Earnings call transcript: Harworth H1 2026 results show progress, valuation drag

Harworth Group reported H1 2026 results that showed progress in its industrial logistics and powered land strategy, but were weighed down by valuation losses in residential land. The company's EPRA NDV per share fell 4.3% to 214.8 pence, and total accounting return was -3.7%. Despite the residential exposure drag, Harworth reported stronger operational momentum in its core industrial logistics and powered land businesses.

The company approved an interim dividend of 0.592 pence a share, up 10% from a year earlier. Harworth has the largest ever substantially construction-ready land bank, totaling 3.8 million square feet, and has accelerated strategic changes, including a full exit from residential and a sharper focus on powered land and industrial logistics.

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