Harworth posts another double digit NAV increase

Harworth Group said on Wednesday that its net asset value (NAV) per share had increased 12% to 117.4p since 30 June 2016.

Profit from Harworth's operations was up on last year's figures, rising from £900,000 at the midway point of 2016 to £1m.

However, that figure was still a significant 75% decline from the £2.2m it posted at 31 December as value gains plunged 82.2% to £7.8m from £43.7m.

Earnings per share were up 1700% over the same time a year earlier, and 42% ahead on the end of the previous calendar year to 5.4p.

Chief executive, Owen Michaelson said the group which specializes in the regeneration of former coalfield and other brownfield lands, was "Well advanced with deploying the new capital raised in March and expect to have committed all the proceeds by the year end on strategic land sites. Our future acquisitions pipeline remains strong and we continue to rationalise our portfolio, with the intention of reducing our sites under management to less than 100 within two years."

As of 1125 BST, Harworth shares were up 5.05% to 101.90p.