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Harworth Group (HWG) investor relations material
Harworth Group Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Industrial & logistics portfolio performance
Industrial & logistics (I & L) segment outperformed, with strong property returns and value uplifts on development-ready land, supporting future site launches.
New lettings covered 267,000 sq ft, headline rents increased by £2.5m, and £58.2m in sales were crystallised.
Investment portfolio quality improved to 75% Grade A by value, with vacancy reduced to 1%.
Residential land and capital recycling
1,837 residential plot sales completed, with 155 more imminent and 591 conditionally exchanged, aligning with business plan expectations.
£52.0m in headline sales across 1,112 freehold plots, at a discount to book values due to market pressures.
£343m of capital crystallised from residential land sales since 2020, with a 67% reduction in consented residential plots to improve capital efficiency.
Strategic outlook and pipeline
Land bank and development pipeline offer flexibility in sales and development timing, with a focus on portfolio performance and capital recycling.
Loan-to-value remains below 20%, supporting a strong balance sheet.
Largest ever volume of development-ready I & L land, with 75% of 35.0m sq ft consented or in planning.
Cumulative total accounting return of 43.7% to H1-2025, outperforming much of the sector.
Timeline for achieving £1bn EPRA NDV extended to between end-2028 and end-2029 due to macroeconomic headwinds.
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