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08 Jan 2019 | 09:54

Harworth Group expects results to top management expectations

Harworth Group on Tuesday said it anticipated that performance for the year through December last year would be ahead of management expectations owing to ongoing 'strong' performance.

The company attributed its upbeat outlook to revaluation gains and profit on disposals, both of which were expected to boost EPRA NNNAV, a key measure of profitability, moderately ahead of management expectations, achieving a total return of the order of 12%.

The company said planning had been secured for 761 residential plots and about 77,000 sq. ft of commercial space on six sites.

Planning permissions was submitted in second half for over 3.3m sq. ft of commercial space and nearly 1,000 residential plots with the majority due to be determined in 2019, it added. 'The momentum generated from the Group's strong first half results continued into the second half, meaning that we anticipate full year results to exceed our expectations,' said Owen Michaelson, Chief Executive Office. 'Sales of consented land at our key development sites have been realised at prices above book value whilst good progress on planning, and future sales and lettings has driven the indicated growth in the valuation of our portfolio. 'The realisation of new headline rents at Waverley and Logistics North has been particularly pleasing, with £7.75psf for manufacturing space at the latter, reflecting the underlying strength of the regional markets in which we operate.'

At 9:54am: (LON:HWG) Harworth Group Plc share price was +2.5p at 119.5p

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