Henry Boot profit rises, hikes interim dividend
By Michele Maatouk
Date: Friday 25 Aug 2017
(ShareCast News) - Land and property investor and construction company Henry Boot reported an 8.7% jump in first-half profit on Friday as it hiked its dividend amid ongoing high levels of demand for land and housing in the UK.
In the six months to 30 June, pre-tax profit rose to £22.6m from £20.8m in the same period a year ago, with operating profit up 8.1% to £22.8m and earnings per share of 13.1p versus 11.9p in 2016.
Revenue for the period was up 82% to £195.4m, driven by higher levels of activity across all segments of the business, and the company lifted its interim dividend by 12% to 2.80p per share.
Chief executive John Sutcliffe said: "We are pleased to report another good performance in the first half against a strong comparative result in 2016, with further operational progress delivered across the group.
"This momentum has continued into the second half of the year and we are seeing high levels of activity across our operations. Whilst we remain mindful of a continued degree of economic and political uncertainty, sentiment amongst our customers and clients remains positive and we have a strong pipeline of profitable opportunities. The group continues to trade well and in line with the board's expectations for the full year."
The group concluded eight land sales in the period and has a further five sites exchanged for completion in the second half. It said that despite a more uncertain economic and political climate, it continues to see a high level of demand for land and housing in the UK, and is delivering its commercial development portfolio ahead of its expectations, in particular, at York and Aberdeen.
"We maintain a positive dialogue with our customers and have yet to see any direct impact from these external events," it said.
At 0815 BST, the shares were down 0.8% to 302.44p.
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