Henry Boot PLC (LSE:BOOT), active in land promotion, property investment and development, home building, and construction, posted a 19% increase in revenue to £126.4 million for H1 2025, up from £106.0 million in the same period last year.
Profit before tax more than doubled to £7.8 million, compared with £3.7 million in H1 2024, while return on capital employed (ROCE) improved to 9.1%, up from 4.9%, though still below the company’s medium-term target of 10–15%.
The company completed and exchanged total land and property sales of £159.6 million (Henry Boot’s share: £99.3 million) and has already secured 80% of its budgeted 2025 sales. The board approved a 5% increase in the interim dividend, bringing it to 3.24p per share.
Tim Roberts, CEO, commented: “Operationally, we have had a solid first half in challenging markets, and we are also making significant strategic progress.”
Henry Boot’s land promotion division, Hallam Land, sold 1,222 plots in H1 2025, up from 843 in the same period last year, putting the company on track to exceed 3,500 plot sales this year. The total land bank now stands at 107,173 plots.
Net debt increased to £88.1 million from £62.7 million at the end of 2024, with gearing at 21.4%, reflecting investments in planning applications and expanding the home building land bank. In January 2025, Henry Boot increased its stake in Stonebridge Homes to 62.5%; the business completed 85 homes in H1, slightly down from 90 in H1 2024, with the average private sales price rising 3% to £391,000.
Additionally, Henry Boot sold Henry Boot Construction (HBC) to PWS Construction Limited for an initial £4.0 million, funded via a vendor loan note and including performance-based future payments. The transaction allows the group to focus on high-quality land, prime property development, and premium homes, the core of its medium-term growth strategy. Completion is expected by year-end 2025.
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