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Boot(Henry) Plc - Final Results 2019

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('Henry Boot', 'the Company' or 'the Group')


Henry Boot PLC, a company engaged in land promotion, property investment and development, and construction, announces its results for the year ended 31 December 2019. Ticker: BOOT.L: Main market premium listing: FTSE: Real Estate Holding and Development.


  • Revenue of £379.7m (2018: £397.1m) - lower primarily following the successful completion in August of the £333m TECA project, Aberdeen
  • Profit before tax of £49.1m (2018: £48.6m) - slightly higher led by strong performance of our land promotion business
  • Earnings per share of 28.3p, consistent with prior year (2018: 28.3p)
  • Net asset value per share increased 5% to 239p (2018: 227p) from retained earnings
  • Net cash of £27.0m (2018: net debt £18.4m) with nil gearing on a net cash basis (2018: 6% on net debt), following well-timed sale of £67.1m of primarily mixed-use retail-focused investments
  • Proposed final dividend of 1.30p (2018: 5.80p), giving a total for the year of 5.00p, 56% of FY2018 (2018: 9.00p), reduced to preserve cash in unprecedented challenging times
  • Clear plan of reducing outgoings and managing cashflow, including paying only 50% of all Group 2019 declared bonuses, and a 20% reduction in salary and fees of the main board
  • Strongly positioned for the future with land promotion acreage now 14,898 acres, potential development pipeline of £1.3bn GDV, primarily in manufacturing and logistics, with the rest concentrated on urban office and residential development, and a construction business with a bias to public sector investment in health, education and urban regeneration

Commenting on the results, Chairman, Jamie Boot said:

"We made significant strategic progress in 2019, achieving another strong set of results and finishing the year with £27.0m in net cash. Our priority is the welfare of our colleagues, customers and the communities in which we operate in, preserving our robust financial position, and continuing to serve our customers and other stakeholders. With positive cashflow, a short-term focus on managing our cash reserves, and operational contingency planning in place, we have positioned ourselves to respond to the COVID-19."

Commenting on the results, Chief Executive Officer, Tim Roberts said:

"There is no doubt that COVID-19 has caused significant economic and social disruption, and as such is materially affecting the Group's near-term trading. However, with no debt, cash in the bank, and our business cutting out unnecessary expenditure, coupled with reducing activity, we have a clear and effective plan to get through these uncertain times. Long term, we have extensive operational skills, which we believe will continue to provide valued services to customers in key markets such as residential, manufacturing and logistics and urban development. We also have a construction business with a bias to public sector investment in areas such as health, education and urban regeneration. These are all sustainable markets, so we also have a firm eye on the future success of the business.''