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LONDON (Alliance News) - Harworth Group PLC on Friday said it has continued to make progress since acquiring its property regeneration business in March.
The property regeneration company said its pretax profit was multiplied to GBP51.3 million in the half, from GBP3.2 million a year earlier, while its revenue rose to GBP4.2 million from GBP767,000. The substantial increase was driven by Harworth Estates Property Group Ltd, which the company acquired back in March, when it also changed its name from Coalfield Resources PLC.
The business now has net assets of GBP274.5 million and its investment property portfolio is valued at GBP307.0 million.
In the half, the company sold 317 plots from its five key sites to housebuilders, realising an average of GBP37,100 per plot. It also secured planning permission for 230 residential units and one commercial development in the half and signed thirteen new lettings, increasing its annual rent roll by GBP900,000.
"Over the reporting period, Harworth has continued to make good progress in the regeneration and sale of brownfield land for residential, commercial and low carbon energy purposes. Trading remains in-line with expectations and we expect residential and commercial land sales to maintain momentum into the second half of the year," said Chief Executive Owen Michaelson.
Harworth shares were up 3.6% to 11.52 pence on Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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