Regeneration specialist Harworth Group has said strong trading so far this year has it confident it will meet its goal of delivering £1bn of EPRA net disposal value by the end of 2027.
Updating ahead of its AGM today, the group said it had completed, exchanged or was in heads of terms on 75% of budgeted sales for the current financial year, had continued to build the scale of its pipeline with 500,000 sq ft of strategic land acquisitions, and had some 10m sq ft of industrial sites and 2,274 housing plots working their way through the planning system.
Chief executive Lynda Shillaw said: “Harworth has delivered strong strategic and operational momentum to date in 2024 despite a still somewhat uncertain economic backdrop as we continue towards our growth ambition of £1bn EPRA NDV by the end of 2027.
“Strong demand remains for our serviced residential products, which provide us with regular funding as we make excellent progress on our industrial and logistics pipeline in the remaining years of our current strategic planning period: this enables the delivery of over 3.3m sq ft and £430m of GDV across our industrial and logistics sites by the end of 2027.”
She added: “We now have 23.6m sq ft and 12,290 residential plots that have planning consent, are in the planning system or have either allocation or draft allocation providing de-risked visibility on future projects. With our continued focus on acquisitions, planning and development across our land bank, and our strong financial position, we are well-positioned to continue driving growth and value for our stakeholders.”
As at 30 April 2024, net debt across Harworth was £63.1m, up from £36.4m at the end of 2023. The group said this was in line with seasonal site works. The business has available liquidity of £171.1m and no refinancing requirements under its core facilities until 2027.
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