• First-half revenue up a fifth to £126mn
• Underlying pre-tax profit doubled to £7.8mn
• Return on capital employed improved from 4.9 to 9.1 per cent
• Full-year earnings guidance reiterated
Against a subdued market backdrop, Sheffield-based Henry Boot (BOOT:220p), a land development, property and construction group, completed or exchanged on land and property sales with a value of £159.6mn in the first half of 2025. As at 14 September 2025, the total had risen to £172mn (group share £112mn), reflecting further progress post-period end. Completing these sales allows Henry Boot to crystallise the significant uplift in value created given that the assets are held at cost.
As flagged in the annual results in March 2025 (‘Interest rate cuts could lift these shares’, IC, 26 March 2025), the full-year performance will be weighted heavily to the second half due to a lower starting forward sales position and the delay between increased activity and the timing of key transactions. This follows a similar pattern to last year. With further sales completed since the period end, and 80 per cent of budgeted sales completed, exchanged or reserved, the directors reiterated full-year earnings guidance.