Rotherham-based property specialist Harworth Group (LON:HWG) saw shares fall nearly 5 percent on Monday, despite reporting an increase in both profit and net asset value.
Harworth reported an operating profit of £45.8 million in the year to 31st December, compared to £37.9 million at the same time last year. These figures included value gain £43.7 million and profit from operations of £2.2 million, up from £1.5 million last year.
The regeneration and investment specialist also saw net asset value increase by 12.5 percent to £334.9 million, or 115p per share.
The group completed six acquisitions over the course of the year, totalling £31.6 million. It also made £58.9 million of disposals to capture value increases on mature residential and commercial sites and to increase focus on sites with higher value add potential.
Harworth’s Chief Executive, Owen Michaelson, said:
“These are a strong set of results, reflecting our continued focus on maximising the value of our strategic land bank whilst simultaneously growing our income base through new lettings and acquisitions. We are particularly pleased by the progress made and value uplift we have seen from our flagship North West site, Logistics North in Bolton, and are pleased to have improved the quality of our income base over the year.
“We have a proven strategy to create value and the market fundamentals in our regions remain strong, giving us confidence in the future.”
However investors remained unimpressed by the results, with shares in Harworth Group falling 4.80 percent by 1140GMT.
06/03/2017
