REG - Boot(Henry) PLC - AGM Statement

Henry BootAnnouncement

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RNS Number : 1674F  Boot(Henry) PLC  21 May 2026

21 May 2026

 

 

HENRY BOOT PLC

('Henry Boot' or 'the group')

 

AGM TRADING UPDATE

 

Henry Boot, a company engaged in land promotion, property investment and
development, and

home building, provides a trading update for the year to date in advance of
its AGM, which will take place at 12:30 pm today.

 

Tim Roberts, Chief Executive Officer commented:

 

"Demand remains resilient for our high quality residential land, prime
industrial developments and premium homes. Highlights include Hallam Land
selling or agreeing terms on over 2,600 plots; HBD having more than 231,000 sq
ft of industrial space let or under offer, and the majority of Phase 1 at
Golden Valley, under offer from occupiers; and Stonebridge Homes achieving
sales in line with both budget and last year.

 

While all our businesses made a good start to the year, in recent weeks we
have seen early signs that the conflict in the Middle East, together with
increasing domestic political uncertainty, is affecting confidence levels.
Buyers are generally more considered in their approach, and larger
transactions in particular are taking longer to complete. We are also seeing
some evidence of cost inflation driven by higher energy and build material
prices, although we continue to work closely with suppliers to mitigate the
impact.

 

Although we remain focused on achieving our annual sales targets and continue
to anticipate delivering a profit before tax in line with expectations for
2026, we are also continuing to build long term value across the portfolio.
Applications for over 10,000 residential plots are being prepared in a highly
favourable planning environment with major schemes such as Golden Valley and
FREEPORT 36 securing consent, and we continue to shape the Stonebridge Homes
land bank to support our plans for its future growth."

 

Trading update

 

Hallam Land has exchanged on 465 plots, with a further 2,181 plots under offer
across 5 sites, which are all scheduled to be completed during 2026. Whilst
solid demand remains for our prime deliverable sites, in the current
environment, housebuilders are being more selective, with transactions taking
longer to complete.

 

The planning environment remains very favourable, with national policy
supportive of housing delivery. Hallam Land is well placed to capitalise on
this and continues to accelerate planning applications, with the target of
submitting a further 10,000 plots this year. This positions the group well to
meet its medium term sales target and to grow beyond that level. We currently
hold over 9,000 consented plots on our balance sheet at cost, with gains only
recognised on disposal. Whilst our primary focus remains on securing further
planning permissions, we have secured two new sites with the potential for
1,252 plots, which has marginally increased the total land bank to 108,329
plots.

 

HBD's committed programme (£66m GDV: our share £18m) remains on time and
within budget. All schemes are industrial and logistics (I&L), with the
majority being developed through Origin, our joint venture with Feldberg
Capital.

 

HBD is experiencing healthy levels of demand, with take-up for I&L space
in Q1 up 8% year-on-year, according to Newmark. Origin projects, including the
recently completed schemes, total 711,000 sq ft and are attracting strong
occupier interest, with 231,000 sq ft either let or under offer on terms in
line with business plan. Encouraging occupier interest is also being seen
across the wider I&L pipeline, in particular a FREEPORT 36, Goole, where
we secured outline planning consent for a 5.5m sq ft manufacturing and
logistics park in January 2026.

 

Our £1bn flagship Golden Valley development in Cheltenham, adjacent to GCHQ,
continues to progress well. In April 2026, detailed planning was secured for
Phase 1, which includes the 160,000 sq ft National Cyber Innovation Centre
(IDEA). Outline consent was also granted for 443 more homes, bringing
consented plots to 1,019. Heads of terms have been agreed with the anchor
tenant and several occupiers, and the first phase (£98m GDV) remains on track
to start in summer 2026. Within the investment portfolio, HBD has completed
the sale of a Waitrose supermarket in Warminster to a UK real estate
investment trust for £8.6m. The sale was at a 7.5% premium to December 2025
book value.

 

Stonebridge Homes has implemented its reset plan and is increasingly
integrated into the group. The business has experienced resilient customer
demand and, although activity levels have softened in recent weeks, the
overall net private reservation rate remains in line with last year at 0.41
for the 18 weeks to 17 May 2026 (2025: 0.41). Sales incentives are consistent
with FY25. We are now 58% forward sold for 2026 and, subject to market
conditions, we remain on track to deliver home completions between 200-220, in
line with previous guidance.

 

Banner Plant is trading in line with management's expectations. The Road Link
(A69) contract concluded at the end of March 2026.

 

Outlook

 

We continue to be focused on a number of key transactions across our land
promotion, property development and homebuilding businesses. Consistent with
recent years, the group's financial performance is expected to be weighted
heavily towards the second half, reflecting the timing of planned land sales
and development completions.

 

A supportive planning environment continues to enable the submission of a
significant volume of planning applications, further strengthening our
pipeline of housing consents. At the same time, strong occupier demand
continues to underpin confidence in our development pipeline, which remains
focused on delivering high‑quality I&L space.

 

We remain mindful of the potential effects of the conflict in the Middle East
and ongoing domestic political uncertainty, but assuming market conditions do
not materially deteriorate, we anticipate delivering profit before tax in line
with consensus expectations for 2026*. The markets in which we operate are
underpinned by long‑term structural trends, and with a robust pipeline of
high‑quality opportunities across our portfolio, the group is well
positioned for the medium term.

 

*Company compiled of market consensus for 2026 profit before tax is £20.2m.

 

ENDS

 

Notes to editors

 

Henry Boot is one of the UK's leading land, property development and home
building businesses - and we've been transforming land and spaces since 1886.
Listed on the London Stock Exchange for nearly 100 years, we're renowned for
quality, expertise, delivery and a partnership approach across the group,
which comprises Hallam Land, HBD, Stonebridge Homes and Banner Plant. We have
developed a responsible business strategy to help us meet our aim of being net
zero carbon by 2030.

Operating across the UK, and employing over 400 people, we focus on three key
markets: residential, industrial and logistics, and urban development. 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 £1.4 billion, the equivalent of 7
million sq ft of developments across our key markets, while maintaining a
c.£120 million investment portfolio.

Stonebridge Homes, 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.

For 65 years, Banner Plant has supplied construction products and services,
operating from seven regional depots in the north of England.

From land promotion and property development investment to home building 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

dboot@henryboot.co.uk

henryboot.co.uk

Deutsche Numis

Joint Corporate Broker

Olli Hardy

0207 260 1000

Peel Hunt LLP

Joint Corporate Broker

Ed Allsopp / Tom Graham

0207 418 8900

 

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