Harworth Group reported six months ended June 30, 2026, with EPRA net asset value (NDV) per share falling 4.3% to 214.8 pence from 224.4 pence at the end of 2025. Total accounting return was negative 3.7% for the period.
The board approved an interim dividend of 0.592 pence per share, a 10% increase year‑on‑year. Net debt rose to £190 million from £145.9 million at December 31, 2025, leaving a net loan‑to‑portfolio ratio of 20.3%, comfortably under the company’s 25% ceiling. Liquidity stood at £99.5 million, comprising £90 million of undrawn revolving credit capacity and £9.5 million in cash. The revolving credit facility totals £275 million, including a £50 million uncommitted accordion option, with no refinancing required until November 2029 and an optional one‑year extension.
Property sales in the first half amounted to £13.2 million, down from £18.9 million a year earlier. A post‑period sale of Etherow Industrial Estate generated £8.1 million, priced at a 3% premium to book value. The net portfolio value loss for the half‑year was £14.9 million, driven by a £15.8 million loss in residential major developments, a £14.7 million loss in industrial & logistics strategic land due to cost inflation, and a £4.3 million loss in the industrial & logistics investment portfolio (excluding one repositioned asset, the remainder rose £0.8 million). Gains came from industrial & logistics major developments (£12.7 million) and natural resources, agricultural land and other assets (£8.4 million).
The investment portfolio was valued at £301.4 million, with 77% graded A by value. Management targets a medium‑term portfolio of £500‑£600 million. JLL estimated that future profits from the existing powered‑land portfolio could reach £292 million, with an additional £174 million potential from the medium‑term pipeline not yet reflected in EPRA NDV.
Harworth highlighted a construction‑ready land bank of 3.8 million square feet – the largest ever – with an estimated gross development value of £600 million over the next three to five years. The total industrial logistics and powered‑land platform now covers 34.8 million square feet, with a medium‑term pipeline of 9.6 million square feet. Power offers accepted total 0.8 GW, and a new 200‑MW offer was secured post‑period, as the company aims to expand the powered‑land pipeline to 1.9 GW.
Pre‑let activity includes three agreements covering more than 300,000 square feet, delivering £3.7 million of annualised rent at an average 17% premium to estimated rental value, with negotiations ongoing for an additional 1.5 million square feet. The residential portfolio comprises 952 serviced plots, including a sale of over 150 plots to a national house builder at Benthall Grange, Ironbridge.
Chief Executive Lynda Shilton described the half‑year as “another period of strong operational momentum and disciplined delivery against a challenging market backdrop,” noting the largest ever construction‑ready land bank. CFO Kitty Bryce said the period showed “continued operational progress across the powered land and industrial logistics portfolio, but also macro‑driven valuation pressure, particularly in residential markets.”
The board approved an accelerated exit from the residential sector, reallocating capital to industrial logistics and powered‑land opportunities. Harworth’s long‑term objective remains low double‑digit total accounting returns.
