Sheffield-based Henry Boot PLC, a UK leader in land promotion, property investment and development, and construction, has announced its interim results.
The highlights for the period ending 30 June this year include:
- Revenue of £108.7m (30 June 2019: £189.0m) as all operations were impacted by CV-19 and and the same period in 2019 benefited from the final stage of the TECA project, Aberdeen.
- Profit before tax of £7.2m (30 June 2019: £24.1m) – slightly ahead of revised expectations and supported by land promotion business
- Earnings per share lower at 4.1p (30 June 2019: 14.2p)
- Strong net cash position increased to £42.3m (30 June 2019: net debt £50.3m)
- Declared interim dividend of 2.2p (30 June 2019: 3.7p), which reflects the current financial position and confidence in long-term markets
- Net asset value per share robust at 232p (30 June 2019: 233p)
- Land promotion business sold 2,000 plots across 9 sites and increased land portfolio to 15,456 acres
- Developments completed on £42m (GDV) of industrial all pre-sold or let. Further committed development of £296m – 95% pre-sold or let. Strong £1.4bn pipeline with 74% in industrial and logistics, remainder in urban development
- Construction steadily recovering and operating at nearly 90%, and Plant Hire at 82%, of planned activity
Commenting on the robust results in an unprecedented period, , Chief Executive Officer Tim Roberts said: “The first half of the year has proved to be very challenging for all of us, but with an agile recovery plan and a robust balance sheet Henry Boot remains in a strong position. Right from the beginning of this pandemic we have focused on our stakeholders’ wellbeing and protecting the liquidity of the Group so we can come through this in the best possible way.
“While CV-19 has affected our interim results and led us to make difficult decisions to reshape and protect the business, we have seen clear improvements in our operations. As this momentum builds, we have been quick to secure selective long-term opportunities and make progress in our key markets – residential, industrial and urban development. We are prepared for uncertain times ahead but where we see good opportunities to invest, without taking undue risk, we will continue to take them.”