Strong performance in key markets provides boost for Henry Boot

Henry Boot recorded an 11.9 per cent increase in revenue to £144.4m, for the six months ended June 30 2022, driven by land disposals and property development completions.

Tim Roberts, Chief Executive Officer, commented: “We have had one of our best ever first half years with materially rising profits and good progress achieved against our strategic targets.

"Taking advantage of our three key markets we have made significant sales whilst being selective on purchases.

"This has allowed us to keep gearing low, despite continued investment in our high-quality committed development programme and our growing housebuilder, and at the same time increase our interim dividend by 10%. We have worked hard to do our best to adjust to supply restrictions, inflation and an increasingly complex planning system. This work, together with our committed team of people and the relatively high level of forward sales for 2023, see us well placed as we enter what seems yet another period of economic uncertainty.”

Profit before tax grew by 68.0 per cent to £38.8m, due to the strong performance of residential land sales and industrial development activity, the group said.

In a statement, Henry Boot said: “Stonebridge Homes has secured 96 per cent of its annual sales target of 200 units for 2022, with a total owned and controlled land bank at 1,164 plots.

The statement added: “We are on track to scale up this business.”