Harworth Group (HWG) Trading update summary

Portfolio and operational highlights

• Record 4.0m sq ft of development-ready land available for near-term delivery, with 1.8m sq ft in active letting and land sale negotiations, up from 1.6m sq ft at year-end.

• Pipeline includes 15.2m sq ft of next-generation sites for Grade A product, and conditional exchanges on land for c. 500,000 sq ft, including a major deal at Skelton Grange expected to deliver £53.2m.

• Residential land sales progressing with 155 plots completed and around 900 plots conditionally exchanged or in legal stages.

Financial position and risk management

• Liquidity at Q1-2026 end stands at £117.3m, with loan-to-value (LTV) at 17.9%, well below the 25% target.

• Low leverage and significant flexibility in development and disposals provide confidence to navigate short-term uncertainty.

Market trends and strategic focus

• Demand remains strongest for strategically positioned, power-enabled sites, critical for sectors like advanced manufacturing, defence, energy, and data infrastructure.

• Supply-chain cost inflation is emerging, mainly from higher fuel costs due to geopolitical tensions, but active management is in place.

• Focus remains on disciplined capital allocation, targeting sites with active occupier demand and clear return visibility.