AGM Statement
Summary by AI BETAClose X
HARWORTH GROUP PLC
('Harworth' or the 'Group' or the 'Company')
AGM Statement
Strategic I&L land position supports long-term value realisation
Harworth Group plc, a leading regeneration, strategic land and development business*, today announces an operational update for 2026 to date, ahead of the Company's Annual General Meeting (AGM) to be held today at 10am. The results of the AGM will be announced at the conclusion of the meeting.
Key Highlights:
· I&L property and land portfolio well positioned to realise long-term value with demand holding up
o Record 4.0m sq ft of development-ready land for near-term delivery.
o Progressing 1.8m sq ft of letting and land sale negotiations, up from 1.6m sq ft at year-end.
o 15.2m sq ft pipeline of next generation of sites positioned to deliver Grade A product to the market and our Investment Portfolio.
o Conditionally exchanged on land capable of delivering c. 500,000 sq ft, including Plot 2 at Skelton Grange, where we expect payment of £53.2m on delivery to Microsoft.
· Progressing residential land sales despite market conditions remaining challenging
o Completed on 155 residential plots, with further c. 900 plots conditionally exchanged or in legals.
· Robust financial capacity to support phased I&L scale up
o Liquidity at the end of Q1-2026 of £117.3m; LTV at 17.9%, below our 25% through-the-year target.
Lynda Shillaw, Chief Executive of Harworth, commented: "We continue to see an increase in our pipeline of occupier sales and lettings, albeit the softness in the residential market and the protracted transaction timelines in I&L that we saw in 2025 have persisted, owing to both geopolitical and UK fiscal and political pressures. We are starting to see some supply-chain cost inflation as a result of the war in the Middle East - largely from higher fuel costs affecting civils and material production, and we are focused on managing any impact and progressing our 35m sq ft pipeline to drive long term value.
"Demand is strongest on our most strategically positioned sites, where planning and infrastructure is secured or well defined and is demonstrated by 1.8m sq ft of strong interest across lettings and land sale negotiations. Land at scale, and increasingly power enabled land, remains critical to sectors such as advanced manufacturing, defence, energy and data infrastructure, and our 0.8GW of power positions means we are well placed to support occupier requirements.
"We remain focussed on preserving the flexibility to accelerate sites as market confidence and risk appetite recover; ensuring disciplined capital allocation by aligning investment with the delivery of serviced land and property sales, managing risk closely, and targeting sites with active occupier demand and a clear line of sight on returns across our sales pipeline. To date, we have completed, conditionally exchanged, and are in legals on 63% of our 2026 sales pipeline, with sales completion being back-ended in the year. We remain alert to the impact of inflationary pressures on performance, however, our low leverage and significant optionality over the timing of development and disposals give the Board confidence in Harworth's ability to navigate short‑term uncertainty and deliver on our roadmap."
*We aim to create long-term, through-the-cycle value by focusing on:
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Two structurally undersupplied sectors: 1. Industrial & Logistics ('I&L') growing to 85% weighting |
Two core products: 1. Serviced remediated land for sale |
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Three portfolios: |
Three regions: |
Our land bank stands at 35.0m sq ft of I&L of which 75% is consented or in the planning system5 (Dec 2024: 33.6m sq ft; 63%) and 29,386 Residential plots of which 46% are consented or in the planning system5 (Dec 2024: 31,264; 46%).
Since 2021, we have received planning on 9.1m sq ft of I&L space with an estimated Gross Development Value (GDV) of £1.3bn, we have concluded on cumulative sales of c. £700m, including. 9,000 Residential plots and we have bought or optioned I&L land totalling 14.3m sq ft, with an estimated GDV of £2.1bn.
For further information
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Harworth Group plc |
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Lynda Shillaw (Chief Executive) Kitty Patmore (Chief Financial Officer) |
T: +44 (0)114 349 3131 |
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FTI Consulting |
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Dido Laurimore Richard Gotla Eve Kirmatzis |
T: +44 (0)20 3727 1000 |
About Harworth
Harworth Group plc (LSE: HWG), is a leading regeneration, strategic land and development business focused on the Industrial & Logistics (I&L) and Residential sectors. We own, develop, and manage a portfolio of over 15,000 acres of Strategic Land over 100 sites located throughout the North of England and Midlands. We specialise in delivering long-term value for all stakeholders by regenerating large, complex sites, into new I&L developments and serviced remediated land for sale into the I&L and Residential land markets. Our long-term through-the-cycle business model is to create sustainable places, support new homes, jobs and communities where people want to live and work. Visit www.harworthgroup.com for further information. LEI: 213800R8JSSGK2KPFG21
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