Interim Results
September 2023
Our Values | Respect | Integrity | Loyalty | Delivery | Adaptability | Collaboration
Agenda
■ | Introduction and strategy | 01 |
Tim Roberts | ||
■ | Financial review | 06 |
Darren Littlewood | ||
■ | Operational review | 10 |
Tim Roberts/Darren Littlewood | ||
■ | Outlook | 19 |
Tim Roberts |
Tim Roberts | Darren Littlewood |
Chief Executive Officer | Chief Financial Officer |
Henry Boot PLC | 135 years in the making | Our Values | Respect | Integrity | Loyalty | Delivery | Adaptability | Collaboration | Agenda | |
Introduction and Strategy
Speaker
Tim Roberts
Henry Boot PLC | 135 years in the making | Our Values | Respect | Integrity | Loyalty | Delivery | Adaptability | Collaboration | Page 1 | |
Investment case
A long track record of generating attractive returns through cycles
Net Asset Value per share
300p
250p
Focus on three key markets driven by positive long-term structural trends with clear approach to
ESG
Significant
embedded value
with approximately 97,000 strategic land plots and a £1.26bn development pipeline held at cost
Low gearing, and
track record of
effectively managing
balance sheet
9.1% pa total
shareholder return over 20 years (FTSE All Share: 7.0%)
200p
150p
100p
50p
0
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Jun |
2023 |
Dividend per share
12p | |||||||||
10p | |||||||||
8p | |||||||||
6p | |||||||||
4p | |||||||||
HY | |||||||||
2p | |||||||||
0 | FY | ||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Jun |
2023 |
Henry Boot PLC | 135 years in the making | Our Values | Respect | Integrity | Loyalty | Delivery | Adaptability | Collaboration | Page 2 | |
Resilient performance
LAND
PROMOTION
PROPERTY
INVESTMENT & DEVELOPMENT
CONSTRUCTION
GROUP
- Sold 1,900 plots at an increased average gross profit of £11.4k per plot, offsetting the volume reduction
- Land bank increased to c.97,000 plots. c.60% SE/Midlands
- with c.8,300 plots permitted, HLM is well placed with high levels of stock both with planning and awaiting determination
- Completed £70m (HBD share) of developments, 100% pre-sold
- £341m of committed development (HBD share: £186m) , half of which is in Industrial & Logistics
- Investment portfolio value increased to £112m, primarily due to retained Industrial & Logistics developments
- Stonebridge maintained a strong average selling price for private homes of £499k
- 2023 order book 72% secured - 94% of costs are fixed
- Banner Plant trading slightly below expectations, and Road Link performing in line with expectations
- ROCE of 6.3% (H1 22: 10.1%)
- Central operating costs of £4.2m (H1 22: £4.0m)
- Post period end, Banner Cross Hall Head Office sold at a premium to book valuation
OPERATING PROFIT
£17.0m
H1 22: £17.2m
OPERATING PROFIT
£8.5m
H1 22: £19.6m
OPERATING PROFIT
£4.4m
H1 22: £6.3m
OPERATING PROFIT
£25.7m
H1 22: £39.1m
Henry Boot PLC | 135 years in the making | Our Values | Respect | Integrity | Loyalty | Delivery | Adaptability | Collaboration | Page 3 | |
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Disclaimer
Henry Boot plc published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2023 08:22:02 UTC.