Harworth Group plc (HWG.L), a land and property regeneration company, reported Tuesday higher profit and revenues in fiscal 2024, with strong growth in Residential plots sales. The company also lifted its dividend.
Looking ahead, Lynda Shillaw, Chief Executive of Harworth, said, "Whilst we remain cautious about the near-term macro-economic outlook, I continue to be excited about our prospects as a business and the significant growth and embedded value across our portfolio, including our ability to reach £1bn of EPRA NDV by the end of 2027 and grow our core Investment Portfolio to £0.9bn by the end of 2029."
The financial flexibility and careful capital allocation, and alignment to structurally undersupplied sectors fundamental to the UK's growth, mean the firm is well placed to navigate uncertainty, it said.
For the year 2024, profit before tax was 69.4 million pounds, up from 49.8 million pounds last year. Operating profit climbed 37.6 percent to 74.6 million pounds from prior year's 54.2 million pounds.
Revenue more than doubled to 181.6 million pounds from prior year's 72.4 million pounds.
Total Property sales grew 71 percent to 215.8 million pounds from 125.9 million pounds a year ago. Residential plots sales were 2,385 units, up 104 percent from 1,170 units a year ago.
Further, the Board has declared a final dividend of 1.125 pence per share, 10% higher than last year's 1.022 pence per share. The total dividend for the year would be 1.614 pence per share, up 10 percent from the previous year.
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