Harworth net asset value up 18% to £578m

Harworth Group CEO Lynda Shillaw

Rotherham-based property and land regeneration firm Harworth Group said its net asset value increased 18% to £578 million in the year to December 31, 2021, while operating profit soared to £121.9 million from £27.8 million in 2020.

Announcing results for the year, Harworth said its EPRA NDV (European Public Real Estate Association Net Disposal Value) increased 23.6% to £637.5 million and its Total Return increased to a record 24.6% in 2021, from 3% in 2020.

Dividend per share saw an underlying increase of 10% to 1.2p.

Harworth Group CEO Lynda Shillaw said: “Harworth maintained its strong momentum throughout 2021, as we stepped into our ambitious strategy to reach £1bn of EPRA NDV over five to seven years.

“Our performance, combined with tailwinds in our end markets, has translated into a significant increase in EPRA NDV and our highest annual Total Return to date.

“In addition to the significant progress made in planning, direct development, lettings and land sales across our portfolio during the year, we agreed terms for the sales of our Ansty strategic land site and Kellingley development site, conditional on planning consent, at significant premiums to book value.

“The proceeds from these sales once completed, alongside the larger senior debt facility we have secured, will provide us with additional firepower to deploy across our development sites and acquisition pipeline.

“Our core sectors continue to perform well, but are not immune to wider macroeconomic pressures.

“Our focus now is on the execution of the strategy, ensuring that, as we work through our plans, the team has the skills and resources to deliver consistently and successfully, sustainably growing the business and delivering returns through the cycle.

“This will ensure that we continue to deliver places where people want to live and work.”