Henry Boot (BOOT) Trading Update summary

Trading performance and market conditions

• Strong start to the year with resilient demand for prime property and residential land, supporting profit delivery over the next two years.

• Interest rate cuts and improved planning policy are expected to further stimulate demand, with performance expected to be weighted towards the second half of the year.

• Little evidence of global economic uncertainty impacting key markets; robust demand from housebuilders for deliverable sites.

Land promotion and planning

• Hallam Land expects annual plot sales near its medium-term target of 3,500, with 665 plots sold, 912 exchanged, and 2,490 under offer.

• Five new sites secured, increasing the land bank to 105,087 plots; 1,007 plots granted planning permission this year, with 14,344 awaiting determination.

• Successful appeals on 647 plots; targeting 10,000 planning applications in 2025, with 2,555 already submitted.

Property development and investment

• HBD’s committed development programme (£124m GDV) is focused on industrial and logistics, with strong occupier interest and robust Q1 take-up.

• Setl in Birmingham has sold or reserved 67% of units; Island in Manchester achieved record office rent, with strong interest in remaining space.

• Golden Valley project in Cheltenham progressing, with £20m government support and £104m council funding secured for phase one.

• Three investment sales completed or exchanged at an 11% premium to December 2024 book values.