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Harworth
(LSE:HWG)
Harworth (HWG) vs. iShares MSCI United Kingdom ETF (EWC)
Harworth Business Overview & Revenue Model
Harworth Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 130.72M | 181.59M | 72.43M | 166.69M | 109.88M |
| Gross Profit | 12.31M | 31.08M | 12.35M | 85.31M | 48.47M |
| EBITDA | 33.18M | 77.73M | 54.31M | 61.30M | 30.75M |
| Net Income | 9.47M | 57.24M | 37.96M | 27.84M | 93.99M |
Balance Sheet | |||||
| Total Assets | 1.04B | 1.05B | 824.44M | 781.32M | 766.51M |
| Cash, Cash Equivalents and Short-Term Investments | 27.14M | 117.38M | 27.18M | 11.58M | 12.04M |
| Total Debt | 174.22M | 165.59M | 64.13M | 60.23M | 37.88M |
| Total Liabilities | 343.26M | 360.84M | 186.72M | 178.66M | 188.53M |
| Stockholders Equity | 698.98M | 691.66M | 637.72M | 602.66M | 577.98M |
Cash Flow | |||||
| Free Cash Flow | -61.14M | -13.07M | 2.46M | 37.28M | 50.01M |
| Operating Cash Flow | -51.09M | 34.54M | 2.85M | 37.39M | 50.04M |
| Investing Cash Flow | -41.27M | -37.59M | 15.42M | -53.61M | 1.89M |
| Financing Cash Flow | 2.12M | 93.26M | -2.68M | 15.77M | -52.61M |
Harworth Technical Analysis
Harworth Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £4.54B | 7.70 | 7.22% | 6.67% | 43.70% | 40.28% | |
75 Outperform | £3.75B | 3.98 | 7.75% | 5.85% | -20.83% | ― | |
71 Outperform | £10.14B | 17.68 | 3.51% | 4.25% | -4.77% | ― | |
68 Neutral | £336.29M | 8.24 | 5.35% | 5.88% | -6.52% | -20.26% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | £237.52M | 12.50 | 6.25% | 3.01% | 22.07% | 130.06% | |
47 Neutral | £509.93M | 57.12 | 7.50% | 1.01% | 88.68% | 4.27% |
Harworth Corporate Events
Harworth Group plc has issued 633,090 new ordinary shares of 10 pence each to satisfy awards released under its Restricted Share Plan, with the shares admitted to trading on 17 March 2026. Following this issuance, the company’s total shares in issue stand at 326,525,334, a figure that will be used by investors to assess and report changes in their holdings under UK disclosure rules.
The move modestly increases Harworth’s share capital and reflects the ongoing use of equity-based incentives within its long-term business model in the regeneration and strategic land sector. The updated share count may prompt some shareholders to reassess their notifiable interest thresholds, but does not signal any change in the company’s operational strategy or market focus.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group reported full-year 2025 results showing modest growth in net asset measures and portfolio value, while continuing to pivot its portfolio towards industrial and logistics assets, which now represent 70% of portfolio value. The group delivered a total property return of 8.4%, outperforming the broader UK property benchmark, but saw a sharp fall in operating profit and value losses in residential developments amid market weakness.
Management highlighted strong performance in its I&L investment portfolio, where vacancy dropped to 1% and Grade A assets increased to 76% by value, supported by robust lettings, disposals and like-for-like rental growth. Harworth accelerated residential plot and freehold sales, recycling capital and significantly reducing its consented residential land bank to improve capital efficiency.
The company is pushing into power-enabled and data centre-related opportunities, with 0.8GW of power connections conditionally secured or in the network pipeline and sites positioned near hyperscale data centre projects, which could unlock higher-value transactions. Enabling works on land capable of delivering 4m sq ft of I&L space, together with a 35m sq ft I&L land bank of which three-quarters is consented or in planning, underpin a substantial development pipeline.
Harworth has also strengthened its financial capacity by refinancing and enlarging its revolving credit facility to £275m with improved margins, ending the year with liquidity of £127.1m and a relatively low loan-to-value ratio of 15.6%. This balance sheet position, coupled with strong occupier and investor interest in 1.6m sq ft of potential I&L deals, leaves the group well placed to exploit secular trends in data, reindustrialisation and clean growth while targeting attractive medium-term returns for shareholders.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group plc has issued 14,556 new ordinary shares of 10 pence each under its 2019 Share Incentive Plan, providing matching shares to eligible employees and reinforcing its employee ownership incentives. The new shares, admitted to trading on 10 March 2026, bring the company’s total number of ordinary shares in issue to 325,892,244, a figure shareholders will use to assess disclosure obligations under UK transparency rules.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group has disclosed that senior executives, including chief executive Lynda Shillaw and chief financial officer Katerina Patmore, have acquired partnership shares and received matching shares under the company’s 2019 Share Incentive Plan. The transactions, executed on 10 March on the London Stock Exchange and off-market for the matching element, reflect management’s ongoing participation in the all-employee scheme.
Under the plan, participating employees buy partnership shares out of gross salary, with additional matching shares awarded for free, which can become exempt from income tax and National Insurance if held for at least five years. The latest awards, involving modest individual volumes at or around £1.675 per share for purchases and nil-cost matching shares, further align the interests of Harworth’s leadership team and wider workforce with shareholders through increased equity ownership.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group has applied to the London Stock Exchange for the admission to trading of 633,090 new ordinary shares, each with a nominal value of 10 pence, on the main market. These shares will be issued over time to satisfy exercises of options granted under the company’s Restricted Share Plan, a key component of its employee and management incentive structure.
The new shares will rank pari passu with Harworth’s existing ordinary shares, meaning they will carry the same rights as current stockholders’ holdings once admitted. Admission is expected at 8 a.m. on 4 March 2026, implying a modest potential dilution for existing shareholders but reinforcing the company’s commitment to aligning incentives with long-term shareholder value.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group plc has appointed Barclays Bank plc as a joint corporate broker alongside Peel Hunt LLP, effective immediately. The move strengthens Harworth’s capital markets support and is likely aimed at enhancing its investor engagement and market positioning as it continues to develop its extensive strategic land and regeneration portfolio in the UK.
By bolstering its advisory and broking bench with a major bank, Harworth may improve access to equity investors and deepen liquidity in its shares. This appointment underscores the company’s focus on maintaining strong relationships with the financial community as it pursues long-term value creation in the industrial, logistics and residential land markets.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group has granted senior executives additional equity under its 2019 Share Incentive Plan, with the chief executive, chief financial officer and other PDMRs acquiring partnership shares on the London Stock Exchange and receiving matching shares for nil consideration. The awards, which become more tax-efficient if held for at least five years, further align management’s remuneration with shareholder returns and reinforce the company’s use of share-based incentives to retain and motivate key leadership.
The latest SIP transactions underscore Harworth’s continued reliance on equity participation to deepen management’s stake in the business at a time when long-term regeneration projects require stable strategic oversight. By increasing senior leaders’ direct ownership, the move is likely to be viewed positively by investors focused on governance and alignment, though the actual share volumes involved are relatively modest and have limited immediate impact on the company’s capital structure.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group plc has issued 2,760 new ordinary shares of 10 pence each under its 2019 Share Incentive Plan, providing “Matching Shares” to eligible employees through its existing block listing facility. The new shares, which were admitted to trading on 16 February 2026, bring the company’s total number of ordinary shares in issue to 325,877,688, a new baseline figure for shareholders’ regulatory disclosure calculations under UK transparency rules.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group reported a strong 2025 trading performance in its industrial and logistics (I&L) operations, with continued outperformance across its land and property portfolio, positive value uplifts on development-ready sites, and a growing pipeline of consented Grade A space that is attracting solid occupier and investor interest. New lettings, higher headline rents, and improved portfolio quality and occupancy underline the success of its strategic pivot toward I&L, even as residential land sales have been pressured by ongoing weakness in the UK housing market, leading to plot disposals at discounts to book value and tempering group-level value gains and EPRA NDV growth. The company has recycled £343m of capital since 2020 by accelerating residential plot sales and cutting consented residential volumes by two-thirds, redeploying funds into higher-returning I&L opportunities and building its largest ever pipeline of development-ready I&L land targeting structurally undersupplied sectors including advanced manufacturing, defence, energy and data centres. While Harworth still aims to reach £1bn in EPRA NDV, macroeconomic headwinds and investor uncertainty mean that milestone is now expected between the end of 2028 and 2029 rather than by December 2027, though management points to rising post-Budget deal activity, a robust land bank and strong interest in key strategic sites such as Northern Gateway, Wingates and Gateway 45 as reasons for confidence in delivering attractive long-term shareholder returns.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group has disclosed that under its 2019 Share Incentive Plan, senior executives including the chief executive, chief financial officer and other PDMRs acquired partnership shares and were granted matching shares in the company on 15 January 2026. The transactions, executed at £1.684 per share for the partnership shares and at nil cost for the matching shares, are intended to incentivise and retain key management by increasing their equity participation, reinforcing alignment between leadership and shareholders as the awards vest over a five-year holding period.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group plc has issued 1,636 new ordinary shares of 10 pence each under its block listing facility to satisfy awards of matching shares granted to eligible employees under the Harworth 2019 Share Incentive Plan. The new shares, which were admitted to trading on 15 January 2026, bring the company’s total number of ordinary shares in issue to 325,874,928, a figure that will be used by investors to calculate disclosure thresholds under UK financial transparency rules, though the small size of the issuance means minimal dilution for existing shareholders while supporting employee share ownership.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.
Harworth Group reported headline sales of £110.2m for FY2025, driven by 25 transactions spanning £58.2m of industrial & logistics and £52.0m of residential plot sales, despite a challenging macroeconomic environment and a delayed UK Budget that pushed many deals into late in the year. The group sold five core industrial and logistics investment assets totalling 0.8m sq ft for £47.7m at a blended net initial yield of 7.6%, achieving prices ahead of mid-2025 book values and lifting the proportion of its investment portfolio classified as Grade A to 75% by value, while disposing of 1,837 residential plots broadly in line with historical volumes though at a discount to book value, reflecting current market conditions; management reiterated a disciplined capital recycling strategy, targeting leverage below 20% and an 85% portfolio weighting to industrial and logistics, and signalled ongoing reinvestment into higher-quality development opportunities as a key driver of future growth and portfolio upgrade.
The most recent analyst rating on (GB:HWG) stock is a Hold with a £178.00 price target. To see the full list of analyst forecasts on Harworth stock, see the GB:HWG Stock Forecast page.