Henry Boot PLC, a company engaged in land promotion, property investment and development, and construction, announces its results for the year ended 31 December 2017. Ticker: BOOT.L: Main market premium listing: FTSE: construction & materials.
2017 KEY HIGHLIGHTS
• Revenue increased 33% to £408.5m (2016: £306.8m)
• Profit before tax increased 40% to £55.4m (2016: £39.5m)
• Earnings per share increased 49% to 32.1p (2016: 21.5p)
• Proposed final dividend of 5.20p (2016: 4.50p), giving a total for the year of 8.00p (2016: 7.00p), a 14% increase
• Net asset value per share increased 15% to 203p (2016: 177p)
• Conservative gearing at 11% (2016: 14%), net debt £29.0m (2016: £32.9m)
• Strategic land acreage now 13,273 acres (2016: 11,888 acres)
Commenting on the results, Chairman, Jamie Boot said:
“I am very pleased to report revenue growth of 33% resulting in a 40% increase in profit before tax and a 49% increase in earnings. In addition, net assets per share exceeded 200p for the first time. Dividends increased by 14% and gearing reduced slightly compared with the previous year.
“We have made a good start to the 2018 financial year, having already concluded a number of land sales. In addition, we have a strong pipeline of construction work, commercial development projects and strategic land sites working through the marketing process, on which to capitalise through the year. Our focus consequently continues to be on the profitable delivery of these schemes and the value they will create for all our stakeholders. I look forward to reporting on our success in doing this through 2018 and beyond.”
Commenting on the results, Chief Executive Officer, John Sutcliffe said:
“2017 delivered a record financial performance, primarily due to development schemes being delivered more quickly than we initially anticipated. As a result, profit before tax and earnings per share increased by 40% and 49% respectively, and we were able to more than replenish our portfolio of future opportunities during the year. Notwithstanding any potential impact from the decision to leave the EU, our business model and strategic aims remain unchanged, and 2018 has started well across all our business streams.”
Click here to view the full 2017 Full Year Results Announcement
For further information, please contact:
Henry Boot PLC
John Sutcliffe, Chief Executive Officer
Darren Littlewood, Group Finance Director
Tel: 0114 255 5444
Investec Bank plc
Garry Levin/Carlton Nelson/David Anderson
Tel: 020 7597 5970
Hudson Sandler LLP
Nick Lyon/Wendy Baker
Tel: 020 7796 4133
