19 July 2021
HENRY BOOT PLC
('Henry Boot' or 'the Group')
Trading Update
Henry Boot PLC announces ahead of its interim results that, as a result of strong trading across the Group, performance for the full year is now anticipated to be ahead of the Board's expectations.
Trading across the Group's operations has been strong, but notably within HBD we continue to see growth in both occupier and investment demand within the industrial and logistics market, leading to positive capital returns and resulting in the Group's investment portfolio valuation exceeding half-year forecasts. The business expects further growth in valuations by the end of its financial year due to the planned retention of several assets that are currently under construction.
Strategic acquisitions in both the industrial and logistics market and urban residential market through H1 continue to support our significant development pipeline. These are providing new opportunities for future development in our key markets, resulting in the Group's financial position returning to net debt of c.£13m.
Henry Boot Construction continues to trade ahead of expectations on an already full orderbook for 2021. Banner Plant's trading levels are back to those experienced in 2019 and are now trading ahead of budget for the year. Road Link (A69) continues to benefit from an increase in traffic levels which are exceeding initial expectations.
Hallam Land Management and Stonebridge Homes are trading in line and continue to benefit from a buoyant housing market.
Henry Boot PLC will publish its 2021 Interim Results on Monday 13 September 2021.
-ends-
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR). It is disclosed in accordance with the Group's obligations under Article 17 of MAR. Upon the publication of this announcement, this information is considered to be in the public domain.
Enquiries:
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Group Finance Director
Daniel Boot, Group Communications Manager
Tel: 0114 255 5444
www.henryboot.co.uk
Numis Securities Limited
Joint Corporate Broker
Garry Levin/George Fry
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten/Harry Nicholas
Tel: 020 7418 8900
Hudson Sandler
Financial PR
Nick Lyon/Wendy Baker
Tel: 020 7796 4133
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:
Land Promotion:
Hallam Land Management Limited
Property Investment and Development:
HBD (Henry Boot Developments Limited), Stonebridge Homes Limited
Construction:
Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited
The Group possess a high-quality strategic land portfolio, an enviable reputation in the property development market backed by a substantial investment property portfolio and an expanding, jointly owned, house building business. It has a construction specialism in both the public and private sectors, a long-standing plant hire business, and generates strong cash flows from its PFI contract through Road Link (A69) Limited.
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