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Investing.com -- Harworth Group PLC (LON:HWG) on Tuesday reported strong operational momentum in its latest trading update, highlighting substantial progress in both its industrial and residential development pipelines.
The property development and investment company has submitted planning applications for 8.1 million square feet of industrial and logistics space, along with approximately 1,200 residential plots.
In July alone, the company filed additional applications for 1.5 million square feet of industrial space and around 2,800 residential plots, bringing the total residential plots in planning to 4,900.
Harworth has also established a new strategic partnership with Church Commissioners for England, conditionally exchanging on a joint venture to deliver a mixed-use development in West Yorkshire.
This project will have capacity for approximately 1.2 million square feet of employment space and around 1,500 residential plots.
The company completed sales of 649 residential plots and has an additional 1,593 plots either conditionally exchanged or in legal processes. This performance demonstrates continued progress in the residential market despite economic headwinds.
Harworth has also enhanced the quality of its industrial and logistics investment portfolio by selling a secondary industrial asset while completing and letting one of the units at its Advanced Manufacturing Park site.
The company took advantage of favorable weather conditions in the first half of the year to advance site delivery and development works, drawing on its revolving credit facility to fund these activities.
This resulted in available liquidity of £59.8 million and a pro forma loan-to-value ratio of 20.9%, within the company’s self-imposed target of up to 25%.
CEO Lynda Shillaw said she was "very pleased with the sustained operational momentum of the last six months," noting the company remains focused on achieving its strategic targets of £1 billion in EPRA Net Disposal Value by the end of 2027 and a £0.9 billion industrial and logistics investment portfolio by the end of 2029.
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