Henry Boot (BOOT) H1 2026 earnings summary

Executive summary

• New CEO is driving a refreshed strategy, focusing on operational efficiency, capital discipline, and leveraging the group's legacy and skilled workforce.

• Subdued first half performance due to lower transaction volumes and challenging market conditions.

• Strategic actions included the sale of Henry Boot Construction and increased stake in Stonebridge Homes.

• Business review underway, with new medium-term objectives to be presented in early 2027.

Financial highlights

• Revenue fell 19% year-over-year to £80.7m, with operating loss of £3.9m and gross margin at 17.5%.

• Net debt increased to £133m, with gearing at 33%.

• Net asset value per share declined to 298p–301p, down from 311.6p–312p at year-end 2025.

• No interim dividend declared; future payouts to be reviewed after full-year results.

• Basic EPS at (2.2)p, down from 4.8p year-over-year.

Outlook and guidance

• H2 2026 expected to be stronger, with performance weighted to the second half due to deferred land sales and completions.

• Profit before tax for 2026 anticipated to be in line with consensus expectations (£9.7m).

• Market conditions remain challenging, with subdued transaction volumes likely to persist.

• Refreshed strategy and new medium-term objectives to be presented in early 2027.