Harworth Group PLC AGM Statement and Trading Update (6253N)
May 21 2015 - 2:00AM
UK Regulatory
TIDMHWG
RNS Number : 6253N
Harworth Group PLC
21 May 2015
HARWORTH GROUP PLC
("Harworth" or the "Company")
AGM Statement
and Trading Update
Harworth Group plc, a leading regeneration specialist and
developer of brownfield land, will hold its Annual General Meeting
today and will report on current trading, financial performance and
the outlook for the current financial year.
Owen Michaelson, Chief Executive of Harworth Group,
commented:
"I am pleased to report that during the first four months of
2015 we have made good progress across our portfolio of sites.
Significant activity included the acquisition of the former
Lynemouth aluminium smelter near Newcastle-upon-Tyne, complementing
our property assets in the north east and adding a further 320
acres to our broader portfolio of more than 27,000 acres.
"Residential development and sales have commenced with
housebuilder Ben Bailey Limited at the 917 unit Prince of Wales
site in Pontefract. Harron Homes Limited have also begun building
work at our 1,200 unit Torne Park development at the site of the
former Rossington Colliery in Doncaster. The momentum will continue
as we release more plots of land for sale to additional
housebuilders during subsequent phases of the respective
development projects. Within the wider portfolio we have also
secured outline planning consent for 230 residential units on three
sites bringing the total number of consented plots within the
portfolio to 7,948, adjusted for plots sold in the period.
"On the commercial side, construction of the second unit at
Logistics North for MBDA Systems is now underway alongside the unit
for Aldi of 650,000 square feet and we continue with on-going
negotiations regarding additional plot sales and pre-lets on the
remaining 200 development acres. We also have three units, together
totaling 65,000 square feet, under construction at Rockingham in
Barnsley, all of which are pre-let.
"Activity in the housing market in the regions in which we
operate remains strong. Given the strength of the group's balance
sheet, and following careful consideration by the Board, we have
brought forward capital investment at Logistics North in Greater
Manchester and the Advanced Manufacturing Park in Rotherham to
ensure we have land available for immediate occupation on the next
phases of these developments to take advantage of positive market
conditions, which we believe will create long-term value for
shareholders.
"As usual, we expect residential and commercial sales for the
year to be weighted towards the second half and our performance
continues to be in line with management's expectations."
-END-
Enquiries:
Harworth Group plc Owen Michaelson / Mike Richardson T: +44 (0)
114 254 1212
Cardew Group Anthony Cardew / Tom Horsman T: +44 (0)20 7930
0777
Notes to Editors:
Harworth Group Plc is a leading property and development company
which owns and manages a portfolio of some 27,000 acres of land
across approximately 200 sites located throughout the Midlands and
North of England. The Company specialises in the regeneration of
former coalfield sites and other brownfield land into employment
areas, new residential properties and low carbon energy projects.
http://www.harworthgroup.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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