As the parent company of the Sheffield-based Henry Boot Group of Companies, Henry Boot PLC is one of the leading property and construction organisations in the country. Its successful group operations encompass property (Henry Boot Developments Limited), land (Hallam Land Management Limited), construction (Henry Boot Construction Limited) and plant (Banner Plant Limited).

The origins of the company go back over 125 years when local farmer's son, Henry Boot, started his one-man construction business in 1886 to carry out modest jobbing work in the Sheffield and surrounding area. He rapidly expanded into large-scale public works and housing projects throughout the country and, with his son Charles, built the foundations of our company's proud and colourful history


http://www.henryboot.co.uk/

ST of IC - Target price

So having first recommended buying Henry Boot’s shares at 202p (‘A bootiful investment’, 19 February 2015), I continue to feel there is scope for the price to rise to at least my 260p target price (‘A trio of small cap buys’, 14 July 2015) and perhaps even higher. Analyst Alison Watson at Investec has a raised target price of 292p, and Nick Spoliar at WH Ireland has a 317.5p target price.

Trading Update
RNS
RNS Number : 9161L
Boot(Henry) PLC
15 January 2016



HENRY BOOT PLC

('the Group')



Trading Update





The Board of Henry Boot PLC issues the following pre-close trading update for the year ended 31 December 2015 ahead of its preliminary results which will be announced on Thursday 24 March 2016.



December was, as expected, very busy from a deal completion perspective; we sold four strategic land sites and four completed development properties with the result that underlying trading profits finished the year ahead of market expectations. In addition, we have received draft year end property valuation data and have made provisions against certain investment sites where the anticipated schemes will not now come forward as originally envisaged.



Taking account of the above solid trading performance and draft valuation data, the Board now expects that profit before tax and earnings per share for the year ended 31 December 2015 will be slightly ahead of market expectations.



We are now on site with the residential redevelopment of the former Chocolate Factory in York and expect to begin selling units from this scheme imminently, with show homes opening in March 2016. In addition, the fully pre-let and pre-sold 480,000 sq ft distribution unit at Markham Vale commenced in November 2015 for completion late in 2016.



We recently obtained detailed planning permission for our major development in Aberdeen which includes a conference centre, three hotels, an anaerobic digestion plant and an energy centre. This, first-phase scheme, has a gross development value in the region of £300m and once financing and contractor discussions are concluded, we hope to start building out midway through 2016.



With the scale of commercial development in progress and the discussions already taking place with house builders for strategic land sites, we start 2016 in an excellent position to achieve another year of progress as we strive to deliver growth in long-term shareholder value.



We look forward to updating shareholders further at the time of our annual results.

15 Jan Investec 292.00 Buy

ST of IC today - In the circumstances, and ahead of next month's full-year results, I feel very comfortable re-iterating my buy advice and my target price of 260p with Henry Boot's shares trading on a bid-offer spread of 220p to 222p. Analyst Alison Watson at Investec maintains a target price of 292p, and Nick Spoliar at WH Ireland has a target price of 317p. Buy.

Thursday's agenda: Henry Boot set to kick profits higher

15:15 23 Mar 2016

Housebuilder set to report annual profits slightly above expectations



Numis expects steady growth in Boot's construction division as industry conditions improve




Henry Boot plc (LON:BHY) is tipped to turn in profits slightly above expectations when the housebuilder reports annual results on Thursday.

Analysts expect the builder and property developer to report "robust growth" in its land development arm, driven by volume rather than price inflation.

"Looking forward, we do not expect a significant change to this trend, with pricing relatively flat but continued growth in demand for land as housebuilding activity increases," Numis Securities analysts said.

Numis expects a stronger second half for the company's property division as it completed a number of development properties, although it would be offset by write-downs on slower-moving investment sites.

"Nonetheless, we believe this division will underpin the group's earnings growth over the medium term," the broker's Christen Hjorth said.

"Finally, we expect a continuation of steady growth in the construction division as industry conditions improve."

Numis expects pre-tax profit of £29.9mln against £28.3mln a year ago.

Final Results

RNS


RNS Number : 0990T

Boot(Henry) PLC

24 March 2016




HENRY BOOT PLC

UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

Henry Boot PLC ('Henry Boot', 'the Company' or 'the Group') (Ticker: BHY: Main market premium listing: FTSE: construction & materials), a company engaged in land development, property investment and development, and construction, announces its preliminary results for the year ended 31 December 2015.

2015 KEY FINANCIAL HIGHLIGHTS

· Profit before tax increased 14% to £32.4m (2014: £28.3m)

· Earnings per share increased 8% to 17.5p (2014: 16.2p)

· Proposed final dividend of 3.80p (2014: 3.50p), giving a total for the year of 6.10p (2014: 5.60p), a 9% increase

· Net asset value per share increased 10% to 168p (2014: 152p)

· Conservative gearing at 18% (2014: 18%), net debt £38.9m (2014: £36.4m)

· Strategic land acreage now 11,061 acres (2014: 9,985 acres)

· 78% total shareholder return over the last three years

Commenting on the results, Chairman Jamie Boot said:

"I am delighted to report a 14% increase in profit before tax to £32.4m for the year ended 31 December 2015. Once again, all our business segments performed well within a solid UK economy.

"I have taken over as Chairman with the business in excellent shape and with our people energised to deliver significant growth in activity. I look forward to reporting on progress through 2016 and beyond."

24 Mar Numis 265.00 Add

AGM Trading Update

RNS


RNS Number : 3208Z

Boot(Henry) PLC

26 May 2016




HENRY BOOT PLC

('the Company' or 'the Group')



AGM TRADING UPDATE





Henry Boot PLC will hold its Annual General Meeting at 12.30 p.m. today at which the Chairman will make the following statement regarding current trading and the outlook for the current financial year.



The statement covers the period from 1 January 2016 to date and supplements the update given with the 2015 results on 24 March 2016.





Trading and outlook



Trading since the beginning of 2016 has, once again, been encouraging; the Group's three business segments, land development, property investment and development and construction, are all trading well. However, we may see some transactional uncertainty around the EU referendum. We do not anticipate this will last for long or have a detrimental effect on the year as a whole, and therefore we remain confident that trading will meet the Board's expectations for the full year.



KEY EVENTS IN THE PERIOD



LAND DEVELOPMENT



Since the start of 2016 activity levels have been, and continue to be, strong.




·

We have already concluded four land sales totalling over 450 units and have unconditionally exchanged on two further sites, with completion expected later in the year. In addition, we are in detailed sale discussions on ten other schemes; the majority of which should also complete before the year end.




·

We have seen further success in our planning activities since December 2015, having obtained planning permission on five sites, for over 3,400 units. We now have 52 sites for sale with over 15,000 units and an additional 29 sites, over 13,000 units, either at appeal or as yet undetermined planning applications.




·

Our land promotion portfolio now totals over 150 sites and 11,200 acres. Furthermore, we have board approval for some 30 new sites, for in excess of 2,000 acres, to replenish the portfolio for the future.




·

House builders continue to report good progress with stable levels of demand for new homes and are replenishing their land banks as sales are made. We look forward to reporting further activity as sales complete throughout the rest of the year.




PROPERTY INVESTMENT AND DEVELOPMENT




·

At Markham Vale, our 200 acre business park being developed in partnership with Derbyshire County Council, we are on track to develop over one million sq ft of distribution space by the end of the year. This follows the exchange of contracts for a 225,000 sq ft bespoke unit and agreement of terms for a further 480,000 sq ft of warehousing, in addition to the 480,000 sq ft of space already pre-let to Great Bear Distribution Limited. These three schemes, which are forward funded or pre-sold, are all expected to complete in late 2016 or early 2017.




·

The 850,000 sq ft exhibition and conference centre in Aberdeen continues to move forward following the final approval of the scheme by the City Council. We are now working on the final terms with our construction partner and our funder and hope to be on site, as planned, in the second half of 2016.




·

Contracts were exchanged early in the year with Atkins Limited on a site in Epsom, Surrey, to develop 110,000 sq ft of high specification offices. With detailed planning permission already secured, initial enabling works will start this year and the development, which is forward funded, is expected to be completed towards the end of 2017.




·

In Manchester city centre, contracts have been exchanged with U.S. Property Fund, Ares, to forward fund a 570 unit private rented apartment development on a 2.5 acre site which we hold under contract. A detailed planning application for the scheme was recently submitted; once secured, we expect to commence this £200m development in the first half of 2017.




·

At the former Terry's chocolate factory in York, our development opened for apartment sales in April 2016. We already have reservations on over 40 luxury apartments at sales values above those originally envisaged. The first sales completions are expected in the second half of 2016 and current demand indicates that we should see further sales throughout this year and 2017.




·

Elsewhere, a number of other smaller projects have commenced. These include retail warehouse developments in Livingston and Belper, a car dealership site on the edge of Chesterfield and an office refurbishment and extension in Uxbridge.




·

Our jointly owned house builder, Stonebridge, started development on the 109 unit site in Leeds late in 2015 and recently began building out the 114 unit site in Stocksbridge. Sales have commenced on both sites with good initial interest. We expect these two sites to be the main areas of growth for Stonebridge supported by a growing site portfolio.






CONSTRUCTION DIVISION




·

Our Construction business continues to undertake projects across a wide range of sectors including industrial, residential housing, custodial, health, commercial, education, leisure, renewable energy and civil engineering. We have made a strong start to the year and expect to achieve targeted activity in 2016 and are already building the 2017 order book. Encouragingly, and contrary to certain press comment regarding parts of the UK construction market, we are seeing improvements in both construction activity and the size of opportunities coming to the market. As a consequence, we anticipate a small improvement in pricing levels associated with the growing workload in all our operating sectors.




·

Our plant business is trading well and activity is ahead of the equivalent period last year. Encouragingly, we are currently seeing good demand for all parts of the hire fleet from a generally busy construction industry in the North of England.




·

Road Link (A69) Limited, our PFI contract, continues to trade in line with previous years and management expectations.

Trading Update & completion of further land sales

RNS


RNS Number : 5165A

Boot(Henry) PLC

08 June 2016




London: Wednesday, 8 June 2016







HENRY BOOT PLC

('the Company' or 'the Group')



TRADING UPDATE AND COMPLETION OF FURTHER LAND SALES



Henry Boot PLC (BHY.L) announces that further to its recent Trading Update issued on 26 May 2016 the Group has since concluded two further land sales for 275 house units, one of which was ahead of original schedule.



While one of these land sales completed in line with the Board's expectations, management had initially forecast that the second land sale (and notably the larger of the two) would comprise three separate sales across the three years ending 31 December 2018.



This sale completed yesterday evening (7 June 2016), earlier than management expected, with the site sold in two (rather than three) parts in each of 2016 and 2017. Furthermore, the sale results in a materially higher total profit on disposal than had been previously anticipated.



Taking into account the level of land sales now completed by the Group since the start of the year, together with the commercial development work in progress through the second half of the year, and irrespective of the EU Referendum result, the Board now anticipates that profit before tax for the year ending 31 December 2016 will be comfortably ahead of current market expectations.



Further detail will be provided in the Company's results announcement for the half year ending 30 June 2016, which will reflect much of the aforementioned outperformance, and is expected to be published on 25 August 2016.

8 Jun Numis 265.00 Buy

Notice of Half-yearly Results

RNS


RNS Number : 1942H

Boot(Henry) PLC

15 August 2016




Henry Boot PLC

('the Company' or 'the Group')



Notice of Half-yearly Results





Henry Boot PLC will announce the Group's Interim Results for the six months ended 30 June 2016 on Thursday 25 August 2016.

Aberdeen Conference Centre goes unconditional

RNS


RNS Number : 9438H

Boot(Henry) PLC

24 August 2016




Unconditional Development Agreement now in place with Aberdeen City Council for the development of their new Exhibition and Conference Centre



Henry Boot PLC announces that late on the 23 August 2016, Henry Boot Developments Limited, the property development arm of the Group, concluded unconditional agreements with Aberdeen City Council for their new exhibition and conference centre, four-star hotel and energy centre.



The £333 million development, which will be funded by the City Council, received detailed planning permission at the end of 2015 and is located on the 130 acre former Rowett Research Institute site adjacent to Aberdeen International Airport. The scheme will include a 12,500 capacity performance venue, extensive covered exhibition halls, a four-star 200 bed hotel to be operated under the Hilton Hotels brand together with an energy centre and 2,500 parking spaces. This initial phase of the scheme will provide more than 800,000 sq ft of space and includes a development agreement for another 150 bed hotel, to be operated under the Aloft brand, which has also been exchanged, conditional upon the grant of detailed planning permission, expected later this year.



Robertson Construction Group Ltd, the main contractor, has commenced work on site and development completion is expected in the first half of 2019.



Henry Boot Developments Limited has also secured planning permission for a further 400,000 sq ft of business park space on land adjoining the exhibition and conference centre, which will be serviced as part of the above scheme, and developed jointly with Aberdeen City Council.



Jamie Boot, Chairman of Henry Boot PLC, commented:



"We are delighted to have been selected by the Aberdeen City Council to develop the city's new exhibition and conference centre, four-star hotel and energy centre. This is a landmark agreement for Henry Boot Developments with development expected to be completed in 2019.



It is very pleasing to see the larger commercial development schemes we have been preparing for some time now finally on site. We remain mindful of the challenges facing our industry after the result of the EU Referendum, taking into consideration this current market backdrop, we maintain a cautious outlook and as such the Board's expectations remain unchanged."

Half year results

MIDAS-SHARE-TIPS UPDATE


Midas verdict: Henry Boot is a conservatively run, long-term business. The shares were hit immediately after the Brexit vote, as investors worried about the outlook for the property sector.

However, they have since bounced back and should continue to gain ground. Shareholders who bought in 2011 should hold. New investors could also give these shares a closer look.

ST of IC today - True, the shares have yet to make any meaningful headway on my 205p buy-in price ('A bootiful investment', 19 Feb 2015), but I still believe this is a rock solid company and one where my heavily discounted sum-of-the-parts valuation of 280p a share is warranted. Buy

Trading Update
RNS
RNS Number : 3836U
Boot(Henry) PLC
18 January 2017
 
HENRY BOOT PLC
('the Group')
 
Trading Update
 
 
The Board of Henry Boot PLC issues the following trading update for the year ended 31 December 2016 ahead of its full year results which will be announced on Friday, 24 March 2017.
 
December 2016 was, as expected, a busy month from a deal completion perspective. Certain land and property development deals completed in line with our expectations and the month also saw a total of 44 residential completions at our JV house builder, Stonebridge Projects, and The Chocolate Factory in York. In addition, construction work on the Aberdeen Exhibition and Conference Centre development is ahead of schedule resulting in marginally higher profit recognition for the year. We have also now received the draft investment property valuation data for our portfolio for 31 December 2016 which was as expected.
 
Taking the above into account, the Board now expects that profit before tax and earnings per share for the year ended 31 December 2016 will be slightly ahead of market expectations.
 
Furthermore, and notwithstanding the continuing macroeconomic concerns regarding the EU Referendum, the committed and contracted activity we already have in place means we start 2017 in an excellent position to achieve yet another year of further progress, delivering growth in long-term shareholder value.
 
We look forward to updating shareholders further on 24 March 2017 with our full year results announcement.

Final results

2016 KEY HIGHLIGHTS
·     Revenue increased 74% to £306.8m (2015: £176.2m)
·     Profit before tax increased 22% to £39.5m (2015: £32.4m)
·     Earnings per share increased 23% to 21.5p (2015: 17.5p)
·     Proposed final dividend of 4.50p (2015: 3.80p), giving a total for the year of 7.00p (2015: 6.10p), a 15% increase
·     Net asset value per share increased 5% to 177p (2015: 168p)
·     Conservative gearing at 14% (2015: 18%), net debt £32.9m (2015: £38.9m)
·     Strategic land acreage now 11,888 acres (2015: 11,061 acres)

ST of IC today - I feel Henry Boot's share price has potential to rerate to the 300p level. Buy.

AGM Trading Update
RNS
RNS Number : 0945G
Boot(Henry) PLC
25 May 2017
 
                                                                                                                        25 May 2017
 
HENRY BOOT PLC
('Henry Boot', 'the Company' or 'the Group')
 
AGM TRADING UPDATE
 
 
Henry Boot PLC, a company engaged in land promotion, property investment and development, and construction, will hold its Annual General Meeting at 12.30 p.m. today at which the Chairman will make the following statement regarding current trading and the outlook for the current financial year.
 
Trading and outlook
 
Property trading and development activity levels since the beginning of 2017 have been very encouraging and the Group's three business segments; land promotion, property investment and development and construction are trading strongly. Henry Boot is, fundamentally, a transactions driven business and there is always a degree of uncertainty with regard to the timing of these deals within a particular financial period. We are pleased to report that any uncertainty created by the current UK general election process is not having an impact on our business.
 
Given the strong start we have made in 2017, and anticipating no major changes to the underlying economic conditions in which we operate, we now anticipate the Group's performance for the current financial year ending 31 December 2017 will be comfortably ahead of the Board's existing expectations.
 
KEY EVENTS IN THE PERIOD
 
LAND PROMOTION
 
Hallam Land Management, our strategic land business, has made a very solid start to the year. Transactions expected to complete in 2017 are progressing as anticipated and the UK's major house builders are reporting slightly higher levels of activity and strong demand for new houses.
 
·     
So far this year we have concluded land sales totalling over 900 units on seven sites. In addition, we have unconditionally exchanged on two other sites and are in detailed discussions regarding the sales of a further nine schemes.
 
·     
We have also obtained planning permission on six sites for 1,965 units and now have 50 sites for sale comprising over 17,600 units. We have a further 11,000 units on 32 sites which are currently undetermined planning applications or at appeal.
 
·     
The total portfolio of land promotion sites is now 163 covering 11,900 acres with a further 28 sites, over 2,100 acres, expected to be brought into the portfolio subject to the completion of due diligence and legal agreement.
 
PROPERTY INVESTMENT AND DEVELOPMENT
 
·     
The 200-acre business park at Markham Vale will once again see a number of developments delivered in 2017 with over 650,000 sq ft of industrial and distribution space in progress.
 
·     
We have been on site at the Aberdeen Exhibition and Conference Centre for almost a year now and construction is progressing to plan, with a target completion date of mid-2019.
 
·     
We expect that the remaining 76 of the original 163 apartments within the main factory building at the former Terry's Chocolate Factory in York will be sold during 2017, completing this phase of work. We will then turn our attention to the smaller Clock Tower redevelopment and the final three-acre site which is likely to be a further residential opportunity, subject to planning.
 
·     
In Manchester city centre, the jointly developed and forward funded 539-unit private rented apartment development should see the completion of the strip out and demolition contract by mid-2017, with the main redevelopment beginning on the conclusion of that work.
 
·     
Our jointly owned house builder, Stonebridge Projects, is trading well and is targeting sales of 100 units in 2017, up from 70 units in 2016. Reservations and sales at this stage of the year are on track to achieve our targets.
 
CONSTRUCTION
 
·     
Our construction business continues to work across a wide range of sectors, including industrial, residential, custodial, health, commercial, education, leisure and civil engineering. We have made a good start to the year and expect to achieve targeted activity in 2017, whilst also building our 2018 order book. The level of contract opportunities coming to the market is similar to the previous two years and we continue to win work at broadly the same rate.
 
·     
Our plant hire business, Banner Plant, completed the acquisition of Premier Plant Tool Hire & Sales Limited in Leicester for £2.8m in the period; taking our activities a little further south down the M1 motorway corridor. The integration of the new business is progressing well and both the existing and new depots are trading in line with our expectations.
 
·     
Road Link (A69) Limited, our PFI contract, continues to trade well and in line with previous years and management expectations.