Harworth development values decline

A sharp devaluation in the development portfolio, combined with reduced sales of serviced land, pushed Harworth (HWG) into a pre-tax loss during the first half of the year. However, that has not deterred management from adding to its pipeline of assets, including the signing of a Planning Promotion Agreement for a major new residential development in the West Midlands. “We are not rushing to buy at the moment because we think there could be some distress coming through the market,” said outgoing chief executive Owen Michaelson.