REG - Harworth Group PLC - AGM Statement

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RNS Number : 6073E  Harworth Group PLC  18 May 2026

 

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:

 Two structurally undersupplied sectors:                              Two core products:

 1. Industrial & Logistics ('I&L') growing to 85% weighting           1. Serviced remediated land for sale

2. Residential ('R')
2. Development to hold and for sale
 Three portfolios:                                                    Three regions:
 1. I&L Investment Portfolio ('IP'),                                  1. Yorkshire & Central ('YAC'),

2. Strategic Land ('SL')
2. Midlands ('MID')

3. Major Developments ('MD')
3. North West ('NOW')

 

Our land bank stands at 35.0m sq ft of I&L of which 75% is consented or in
the planning system(5) (Dec 2024: 33.6m sq ft; 63%) and 29,386 Residential
plots of which 46% are consented or in the planning system(5) (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

 

 Harworth Group plc
 Lynda Shillaw (Chief Executive)             T: +44 (0)114 349 3131

 Kitty Patmore (Chief Financial Officer)     E: investors@harworthgroup.com (mailto:investors@harworthgroup.com)

Juliana Weiss Dalton (Investor Relations)

 FTI Consulting
 Dido Laurimore                              T: +44 (0)20 3727 1000

 Richard Gotla                               E: Harworth@fticonsulting.com (mailto:Harworth@fticonsulting.com)

 Eve Kirmatzis

 

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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