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Investing.com - Henry Boot PLC (LSE:BOOT), a company engaged in land promotion, property investment and development, home building and construction, reported a 19% increase in revenue to £126.4 million for the first half of 2025, up from £106.0 million in the same period last year.
The growth was primarily driven by land and property disposals.
Profit before tax rose to £7.8 million, more than doubling from £3.7 million in the first half of 2024. The company’s return on capital employed (ROCE) improved to 9.1%, up from 4.9% in the same period last year, though still below the company’s medium-term target range of 10-15%.
The company has completed and exchanged on total land and property sales of £159.6 million (Henry Boot’s share:£99.3 million) and has already secured 80% of its budgeted sales for 2025. The board approved a 5% increase in the interim dividend to 3.24p per share.
"Operationally, we have had a solid first half, which is no mean feat in uncertain markets, but we are also making strong progress strategically," said Tim Roberts, Chief Executive Officer of Henry Boot.
The land promotion division, Hallam Land, had a strong start to 2025, selling 1,222 plots in the first half compared to 843 in the same period last year. The company is on track to exceed 3,500 plot sales this year, up from 2,661 in 2024. The total land bank has grown to 107,173 plots.
Net debt increased to £88.1 million from £62.7 million at the end of December 2024, with gearing at 21.4%, as the company invested in accelerating planning applications and growing its home building land bank.
In January 2025, Henry Boot increased its ownership in Stonebridge Homes to 62.5%. During the period, Stonebridge completed 85 homes, slightly down from 90 homes in the first half of 2024, with the private average sales price increasing 3% to £391,000.
The company also announced the sale of Henry Boot Construction for £4.0 million, with completion expected around year-end 2025.
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