Beds and sheds pay off for Harworth

Earnings per share is a good example, for as well as there being no repeat of the deferred tax credit in 2017, statutory measures do not allow inclusion on the balance sheet of upward valuations in development properties. Adding these in meant that valuation gains were 8.2 per cent higher than in the previous year at £51.3m, and adjusted net asset value rose by 13.2 per cent to 148.3p.

Revenue generated in the year to December 2018 grew by 45 per cent to £78.1m, which included £44.8m from the disposal of development properties. A total of £57.9m was spent on 11 acquisitions, with the potential for developing around 2,000 homes and over 1.5m square feet of commercial space.

Planning consent was also secured for 778 residential plots, and planning permission was submitted for over 3.3m sq ft of commercial space and nearly 1,000 residential plots. Land sales generated a record £93.2m including disposal of mature income-generating sites, while rental income was enhanced by the retaining of over 300,000 sq ft on eight new commercial buildings leased to manufacturing and logistics occupiers.

Analysts at Peel Hunt are forecasting adjusted net asset value at the December 2019 year-end of 156.3p a share, up from 145.1p in 2018.