Harworth is continuing to expand its range of residential products — In 2024, the group completed, exchanged or in heads of terms on 75% of budgeted sales for the year across industrial and logistics and residential land portfolios broadly at prices in-line with, or at a premium to, book value before transaction costs.

In addition, the group is on track to transition its core portfolio to 100% Grade A by the end of 2027 — this percentage is currently 37%. 

This activity has bolstered the group’s finances, as of 30th April, Harworth had available liquidity of £171.1m, down from £192.2m at the end of 2023, and no refinancing requirements under core facilities until 2027.

Elsewhere, as of 30 April, Harworth’s net debt was £63.1m compared to £36.4m at the end of 2023.

This has increased in line with seasonal site works and resulted in a pro-forma LTV of 8.4%, compared to 4.7% at the end of 2023.

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“Harworth has delivered strong strategic and operational momentum to date in 2024 despite a still somewhat uncertain economic backdrop as we continue towards our growth ambition,” said Lyndia Shillaw, CEO of Harworth.

“With our continued focus on acquisitions, planning and development across our land bank, and our strong financial position, we are well-positioned to continue driving growth and value for our stakeholders.”

Land assembly has also been scaled up by Harworth in 2024 — this has included the strategic acquisition of 500,000 sq. ft. and progress made in terms of planning permission.

In 2024 this included 3.5m sq. ft. and 600 plots receiving allocation and a further 2.3m sq. ft. and 2,275 plots receiving draft allocation.

Planning approvals have also been received for 57% of the BTR sites in the portfolio and progress made towards exchange of contracts with selected partners.

Elsewhere, planning applications representing 10.1m sq. ft. of space and 2,274 housing plots are currently progressing through the planning system.