Harworth In Solid 2019 Despite UK Planning Application Uncertainty

(Alliance News) - Land and property developer Harworth Group PLC on Tuesday said its full-year performance was in line with expectations, shaking off uncertainty with its planning applications.

The company said its trading in the second-half of 2019 was "solid" despite politically-driven planing permission uncertainty continuing during the period.

Harworth in September warned that some planning applications were delayed in the UK, following May's local elections, which saw the leadership of several regional councils change hands.

Harworth added: "The group has delivered a solid operational performance in the second half of the year despite the planning headwinds reported as part of its 2019 interim results. This, coupled with the indicative outcome of the independent annual valuation of the property portfolio, means that the group anticipates that its financial performance for the year ended December 31 will be in line with expectations and its stated aim of delivering long-term market-leading returns for its shareholders."

Chief Executive Owen Michaelson added: "We anticipate full-year results to be in line with expectations, reflecting good progress being made across all business sectors.

"Looking forward, the planning headwinds that we reported at the half-year still remain in place and we continue to manage this risk accordingly on a site-by-site basis."

Harworth shares were 3.2% lower at 151.00 pence each in London on Tuesday morning.

By Eric Cunha; ericcunha@alliancenews.com

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