Harworth has said it expects to outperform expectations, having increased its landbank to more than 17,000 plots in 2016, according to a trading update today.
The brownfield regeneration specialist said it anticipated value gains to be “significantly” above expectations and net asset value to be “moderately” above expectations ahead of its full year results.
Profits will be in line with its forecasts, the statement said.
It said site disposals were above book value for both residential and commercial uses, including the sale of 43.7 acres at Logistics North to Lidl for £22.5m in December.
Harworth made £9m in agricultural land disposals in an effort to focus on sites with value-added potential.
Owen Michaelson, chief executive of Harworth, said: “The group had a positive first half of the year as highlighted at the time of our interim results in September 2016. This momentum has continued into the remainder of the year and results are now expected to exceed expectations.
“This position reflects the underlying strength of our business and reinforces the group’s confidence in the long-term fundamentals of the regional markets in which we operate.”
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