Develop North PLC has returned more than £10 million to shareholders since launch, as the North East-based investment company reported positive interim results and outlined plans to build on its expanded investment strategy.
The London Stock Exchange-listed business enters its tenth year with a £22.9 million portfolio spanning 14 live projects, more than 70 per cent of which are located in the North East, alongside a growing pipeline of investment opportunities across residential real estate, commercial real estate and real estate lending.
Results for the six months to 31 May 2026 show continued progress across the business, with dividends of 2.00p per share paid or declared during the period, two successful investment exits completed and £0.9 million of new equity capital raised despite challenging market conditions for listed investment companies.
Although net asset value reduced slightly during the period, the Board said this reflected one-off investment in the company’s expanded investment strategy, the launch of a new Prospectus and the strengthening of its leadership team, positioning the business for long-term growth.
The period also marked the first full reporting period under Develop North’s broadened investment policy, which now enables the company to invest across residential real estate, commercial real estate and real estate lending, alongside the appointment of Michelle Percy as chief executive officer.
Two investments were successfully exited during the period, taking the total number of realised investments since the company’s launch to 28. They included Whitley Court, a modern industrial and trade counter development at Leeming Bar Business Park, and the regeneration of Sunderland’s former Farringdon Police Station into a fully occupied retail destination.
Since the reporting period ended, Develop North has also completed a £1.95 million funding facility to support the construction of nine executive homes at Kellys Wharf in South Tyneside and expects to complete its first direct investment under the expanded strategy later this financial year.
John Newlands, chairman of Develop North PLC, said: “Develop North enters this next phase with a strengthened leadership team, a broadened investment strategy and an established platform from which to grow. We expect to complete our first investment under the revised policy during the current financial year and continue to see encouraging levels of activity across our pipeline.”
Michelle Percy, chief executive officer of Develop North PLC, added: “These interim results reflect a business that has spent the past six months investing in its future. We’ve evolved our investment strategy, strengthened the leadership team, welcomed new shareholders and continued to recycle capital through successful exits, all while maintaining the disciplined approach that has defined Develop North since launch.
“Our purpose remains unchanged. We want to provide investors with access to attractive regional real estate opportunities while supporting developments that deliver regeneration, create jobs and contribute to long-term economic growth.
“As we enter our tenth year, we’re in a strong position. We have an experienced team, an expanded investment mandate, a healthy pipeline of opportunities and a portfolio that continues to perform well. We’re excited about building on that momentum during the second half of the year and continuing to create long-term value for both our shareholders and the regional economies in which we invest.”
