AGM Statement and Trading Update

RNS Number : 6253N

Harworth Group PLC

21 May 2015

 



HARWORTH GROUP PLC

("Harworth" or the "Company")

AGM Statement

and Trading Update

Harworth Group plc, a leading regeneration specialist and developer of brownfield land, will hold its Annual General Meeting today and will report on current trading, financial performance and the outlook for the current financial year.

Owen Michaelson, Chief Executive of Harworth Group, commented:

"I am pleased to report that during the first four months of 2015 we have made good progress across our portfolio of sites. Significant activity included the acquisition of the former Lynemouth aluminium smelter near Newcastle-upon-Tyne, complementing our property assets in the north east and adding a further 320 acres to our broader portfolio of more than 27,000 acres.

"Residential development and sales have commenced with housebuilder Ben Bailey Limited at the 917 unit Prince of Wales site in Pontefract.  Harron Homes Limited have also begun building work at our 1,200 unit Torne Park development at the site of the former Rossington Colliery in Doncaster. The momentum will continue as we release more plots of land for sale to additional housebuilders during subsequent phases of the respective development projects. Within the wider portfolio we have also secured outline planning consent for 230 residential units on three sites bringing the total number of consented plots within the portfolio to 7,948, adjusted for plots sold in the period.

"On the commercial side, construction of the second unit at Logistics North for MBDA Systems is now underway alongside the unit for Aldi of 650,000 square feet and we continue with on-going negotiations regarding additional plot sales and pre-lets on the remaining 200 development acres. We also have three units, together totaling 65,000 square feet, under construction at Rockingham in Barnsley, all of which are pre-let. 

"Activity in the housing market in the regions in which we operate remains strong. Given the strength of the group's balance sheet, and following careful consideration by the Board, we have brought forward capital investment at Logistics North in Greater Manchester and the Advanced Manufacturing Park in Rotherham to ensure we have land available for immediate occupation on the next phases of these developments to take advantage of positive market conditions, which we believe will create long-term value for shareholders.

"As usual, we expect residential and commercial sales for the year to be weighted towards the second half and our performance continues to be in line with management's expectations."

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Enquiries:

Harworth Group plc                                Owen Michaelson / Mike Richardson     T: [phone]

Cardew Group                                            Anthony Cardew / Tom Horsman              T: [phone]

Notes to Editors:

Harworth Group Plc is a leading property and development company which owns and manages a portfolio of some 27,000 acres of land across approximately 200 sites located throughout the Midlands and North of England. The Company specialises in the regeneration of former coalfield sites and other brownfield land into employment areas, new residential properties and low carbon energy projects. http://www.harworthgroup.com/  

 

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