Full Year 2024 Harworth Group PLC Earnings Call Transcript
Key Points
- Harworth Group PLC (HWGLF) achieved a total accounting return of 9.1%, placing it among the leaders in the sector.
- EPRA NDV grew by 8.5% to GBP719.5 million, with a 17.2p increase year on year to 222.3p per share.
- The company maintained a low loan-to-value ratio of 5.4% and net debt of GBP46.7 million, showcasing prudent financial management.
- Record property sales of GBP215.8 million were achieved, marking a 71% increase year on year.
- Harworth Group PLC (HWGLF) entered the FTSE 250 in September, a significant milestone for the business.
- Revenue from income generation was slightly lower than in 2023 due to the full-year impact of previous sales of secondary investment property.
- Administrative expenses increased by GBP5.8 million, primarily due to higher salary expenses from increased employee numbers.
- The planning process remains challenging, with reforms taking time to settle and not immediately impacting operations.
- The forward funding market remains uncertain, with interest rates playing a significant role in development decisions.
- The build-to-rent (BTR) market is still quiet, particularly in single-family housing, affecting potential growth in this segment.
Right, good morning, everybody, and thank you for joining us today at Haworth's full year results presentation. Today we'll cover the financial results and operational performance of the business for 2024. I'm Lynda Shillaw, Chief Executive Officer, and I'm delighted to be presenting alongside Dougie Maudsley, who's our interim Chief Financial Officer. Dougie's covering for Kitty Patmore, who's currently on maternity leave, and he'll be familiar to many of you from previous results, presentations, and capital markets days, as he's also our group Finance Director.
I'm pleased to see so many familiar faces in the room today, and I'd like to extend a warm welcome to those who've joined us online too. So, I'm delighted to say that we had a great year, and the business continues to perform across the board. This is a real achievement against a market drop backdrop that remains pretty tricky with volatility and uncertainty continuing at the macro level.
Our performance highlights the strength of us through the
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