Harworth Group has reported a 10.9% year-on-year net asset value rise, to £385.7m for the six months to 30 June.
Following £16.3m of recent acquisition activity, the group expects to commit all of March’s £27m capital raise by the end of the year.
The “beds and sheds”-focused brownfield developer and investor will continue to focus on the Midlands and North of England, where it manages a portfolio of around 21,000 acres on just under 140 sites. Since March it has acquired sites in Coalville, Leicestershire; Chatterley Valley, Staffordshire; and Wingates, Bolton. However, chief executive Owen Michaelson said the group plans to reduce its sites under management to less than 100 within two years.
He said: “We are well advanced with deploying the new capital raised in March and expect to have committed all the proceeds by the year end on strategic land sites. Our future acquisitions pipeline remains strong and we continue to rationalise our portfolio, with the intention of reducing our sites under management to less than 100 within two years.”
“The economic potential of the regions in which we operate remains good and the long-term market fundamentals are solid. Based on current market conditions, we expect our full-year performance to be in line with our expectations.”
Strong lettings activity included McLaren Automotive taking a 20-year lease at Harworth’s shed at the Advanced Manufacturing Park in Rotheram.
NAV was 120.1p per share, compared to 108.3p at 30 June 2016.
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