Harworth Group

HWG · Main Market · Real Estate · mcap £607m · 187.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 09 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £611.3m
Owner’s net cash: −£190.0m
Net cash / market cap: -31%
EV ex leases: £773.2m
Revenue: £123.5m
Operating profit: −£10.3m
Free cash flow after leases: −£6.7m
FCF yield: -1.1%
Price / tangible book: 0.91×
ROCE: -1%
Net income (owners): −£25.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 09 Sep 26 · read the results ↗

Source ↗

	Unaudited 6 months ended 30 June 2026 £'000	Unaudited 6 months ended 30 June 2025 £'000	Audited Year ended 31 December 2025 £'000
Revenue	41,271	47,471	129,749
Cost of sales	(45,370)	(42,070)	(117,197)
Gross (loss)/profit	(4,099)	5,401	12,552
Administrative expenses	(17,914)	(17,071)	(36,342)
Other (losses)/gains	(2,937)	18,810	45,543
Other operating income/(expenses)	66	(57)	(121)
Operating (loss)/profit	(24,884)	7,083	21,632
Finance costs	(6,670)	(6,499)	(15,203)
Finance income	738	2,479	4,573
Share of (loss)/profit of joint ventures (including impairment)	(568)	4,356	6,366
(Loss)/profit before tax	(31,384)	7,419	17,368
Tax credit/(charge)	5,988	2,273	(7,896)
(Loss)/profit for the period/year	(25,396)	9,692	9,472
Earnings per share from operations pence pence pence
Basic	(7.8)	3.0	2.9
Diluted	(7.5)	2.9	2.8

Source ↗

	Unaudited As at 30 June 2026 £'000	Unaudited As at 30 June 2025 £'000	Audited As at 31 December 2025 £'000
Non-current assets
Intangible fixed assets	784	-	450
Property, plant and equipment	7,436	5,178	8,106
Right of use assets	1,073	1,330	1,200
Trade and other receivables	13,879	26,729	5,009
Investment properties	677,811	658,854	667,025
Investments in joint ventures	28,078	22,661	25,225
Derivative financial asset	252	-	-
Retirement benefit asset	9	48	81
Total non-current assets	729,322	714,800	707,096
Current assets
Inventories	197,182	218,506	212,065
Trade and other receivables	76,108	91,795	85,493
Assets held for sale	7,620	18,641	7,686
Cash	9,461	9,798	27,144
Current tax asset	2,962	3,474	2,759
Derivative financial asset	42	-	-
Total current assets	293,375	342,214	335,147
Total assets	1,022,697	1,057,014	1,042,243
LIABILITIES
Current liabilities
Trade and other payables	(107,976)	(116,857)	(120,220)
Lease liabilities	(232)	(253)	(263)
Total current liabilities	(108,208)	(117,110)	(120,483)
Net current assets	185,167	225,104	214,664
Non-current liabilities
Borrowings	(199,422)	(189,164)	(173,025)
Trade and other payables	(4,133)	(18,071)	(3,907)
Lease liabilities	(779)	(1,086)	(934)
Net deferred tax liabilities	(39,347)	(33,297)	(44,915)
Total non-current liabilities	(243,681)	(241,618)	(222,781)
Total liabilities	(351,889)	(358,728)	(343,264)
Net assets	670,808	698,286	698,979
SHAREHOLDERS' EQUITY
Called up share capital	32,694	32,575	32,587
Share premium account	25,231	25,177	25,224
Fair value reserve	249,931	237,794	254,257
Capital redemption reserve	257	257	257
Merger reserve	45,667	45,667	45,667
Investment in own shares	(224)	(1,036)	(193)
Cash flow hedge reserve	(171)	-	-
Retained earnings	342,820	348,160	331,708
Current year profit	(25,397)	9,692	9,472
Total shareholders' equity	670,808	698,286	698,979

Source ↗

	Unaudited 6 months ended 30 June 2026 £'000	Unaudited 6 months ended 30 June 2025 £'000	Audited year ended 31 December 2025 £'000
Cash flows from operating activities
(Loss)/profit before tax for the period/year	(31,384)	7,419	17,368
Net finance costs	5,932	4,020	10,630
Other losses/(gains)	2,937	(18,810)	(45,543)
Share of loss/(profit) of joint ventures (including impairment)	568	(4,356)	(6,437)
Share-based transactions	1,700	1,346	3,296
Depreciation of property, plant and equipment and right of use assets	297	307	608
Pension contributions in excess of charge	18	(127)	(97)
Operating cash outflows before movements in working capital	(19,932)	(10,201)	(20,175)
Decrease/(increase) in inventories	14,883	(13,463)	3,513
Decrease/(increase) in receivables	4,564	(16,215)	11,817
Decrease in payables	(15,830)	(19,658)	(25,519)
Cash generated (used in)/generated from operations	(16,315)	(59,537)	(30,364)
Interest paid	(5,263)	(5,039)	(11,989)
Corporation tax paid	(800)	(11,604)	(9,693)
Cash (used in)/generated from operating activities	(22,378)	(76,180)	(52,046)
Cash flows from investing activities
Interest received	84	141	342
Investment in joint ventures	(3,810)	(1,010)	(1,933)
Distribution from joint ventures Net proceeds from disposal of investment properties, AHFS and overages	389	179	619
Net proceeds from disposal of investment properties, AHFS and overages	410	4,475	53,645
Property acquisitions (including acquisition of a group of assets)	(1,064)	(19,578)	(26,858)
Expenditure on investment properties and AHFS	(11,890)	(32,736)	(55,625)
Expenditure on property, plant and equipment	(223)	(3,039)	(10,052)
Expenditure on intangible fixed assets	(335)	-	(450)
Cash (used in)/generated from investing activities	(16,439)	(51,568)	(40,312)
Cash flows from financing activities
Net proceeds from issue of ordinary shares	20	(843)	59
Proceeds from other loans	16,650	-	-
Repayment of other loans	-	-	-
Proceeds from bank loans	20,000	222,000	492,000
Repayment of bank loans	(10,000)	(197,000)	(482,000)
Loan arrangement fees	(934)	(193)	(2,202)
Payment in respect of leases	(209)	(146)	(334)
Dividends paid	(4,021)	(3,654)	(5,403)
Payment in respect of hedging activities	(372)	-	-
Cash generated from/(used in) financing activities	21,134	20,164	2,120
(Decrease)/increase in cash	(17,683)	(107,584)	(90,238)
Cash as at beginning of period/year	27,144	117,382	117,382
(Decrease)/increase in cash	(17,683)	(107,584)	(90,238)
Cash as at end of period/year	9,461	9,798	27,144

Source ↗

	2025 £'000	2024 £'000
Revenue	129,749	181,585
Cost of sales	(117,197)	(150,508)
Gross profit	12,552	31,077
Administrative expenses	(36,342)	(33,185)
Other gains	45,543	78,113
Other operating expenses	(121)	(1,371)
Operating profit	21,632	74,634
Finance costs	(15,203)	(9,900)
Finance income	4,573	3,166
Share of profit of joint ventures (including impairment)	6,366	1,487
Profit before tax	17,368	69,387
Tax charge	(7,896)	(12,150)
Profit for the year	9,472	57,237
Earnings per share from operations pence pence
Basic	2.9	17.7
Diluted	2.8	17.3

Source ↗

	2025 £'000	2024 £'000
Non-current assets
Intangible fixed assets	450	-
Property, plant and equipment	8,106	1,529
Right-of-use assets	1,200	1,443
Trade and other receivables	5,009	25,638
Investment properties	667,025	585,489
Investments in joint ventures	25,225	33,553
Retirement benefit asset	81	-
Total non-current assets	707,096	647,652
Current assets
Inventories	212,065	205,985
Trade and other receivables	85,493	72,580
Assets held for sale	7,686	8,910
Cash	27,144	117,382
Current tax asset	2,759	-
Total current assets	335,147	404,857
Total assets	1,042,243	1,052,509
LIABILITIES
Current liabilities
Trade and other payables	(120,220)	(135,998)
Lease liabilities	(263)	(271)
Current tax liabilities	-	(8,130)
Total current liabilities	(120,483)	(144,399)
Net current assets	214,664	260,458
Non-current liabilities
Borrowings	(173,025)	(164,125)
Trade and other payables	(3,907)	(15,226)
Lease liabilities	(934)	(1,196)
Net deferred tax liabilities	(44,915)	(35,853)
Retirement benefit obligations	-	(45)
Total non-current liabilities	(222,781)	(216,445)
Total liabilities	(343,264)	(360,844)
Net assets	698,979	691,665
SHAREHOLDERS' EQUITY
Called up share capital	32,587	32,495
Share premium account	25,224	25,157
Fair value reserve	254,257	216,704
Capital redemption reserve	257	257
Merger reserve	45,667	45,667
Investment in own shares	(193)	(138)
Retained earnings	331,708	314,286
Current year profit	9,472	57,237
Total shareholders' equity	698,979	691,665

Source ↗

	2025 £'000	2024 £'000
Cash flows from operating activities
Profit before tax for the year	17,368	69,387
Net finance costs	10,630	6,734
Other gains	(45,543)	(78,113)
Share of profit of joint ventures (including impairment)	(6,437)	(1,487)
Share-based transactions	3,296	2,287
Depreciation of property, plant and equipment and right-of-use assets	608	406
Pension contributions in excess of charge	(97)	(205)
Operating cash outflows before movements in working capital	(20,175)	(991)
Decrease in inventories	3,513	57,088
Decrease/(increase) in receivables	11,817	(52,774)
(Decrease)/increase in payables	(25,519)	39,297
Cash (used in)/generated from operations	(30,364)	42,620
Interest paid	(11,989)	(7,568)
Corporation tax paid	(9,693)	(516)
Cash (used in)/ generated from operating activities	(52,046)	34,536
Cash flows from investing activities
Interest received	342	810
Investment in joint ventures	(1,933)	(3,048)
Distribution from joint ventures	619	1,704
Net proceeds from disposal of investment properties, AHFS and overages	53,645	80,028
Property acquisitions	(26,858)	(69,478)
Expenditure on investment properties and AHFS	(55,625)	(47,009)
Expenditure on property, plant and equipment	(10,052)	(600)
Expenditure on intangible fixed assets	(450)	-
Cash used in investing activities	(40,312)	(37,593)
Cash flows from financing activities
Net proceeds from issue of ordinary shares	59	137
Proceeds from other loans	-	5,510
Repayment of other loans	-	(37,134)
Proceeds from bank loans	492,000	205,000
Repayment of bank loans	(482,000)	(75,000)
Loan arrangement fees	(2,202)	(151)
Payment in respect of leases	(334)	(206)
Dividends paid	(5,403)	(4,899)
Cash generated from financing activities	2,120	93,257
(Decrease)/increase in cash	(90,238)	90,200
Cash as at beginning of year	117,382	27,182
(Decrease)/increase in cash	(90,238)	90,200
Cash as at end of year	27,144	117,382

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	123.5	129.7	181.6
Gross profit	3.1	12.6	31.1
Operating profit	(10.3)	21.6	74.6
Share-based payments	3.6	3.3	2.3
Operating profit to net income
Finance costs	(15.4)	(15.2)	(9.9)
Profit before tax	(21.4)	17.4	69.4
Tax	(4.2)	(7.9)	(12.2)
Net income (owners)	(25.6)	9.5	57.2
Per share
EPS basic	(7.9p)	2.9p	17.7p
EPS diluted	(7.6p)	2.8p	17.3p
Dividend per share	1.8p	1.8p	1.6p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	41.3	−13%	82.3	47.5
Gross profit	(4.1)	n/m	7.2	5.4
Operating profit	(24.9)	n/m	14.5	7.1
Share-based payments	1.7	+26%	1.9	1.3
Operating profit to net income
Finance costs	(6.7)	+3%	(8.7)	(6.5)
Profit before tax	(31.4)	n/m	9.9	7.4
Tax	6.0	+163%	(10.2)	2.3
Net income (owners)	(25.4)	n/m	(0.2)	9.7
Per share
EPS basic	(7.8p)	–	(0.1p)	3.0p
EPS diluted	(7.5p)	–	(0.1p)	2.9p
Dividend per share	0.6p	–	1.2p	0.5p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	1.8	(52.0)	34.5
Interest paid	(12.2)	(12.0)	(7.6)
Tax paid	1.1	(9.7)	(0.5)
Investing activities
Capex (PP&E)	(7.2)	(10.1)	(0.6)
Capex (intangibles)	(0.8)	(0.5)	–
Financing activities
Lease principal paid	(0.4)	(0.3)	(0.2)
Dividends paid	(5.8)	(5.4)	(4.9)
Shares issued	0.9	0.1	0.1

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(22.4)	n/m	24.1	(76.2)
Interest paid	(5.3)	+4%	(7.0)	(5.0)
Tax paid	(0.8)	−93%	1.9	(11.6)
Investing activities
Capex (PP&E)	(0.2)	−93%	(7.0)	(3.0)
Capex (intangibles)	(0.3)	n/m	(0.5)	0.0
Financing activities
Lease principal paid	(0.2)	+43%	(0.2)	(0.1)
Dividends paid	(4.0)	+10%	(1.7)	(3.7)
Shares issued	0.0	n/m	0.9	(0.8)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	0.8	0.5	–
Property, plant & equipment	7.4	8.1	1.5
Investment property	677.8	667.0	585.5
Associates & JVs	28.1	25.2	33.6
Non-current assets	729.3	707.1	647.7
Current assets
Inventories	197.2	212.1	206.0
Trade receivables	76.1	85.5	72.6
Cash	9.5	27.1	117.4
Current assets	293.4	335.1	404.9
Total assets	1,022.7	1,042.2	1,052.5
Current liabilities
Trade payables	108.0	120.2	136.0
Lease liabilities, current	0.2	0.3	0.3
Current liabilities	108.2	120.5	144.4
Non-current liabilities
Borrowings, non-current	199.4	173.0	164.1
Lease liabilities, non-current	0.8	0.9	1.2
Non-current liabilities	243.7	222.8	216.4
Total liabilities	351.9	343.3	360.8
Equity
Total equity	670.8	699.0	691.7
Net cash and other figures
Net cash / (debt) ex leases	(190.0)	(145.9)	(46.7)
Net cash / (debt) incl. leases	(190.0)	(145.9)	–
Net asset value	670.8	699.0	691.7
Undrawn facilities	–	127.1	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	0.8	0.5	0.0	–
Property, plant & equipment	7.4	8.1	5.2	1.5
Investment property	677.8	667.0	658.9	585.5
Associates & JVs	28.1	25.2	22.7	33.6
Non-current assets	729.3	707.1	714.8	647.7
Current assets
Inventories	197.2	212.1	218.5	206.0
Trade receivables	76.1	85.5	91.8	72.6
Cash	9.5	27.1	9.8	117.4
Current assets	293.4	335.1	342.2	404.9
Total assets	1,022.7	1,042.2	1,057.0	1,052.5
Current liabilities
Trade payables	108.0	120.2	116.9	136.0
Lease liabilities, current	0.2	0.3	0.3	0.3
Current liabilities	108.2	120.5	117.1	144.4
Non-current liabilities
Borrowings, non-current	199.4	173.0	189.2	164.1
Lease liabilities, non-current	0.8	0.9	1.1	1.2
Non-current liabilities	243.7	222.8	241.6	216.4
Total liabilities	351.9	343.3	358.7	360.8
Equity
Total equity	670.8	699.0	698.3	691.7
Net cash and other figures
Net cash / (debt) ex leases	(190.0)	(145.9)	(179.4)	(46.7)
Net cash / (debt) incl. leases	(190.0)	(145.9)	(179.4)	–
Net asset value	670.8	699.0	698.3	691.7
Undrawn facilities	–	127.1	–	–

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