Property firm Harworth Group saw a dramatic fall in operating profits last year and its chair has talked of a material downturn in the market.
Despite revenues growing to £166m, up from £109m, the Rotherham-based land and regeneration specialist reported underlying operating profits of just £44.5m last year, down from £121.9m the year before. Revenue was boosted by the sale of development property including its flagship Kellingley development - on the site of the UK's last deep coal mine - for £54m, as well as residential land at its Waverley regeneration site.
Announcing its full year 2022 results to investors, Harworth said there had been a significant swing in the value of its investment properties assets held for sale, which decreased by £19m compared with an £85m increase the year before. The firm also said it was impacted by £7.5m losses thanks to a changing industrial and logistics market across its Multiply Logistics North and Aire Valley Land joint venture sites.
