Henry Boot (BOOT) H1 2025 earnings summary

Executive summary

• Achieved total land and property sales of £159.6 million, with £99.3 million as the group's share in H1 25.

• Focused on high-quality land, prime developments, and premium homes, demonstrating resilience amid market uncertainty.

• Sale of Henry Boot Construction for £4 million to streamline operations, reduce risk, and focus on core activities.

• Increased half-year dividend by 5% to 3.24p, reflecting confidence in growth and returns.

• Strategic focus sharpened by increased ownership in Stonebridge Homes to 62.5%.

Financial highlights

• Revenue up 19% year-over-year to £126.4 million, driven by significant land promotion and property development transactions.

• Gross profit increased 30% to £32.0 million, with margin improving to 25.3%.

• Operating profit at £10.2 million; profit before tax up 111% to £7.8 million; EPS rose to 4.8p.

• Net asset value per share at 304p, down 2.6%; IFRS NAV per share at 307p.

• Net debt increased to £88.1 million, with gearing at 21.4%.

Outlook and guidance

• Confident of achieving full-year performance in line with expectations, with 80% of budgeted 2025 sales already completed, exchanged, or secured.

• Targeting over 3,500 plot sales in Hallam for the year, with medium-term target of 3,500 per annum.

• Stonebridge aims to complete 240–250 homes this year, with plans to scale up to 600 homes per annum.

• Expecting to return to growth in 2025, with a strong pipeline and supportive planning environment.

• Committed to growing capital employed to over £500 million and maintaining ROCE within 10–15%.