Development company Harworth Group says it is on track to become a £1bn company after seeing a “strong strategic and operational momentum” so far this year.
In a statement ahead of its AGM, the Rotherham-based company said it had made significant progress in all four of its main growth strategies, including the development of industrial and logistics stock, and scaling up its land acquisition. Harworth added that it remained well capitalised with a strong balance sheet, with net debt having fallen over the last 12 months to stand at £43.2m.
Chief executive Lynda Shillaw said: “Harworth has had strong strategic and operational momentum so far in 2023, against a backdrop of robust demand for serviced and therefore de-risked residential land as well as industrial & logistics assets.
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“We have made significant sales from our Investment Portfolio in line with December 2022 valuations which, combined with our direct development of new places, means we are making good progress towards transitioning this portfolio to 100% Grade A. Our sustained progress with acquisitions, planning and development across our landbank, as well as our strong financial position, means we are well positioned to continue to drive value for stakeholders and deliver sustainable places where people want to live and work.”
Harworth said that it had completed or was close to finalising nearly three-quarters of its budgeted sales for the year and was diversifying its residential products with the launch of an affordable home portfolio this month. It said it had acquired more than 1m sq ft of industrial and logistics space this year and had planning permissions for 2,040 housing plots and 7.4 sq ft of industrial space.
The company has previously announced a strategy to reach £1bn of EPRA NDV by 2027.
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