Strong momentum underpins continued NDV growth
Harworth Group plc, a leading regeneration and strategic land owner and developer, today announces its results for the six months ended 30 June 2025.1
“Our sustained operational momentum is providing a strong platform for future growth and reflects the strength of our execution in progressing our land bank. A key highlight during the period was the timely acquisition of our joint venture partner’s shareholding at Gateway 45, which not only grows our I&L pipeline, but also adds attractive near-term opportunities with the release of HS2 land from Government safeguarding.
“We are advancing the planning status and de-risking the delivery of our land bank, with significant investment in enabling works to open up our consented sites and increase our serviced land capacity by year-end. This, coupled with the submission of a number of significant planning applications totalling 8.1m sq. ft, will add value as they move towards a consent, driving performance into the medium-term.
“Our teams are working hard to convert a strong transaction pipeline, with healthy demand across our I&L land and property portfolio. Whilst transaction timelines remain elongated, as occupier and investor sentiment continues to be impacted by macroeconomic weakness and soft UK growth, letting activity is beginning to crystallise and our de-risked serviced land products across both I&L and Residential remain appealing, with a solid pipeline in the second half of the year.
“We are seeing sustained demand for our residential serviced land, although costs to deliver increased in some instances impacting valuations and the market seems to be softer, an outlook we consider may continue to 2026, particularly with uncertainty around the UK Budget and the timing of further rate cuts. Our I&L portfolio continues to perform well with good momentum and the ability to generate material value.
“Our land bank remains one of our superpowers and with our proven track record in unlocking its embedded value, we remain focussed on identifying and executing those opportunities that optimise returns and drive the business forward to reach our strategic goals of £1bn of EPRA NDV and the growth of our core Investment Portfolio to £0.9bn by the end of 2029.”
Lynda Shillaw, Chief Executive, Harworth Group plc
You can read the full RNS Announcement here
Notes:
(1) All values are Harworth’s share, unless noted otherwise
(2) Represent our Alternative Performance Measures (APMs). A full description of these is set out in Note 2 to the financial statements with a reconciliation between statutory measures and APMs set out in the appendix to the financial statements.
(3) European Public Real Estate Association Net Disposal Value
(4) Total property sales for H1-25 include £10.9m development property sales, £3.0m of Investment Portfolio properties, and £5.0m of Industrial & Logistics land sales and other sales
(5) Residential plot sales for H1-25 includes 149 freehold plot sales and 500 plot sales through Planning Promotion Agreements (PPAs)
(6) The Investment Portfolio represents our primary income generating Industrial & Logistics portfolio. It excludes Strategic Land, Major Developments, Natural Resources, and Agricultural land
(7) Measured by area. Grade A by value is 66%
(8) The financial highlights represent our statutory measures
(9) The Ex-dividend date, Record date and Payment date for the 2025 interim dividend can be found in the Shareholder Information section of this announcement