Harworth boss says £1bn business goal is within reach

The chief executive of Harworth has said the company is on track to be a £1bn business within the coming four years. Over 2023, the regeneration specialist lifted profit by a fifth year-on-year to £54.2m and posted a total return of 5.1% compared to 0.1% in 2022. Net asset value rose to £637.7m from £602.7m.  Chief executive Lynda Shillaw described the results as “another strong performance” from the company. “Since 2015, Harworth has undergone a transformation as a business whilst doubling its EPRA NDV,” she said. “The progress made across our portfolio in 2023 underpinned a 4.4% increase in our EPRA NDV, to £663m, and we remain confident of achieving our strategic ambition of becoming a £1bn business by the end of 2027.” Shillaw added that there were now signs of optimism in the market despite ongoing macroeconomic challenges. “Our key markets remain characterised by structural undersupply and we are seeing good demand for our serviced residential land as well as high levels of occupier interest in our employment sites,” she said. “We have a self-propelled growth strategy driven by our landbank and the skills of our people, and our long-term through-the-cycle approach means that, as well as securing and progressing opportunities to deliver long-term value to investors, we are well positioned to take the management actions that will generate further value gains from our portfolio in the year ahead.”