Harworth ahead of forecasts

Brownfield land and property developer and investor Harworth expect results for the year ended 31 Dec to be ahead of forecasts.

The group said it delivered another strong operational performance in the second half of the year across all its business segments.

It said value gains (revaluation gains and profit on disposals) were anticipated to be appreciably ahead of expectations and as a result, group EPRA NNNAV was anticipated to be moderately ahead of expectations, ensuring another year of double-digit growth.

It said profit excluding value gains was anticipated to be in line with expectations.

Chief executive Owen Michaelson said: 'The group had a strong first half of the year as highlighted in our interim results.

'This momentum has continued into the second half, with full year results anticipated to exceed our expectations.

'Sales on consented land at our key development sites have been achieved at above book value and good progress on planning and lettings has driven the growth in the valuation of our portfolio.

'This includes progress at Riverdale Park in Doncaster, where we have realised an engineered land sale above book value less than two years after we purchased the site.

'This robust position reflects the underlying strength of our business model and the ability of our management team to deliver the majority of our value gains.

'We remain confident in the long-term fundamentals of the residential and commercial markets in the North of England and the Midlands.

'This in turn gives us the assurance we need to continue to invest in new sites to deliver future shareholder value.'

At 8:09am: (LON:HWG) Harworth Group Plc share price was +1p at 109.5p