Harworth Group has posted a 9.9% increase in net asset value per share for the first half of 2019.
In its interim results to June 2019, the Northern regeneration and investment specialist born out of British Coal said that net asset value rose to £454.3m, reflecting NAV per share of 141.3p, up from £413.2m in H1 2018, and operating profit more than doubled from £6m to £13.3m.
It said full-year financial forecasts were in line with expectations but were weighted towards the second half.
The firm added that more than 70% of budgeted sales for the full year have already been completed, exchanged or agreed.
Chief executive Owen Michaelson said: “Harworth has made good progress against its strategic priorities, benefiting from our focus on placemaking to capitalise on the continued strength of our regional markets. Demand for consented land in our core markets remains strong, with land for 1,091 residential plots sold alongside the completion or exchange of a further 55 acres for commercial development.”
He added that the May local elections had caused some “short-term headwinds” and were “delaying the determination of a handful of our live outline planning applications”. This has “prompted changes to the planning strategy for a small number of sites within our pipeline”.
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