RCS - Boot(Henry) PLC - Henry Boot Agrees Sale of c.600 plots

Henry BootAnnouncement

12/12/2024 07:00

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RNS Number : 7596P  Boot(Henry) PLC  12 December 2024

 
 

Henry Boot Agrees Sale of c.600 plots in the Midlands

Henry Boot (or the "group") announces today that Hallam Land (Hallam), the
group's land promotion and planning business, has unconditionally exchanged
contracts for the sale of c.600 plots in the Midlands.

 

This latest residential sale resulted in an ungeared internal rate of return
of 28% p.a. and takes Hallam's 2024 plot disposals to c.2,800. Whilst this is
marginally below our sales target of 3,000 plots for the year, following last
month's announcement of 52 acres of employment land in Coventry, Hallam is now
on track to hit its full year financial target.

 

Hallam has seen noticeable improvements in the planning system since the
change in Government during the summer. In the year to date, Hallam has
secured consents on a total of 2,870 plots (2023: 1,014 plots), of which 2,056
have been achieved since the beginning of September. In addition, Hallam has
appeals lodged on 2,189 plots across seven sites and in total has 11,191 plots
in the planning system.

 

Hallam's land bank now has planning consent on 9,611 plots (June 2024: 7,990),
and a further 10,000 plots are expected to be submitted into the planning
system over the next 12 months, leaving the group in a strong position to meet
its medium-term strategic target of selling 3,500 plots per annum.

 

Tim Roberts, CEO at Henry Boot, commented: "This latest sale of a significant
parcel of consented residential land means that Hallam Land is firmly on track
to meet its targets for land sales in this financial year.

"I am also pleased to note that under the new Government there has already
been a welcome and much needed improvement in the planning system. We expect
this to provide a strong tailwind to Henry Boot's ambition to accelerate the
volume of plots submitted for approval from our well located land bank next
year."

END

Notes to editors

Henry Boot is one of the UK's leading land, property development, home
building and construction businesses - and we've been transforming land and
spaces since 1886. Listed on the London Stock Exchange since 1919, we're
renowned for quality, expertise, delivery and a partnership approach across
the group - which comprises, Hallam Land, HBD, Stonebridge, Henry Boot
Construction, Banner Plant and Road Link.

 

Operating across the UK, and employing over 500 people, we focus on three key
markets: urban development, industrial and logistics and residential. Hallam
Land has facilitated 52,000 new homes since 1990, managing one of the top five
largest land portfolios in the country, with the potential to facilitate over
100,000 homes. HBD manages a development pipeline of £1.3bn, the equivalent
of 7m sq ft of developments across our key markets, while maintaining a £113m
investment portfolio, of which 73% of the properties have an EPC rating of 'C'
or higher. Stonebridge, our jointly owned home building business, manages a
land portfolio capable of delivering 1,500 homes, with an ambition to deliver
up to 600 new homes a year.

 

Henry Boot Construction has extensive experience in both the public and
private sectors, including major projects such as the £200m regeneration of
Barnsley town centre, and The Cocoa Works, a £57m residential development in
York. For over 65 years, Banner Plant has supplied construction products and
services, operating from seven regional depots in the North of England.

 

We have also developed an ambitious Responsible Business Strategy to help us
meet our aim of being Net Zero Carbon by 2030, and to deliver, by 2025,
charitable, community and education work valued at £1m.

 

From land promotion, property development and investment to home building,
construction and plant hire, Henry Boot is where great places start.

 

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

 

Enquiries

 

FTI Consulting

Richard Sunderland/Giles Barrie

07894 797067 / 07798 926814

henryboot@fticonsulting.com

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Chief Financial Officer

Daniel Boot, Senior Corporate Communications Manager

07825 088807

dboot@henryboot.co.uk

henryboot.co.uk

 

Deutsche Numis

Joint Corporate Broker

Ben Stoop / Tom Philpott

0207 260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Ed Allsopp / Pete Mackie

0207 418 8900

 

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