the complex geopolitical and macroeconomic environment impacting economies across the world, and we remain closely attuned to the potential impact on our markets.
Lynda Shillaw
“We are confident that Harworth’s strong financial position, and the scale and mix of our portfolio, positions us well to respond to these challenges and adapt to the changing risk environment.”
Currently, 97% of the Group’s budgeted industrial & logistics land sales for the year have completed, exchanged or are in heads of terms.
Other highlights included completion of the Group’s largest serviced residential land sale to date: a £29m sale at Waverley to Barratt and David Wilson Homes, capable of delivering about 450 homes.
1,143 plots and 3.9m sq ft was added to Harworth’s total development pipeline in the first half, predominantly through land assembly acquisitions for future strategic sites.
Harworth adds it is targeting planning determinations in the next six months for 3m sq ft of industrial & logistics space across Gascoigne Wood, North Yorkshire, Skelton Grange, Leeds and Houghton Main, Barnsley.
