Shareholders in Harworth Group gave a subdued reaction to the company’s interim results and strategy update today, its stock closing flat after its new chief executive mapped out a new five-year plan.
Lynda Shillaw, who took the reins at the strategic land specialist nine months ago, said today that she wants Harworth to double its net disposal value to more than £1bn over the next five to seven years.
It will do that through boosting its direct development, doubling down on new residential products, investing in strategic land and churning its investment portfolio.
“This strategy is very much about doing more of what we do… It unlocks the potential to deliver more and grow the business from a lot of the assets and resources we have today,” Shillaw told EG.
After opening at 160p, its shares rose as high as 164p – a multi-year high – and fell as low as 155p before ending the session back where they began.
The Property Franchise Group dropped by 1.3% despite a healthy set of half-year results in which it posted a doubling of revenue and profit.
Springfield Properties was also trading down – by 0.7% – despite a 75% rise in annual profit in results published this morning.
The FTSE 100 ended the day at 7,034, down by 0.5%, while the FTSE 250 was down 0.4% at 23,687.
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