Harworth Group plc. (HWG.L), a UK-based land and property regeneration company, on Tuesday reported a lower first-half pre-tax profit hurt by sales cost, despite improved revenue.
In the first half, profit before tax declined to 7.42 million pounds from 18.73 million pounds a year ago.
Profit shrank to 9.69 million pounds from 14.78 million pounds in the prior year. Earnings per share for the period decreased to 2.9 pence from 4.5 pence in the prior year.
Revenue increased to 47.47 million pounds from 41.31 million pounds a year ago.
Total group revenue from property sales increased to 18.9 million pounds from 41.7 million pounds a year ago.
European Public Real Estate Association or EPRA based Net Disposal Value, on a per share basis, rose to 223.7 pence from 212.3 pence a year ago.
In addition, the board has determined to pay a 10% increased interim dividend of 0.54 pence from 0.499 pence per share in the prior year. The dividend is payable on November 04 with a record date on September 26.
Looking forward, the firm affirmed that they are advancing an 8.7m sq. ft consented I&L pipeline, targeting delivery of approximately 0.6 billion pounds of GDV by the end of 2027.
The company added that it aims to reach strategic goals of 1 billion pounds of EPRA NDV and the growth of core Investment Portfolio to 0.9 billion pounds by the end of 2029.
On the London Stock Exchange, the shares were trading 0.36% higher at 170.60 pence.
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