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Interested in Harworth Group plc? Here are five stocks we like better.
Pipeline growth: Harworth's industrial, logistics and powered-land pipeline reached 34.8 million square feet, with 0.8 GW of accepted power offers and a 3.8 million-square-foot construction-ready land bank. Microsoft's Skelton Grange data-center sale is progressing, alongside a second hyperscale opportunity and four additional potential sites.
First-half returns weakened: EPRA net development value per share fell to 214.8 pence from 224.4 pence, while total accounting return was negative 3.7%, primarily due to weaker residential demand and construction-cost inflation. Net debt increased to £190 million, though leverage remained below the company's 25% limit and liquidity stood at £99.5 million.
Strategic shift: Harworth plans to exit residential development and concentrate on industrial, logistics and powered land, where it has achieved a reported 24% average annual return on capital employed over the past three years. The board also approved a 10%-higher interim dividend of 0.592 pence per share, while the company remains in an offer period following an unrecommended proposal from Peel Pepper.