Property company Harworth Group has announced ‘strong’ six-months results and set out a strategy that aims to make it a £1bn company within seven years.
The Rotherham firm has released unaudited results for the first half of 2021 which report revenues of £18.9m but an operating profit of £76.5m due to a revaluation of its property portfolio.
The company outlined progress on its developments, including a number in the lucrative logistics sector.
Read more: go here for more Yorkshire and Humber business news
It said it would be putting in place a growth strategy that aims to double the size of the firm in the next five to seven years by concentrating on its strength in developing logistics sites, as well as increasing its work in the residential sector.
Chief executive Lynda Shillaw said: “Harworth delivered a strong first half performance, advancing planning, development activity, sales and lettings across our portfolio.
“We continue to see depth of market demand from occupiers and investors for both built stock and, increasingly, strategic land within our industrial and logistics portfolio, as well as for our residential serviced land product. This has resulted in significant growth in EPRA NDV and total returns during the period.
“I have now concluded the review of the business that I commenced shortly after joining. The strategy that we are outlining today builds on our achievements over the last few years and drives growth in the business, maximising returns to investors and setting out a clear road map for our stakeholders.
Most Read
“This plan represents evolution, not revolution, but with material shifts in the pace and scale of what we do, and will enable us to scale up the creation and delivery of sustainable places where people want to live and work.”
Ms Shillaw said demand for Harworth’s industrial, logistics and resident developments remains strong and it would be looking for opportunities to expand its land bank.