Boot(Henry) Plc - 2019 Half-year Report

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

Henry Boot PLC, a company engaged in land promotion, property investment and development, and construction, announces its interim results for the period ended 30 June 2019. Ticker: BOOT.L: Main market premium listing: FTSE: construction & materials.

 

HIGHLIGHTS

 

 

 

30 June

2019

30 June

2018

%

change

·     

Profit before tax

£24.1m

£26.2m

-8.0%

·     

Operating profit

£24.7m

£26.4m

-6.4%

·     

Earnings per share

14.2p

15.7p

-9.6%

·     

Interim dividend

3.70p

3.20p

+15.6%

·     

Net debt

£50.3m

£26.0m

+93.5%

·     

Net asset value per share

233p

217p

+7.4%

 

Commenting on the results, Chief Executive John Sutcliffe said:

 

"Once again, we are very pleased to report on another period of successful trading. A deal-driven business, such as Henry Boot, always shows a degree of variability in profits and to have achieved over £24m in profit before tax, given the uncertainties affecting the UK economy, is a very resilient result.

 

Trading conditions in the first half have remained consistent with 2018 and all business streams performed well as we continued to deliver a significant number of high quality land, housing and commercial development opportunities. Hallam Land, in particular, had a strong half year.

 

After the period end, we completed and handed over The Event Complex Aberdeen (TECA), concluded on two investment property sales, exchanged contracts on a further two and acquired a majority shareholding in Starfish Commercial Limited, a small partnership homes contractor in the North of England.

 

Trading in the second half has started well and we remain confident in meeting expectations for the full year, albeit some uncertainty remains regarding the UK's exit from the EU and how this may affect future trading conditions. However, the opportunities we have do not change and we will be carrying little or no debt, from the disposal of assets held for sale, should any competitively priced assets become available to us."