HENRY BOOT PLC
('Henry Boot' or 'the Group')
Trading Update
Henry Boot PLC announces ahead of its interim results that, as a result of strong trading across the Group, performance for the full year is now anticipated to be ahead of the Board's expectations.
Trading across the Group's operations has been strong, but notably within HBD we continue to see growth in both occupier and investment demand within the industrial and logistics market, leading to positive capital returns and resulting in the Group's investment portfolio valuation exceeding half-year forecasts. The business expects further growth in valuations by the end of its financial year due to the planned retention of several assets that are currently under construction.
Strategic acquisitions in both the industrial and logistics market and urban residential market through H1 continue to support our significant development pipeline. These are providing new opportunities for future development in our key markets, resulting in the Group's financial position returning to net debt of c.£13m.
Henry Boot Construction continues to trade ahead of expectations on an already full orderbook for 2021. Banner Plant's trading levels are back to those experienced in 2019 and are now trading ahead of budget for the year. Road Link (A69) continues to benefit from an increase in traffic levels which are exceeding initial expectations.
Hallam Land Management and Stonebridge Homes are trading in line and continue to benefit from a buoyant housing market.
Henry Boot PLC will publish its 2021 Interim Results on Monday 13 September 2021.