The recent closure of Britain's final coal-fired power station marked the end of an era. But we have been pulling back from coal for decades.

Gascoigne Wood was once part of the thriving Selby coalfield in North Yorkshire, producing 12 million tons of coal a year at its peak. In 2004, however, the area was mothballed, after a long period of losses.

Now Gascoigne Wood is set to flourish again, under the stewardship of Harworth Group, a property firm that specialises

in regeneration. Having spent years working out how best to redevelop Gascoigne, Harworth has been granted planning permission to turn the site into a major industrial and logistics hub between Leeds and Hull.

The project is expected to create hundreds of jobs, drive local economic growth and bolster Harworth's bottom line.

Harworth has come a long way since it was formed from the remnants of UK Coal in 2015. Established to turn disused and neglected land into areas for homes and businesses, the firm has become known for moving sites through complex planning systems and creating major new developments along the way. Waverley is a case in point.

Built on the former Orgreave coal mining site, this area near Sheffield is being transformed into a community of almost 3,000 homes, as well as shops, a school, restaurants and health centre, alongside its flagship Advanced Manufacturing Park where Rolls-Royce and McLaren are based.

Harworth chief executive Lynda Shillaw is determined to keep up the good work. After joining in 2020, she planned to double the value of its assets to £1 billion, speed up development and create more industrial and logistics properties alongside housing.

Half-year results show she is well on the way. Asset values have risen to almost £690 million, profits have surged and the group's land bank could deliver more than 26,000 new homes and 39 million square feet of industrial and logistics space. 

Shillaw has made brisk progress on both fronts this year and, in June, completed Harworth's biggest deal, selling a 48-acre site in Skelton Grange, Leeds, to Microsoft for £107 million. Once home to two coal-fired power stations, the area will now house a super-sized data centre.

Shillaw also intends to buy more industrial sites so Harworth can secure steady rental income. Last week, the group spent £43 million on a large logistics estate next to the Advanced Manufacturing Park, bolstering the annual rent roll. That will support continued dividend growth with a 1.6p payout pencilled in for this year, rising to 1.8p in 2025 and 2p the following year.

Midas verdict: Midas recommended Harworth in 2020, when the shares were £1.54. Three years later, they had fallen to £1.20 but we advised investors to be patient. That patience has been rewarded as the stock has since risen to £1.85. Reassuringly, too, Shillaw and her finance director forked out nearly £30,000 of their own cash buying shares just after the half-year figures. A strong, long-term investment.

Traded on: Main market Ticker: HWG Contact: harworthgroup.com