REG - Boot(Henry) PLC - Half-year Report
17/09/2024 07:00
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RNS Number : 4084E Boot(Henry) PLC 17 September 2024
17 September 2024
HENRY BOOT PLC
('Henry Boot', the 'Company' or the 'group')
Ticker: BOOT.L: Main market premium listing: FTSE: Real Estate Investment and
Services.
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2024
Strong sales, a prime portfolio and an improving outlook underpin increased
dividend
Henry Boot PLC, a Company engaged in land promotion, property investment and
development, and construction, announces its unaudited interim results for the
six months ended 30 June 2024.
Tim Roberts, Chief Executive Officer, commented:
'During the first half of the year we have started to see an improvement in
our markets and this together with our focus on prime land and development,
plus premium homes has helped us to achieve relatively strong property sales.
The lower forward sales with which we started the year has affected our first
half financial performance and as flagged at the time of our 2023 results, we
expect 2024 to be heavily weighted towards the second half. With 81% of
budgeted sales already completed, exchanged or reserved, we remain on track to
perform in line with market expectations for the full year. Furthermore, we
remain confident in our key markets, and have significant latent value in our
development and land portfolio which is held at cost, as well as plenty of
opportunity to grow in order to meet our stated medium term targets. This
together with our rock solid balance sheet underpins our decision to raise the
interim dividend by 5%.'
Financial highlights
· Completed and exchanged on total land and property sales of
£150.8m (H1 23: £129.3m), reflecting growing demand for our prime projects
and buildings as sentiment in our markets begins to improve
· A lower starting forward sales position resulting in revenue of
£106.0m (H1 23: £179.8m) and a profit before tax of £3.7m (H1 23: £25.0m)
or an underlying profit(1) of £3.6m (H1 23: £23.3m)
· 81% of budgeted sales for 2024 completed, exchanged or reserved,
with the remaining deals either under offer or in detailed negotiations
· 5% increase in interim dividend to 3.08p, consistent with our
progressive dividend policy and our confidence in achieving full year
performance in line with market expectations and in the group's future
prospects
· Capital employed has increased by 1.7% to £424m (December 2023:
£417m) continuing our stated growth strategy and progressing toward our
medium term target of £500m
· Return on capital employed (ROCE(2)) was 1.4% (H1 23: 6.3%) but
is expected to finish the year only marginally below the Company's target of
10%-15%. We remain confident of achieving returns within the target range in
the medium term
· The group's Net Asset Value (NAV(3)) per share remained broadly
flat at 305p (December 2023: 306p) or 299p (December 2023: 300p), excluding
the defined benefit pension scheme surplus
· Net debt(4) increased to £103.9m (December 2023: £77.8m) as we
continued to fund infrastructure works to unlock our prime strategic land
sites and build out our high-quality committed development programme. Gearing
at 25.5% (December 2023: 19.0%), has already reduced to c.18% as of 16
September, and is back within our optimal range of 10-20%
Operational highlights
· Land promotion
o 843 plots sold (H1 23: 1,900); a further 1,695 plots have exchanged, of
which 1,246 plots are due to complete by year end. With 1,070 plots under
offer we are on target to sell 3,000 plots this year (December 2023: 1,944)
o The total land bank has marginally grown to 101,491 plots (December 2023:
100,972 plots)
o 7,990 plots with planning permission (December 2023: 8,501), all held at
cost and 13,392 submitted for planning (December 2023: 13,468)
o Following the welcomed publication of the draft amendments to the NPPF we
aim to advance new applications on c.8,500 plots over 2025
· Property investment & development
o High quality committed development programme with Gross Development Value
(GDV) of £264m (HBD share: £119m) with 64% pre-sold or pre-let
o £1.5bn development pipeline (HB share: £1.3bn GDV), 57% of which is
focused on Industrial & Logistics markets
o The market value of the investment portfolio including our share of JVs
increased marginally by 0.3% to £113.2m (December 2023: £112.9m) with a
total property return(5) of 2.7% in the six month period, very marginally
below the CBRE UK Monthly Index (2.9%)
o Stonebridge Homes (SH) has secured 95% of its 2024 delivery target of 275
units (2023: 251 units) with a total owned and controlled land bank of 1,407
plots (December 2023: 1,513 plots), in line with growth targets
· Construction
o The construction segment achieved turnover of £43.5m (H1 23: £56.2m)
with an operating profit of £2.9m (H1 23: £4.4m)
· Responsible business
o Making good progress against our Responsible Business Strategy targets set
in January 2022, and on course to achieve our 2025 objectives and targets
NOTES:
(1 ) Underlying profit before tax is an alternative performance
measure (APM) and is defined as profit before tax excluding revaluation
movements on completed investment properties. Revaluation movement on
completed investment properties includes gains of £nil (2023: £1.4m gain) on
wholly owned completed investment property and gains of £0.1m (2023: £0.3m
gains) on completed investment property held in joint ventures. This APM
provides the users with a measure that excludes specific external factors
beyond management's controls and reflects the group's underlying results. This
measure is used in the business in appraising senior management performance.
(2 ) Return on Capital Employed (ROCE) is an APM and is defined
as operating profit/average of total assets less current liabilities
(excluding DB pension surplus) at the opening and closing balance sheet dates.
(3 ) Net Asset Value (NAV) per share is an APM and is defined
using the statutory measures net assets/ordinary share capital.
(4 ) Net (debt)/cash is an APM and is reconciled to statutory
measures in note 14.
(5 ) Total property return is a metric that combines capital and
income returns for the investment portfolio. It is calculated as the
percentage value change plus net income accrual, relative to the capital
employed and is calculated on a monthly basis and then indexed in line with
the benchmark.
For further information, please contact:
Enquiries:
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Chief Financial Officer
Daniel Boot, Senior Corporate Communications Manager
Tel: 0114 255 5444
www.henryboot.co.uk
Deutsche Numis
Joint Corporate Broker
Ben Stoop/Thomas Philpott
Tel: 0207 260 1000
Peel Hunt LLP
Joint Corporate Broker
Ed Allsopp/Pete Mackie
Tel: 0207 418 8900
FTI Consulting
Financial PR
Giles Barrie/Richard Sunderland
Tel: 020 3727 1000
henryboot@fticonsulting.com (mailto:henryboot@fticonsulting.com)
A webcast for analysts and investors will be held at 9.30am today and
presentation slides will be available to download via www.henryboot.co.uk
(https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.henryboot.co.uk%2F&data=04%7C01%7Cdboot%40henryboot.co.uk%7C3047ba2e3e124f89e90508da0c453adc%7C4a6f086a81e542f197c2f8470d12d61d%7C0%7C0%7C637835788744426781%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=4sRskhTQwO77WteakjZGIfafow9n1GJw7e1Xwsozt98%3D&reserved=0)
. Details for the live dial-in facility and webcast are as follows:
Participants (UK): Tel: +44 (0) 33 0551 0200
Password: Henry Boot HY24
Webcast link: https://stream.brrmedia.co.uk/broadcast/669f94a4c038806f14b0b30a
(https://stream.brrmedia.co.uk/broadcast/669f94a4c038806f14b0b30a)
About Henry Boot
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.
www.henryboot.co.uk (http://www.henryboot.co.uk)
CEO's review
During the first half of 2024 our markets stabilised and showed further signs
of recovering demand. Inflation moderated, expectations for interest rate cuts
increased, the economy grew and customer and investor confidence picked up. In
the first six months UK commercial property and land values were broadly
unchanged following the valuation declines experienced since mid 2022,
suggesting that the market has, or is beginning to turn. While there has been
some improvement in investment markets, with the volume of commercial property
transactions in H1 24 up 14% on the same period one year earlier, the overall
level of activity in H1 24 was around 25% below the long-term average.
House prices increased by 1.2% during the six months to June 2024 according to
Nationwide and are now around 3% below the peak in August 2022, however
completions of new homes have slowed markedly. While there has been a
corresponding reduction in land sale volumes, we have seen several major
housebuilders re-entering the market since the start of the year with
competitive bidding for our strategic land. There has also been increased
M&A activity within the housebuilding sector as housebuilders seek
economies of scale from procurement costs and increasing asset turn, but also
growing land banks.
Against this backdrop, our strategic focus on high quality land, commercial
property development and housebuilding in prime locations saw us increase the
level of sales completed and exchanged in the first half to £150.8m (H1 23:
£129.3m). As of 1 September, the total had risen to £203.7m reflecting
higher levels of activity post period end, leaving the group positioned to
achieve full year performance in line with market expectations*.
However, as stated at the time of our results in March, a lower starting
forward sales position combined with reduced levels of activity in our markets
meant that we expect 2024's full year results to be heavily second half
weighted. This is reflected in a profit before tax for the period of £3.7m,
compared to £25m for the same period last year. Since 1 July we have
completed, or exchanged on, several disposals with further accretive sales
also currently under negotiation, which underpins our decision to raise the
dividend payable for the first half by 5%.
With inflation back in line with the Bank of England's target and the Monetary
Policy Committee's decision in August to cut interest rates for the first time
since March 2020, market sentiment has improved, resulting in reduced
borrowing costs leading to an increase in activity. We are also encouraged by
the direction of the new Labour government around reforms to the planning
system and reintroduction of housebuilding targets for local authorities.
With proposed changes to the National Planning Policy Framework (NPPF)
suggested to be implemented by the end of the year, this will represent over
the life of this Parliament a significant opportunity for our business to
speed up securing planning consents in our large land bank and development
pipeline. In particular, we have already identified c.8,500 plots in Hallam
Land's (Hallam) land bank where we expect to expedite planning applications.
We also believe it will help with our plans to grow Stonebridge Homes (SH)
where planning has been a consistent, frustrating drag on growth.
During the first half of the year and including post H1 sales up to 1
September, 81% of budgeted sales for 2024 have either been completed,
exchanged or reserved. Significant transactions that have exchanged or are
anticipated to close this year, include:
· Swindon (Hallam) - we exchanged on the sale of 759 residential
plots to Vistry Group. The first phase of the sale (393 plots) completed post
period end in July, with the balance expected to complete in 2025.
· Ambrosden (Hallam) - in June we unconditionally exchanged on the
sale of 75 residential plots to Mulberry Homes. The sale is scheduled to
complete in December.
· Pickford Gate, Coventry (Phase 2) (Hallam) - in July we exchanged
on the sale of 491 residential plots to David Wilson Homes, which completed in
September.
· The Chocolate Works in York (HBD) - the conditional sale of a
two-acre development site was agreed to McCarthy Stone. The deal is primarily
conditional on securing planning, and having achieved consent for a retirement
community in March, is now scheduled to complete in October.
The remaining transactions which are in advanced discussions, once completed
in H2 24, will mean we hit our sales target for 2024. This includes securing
SH's annual housebuilding sales target of 275 units, of which 95% is reserved
as of 8 September, with several other deals across the group also in
negotiation:
· Pickford Gate, Coventry (Phase 3) (Hallam) - following the
completion of phase two in September, the third phase sale is in detailed
negotiations with a major housebuilder which, when concluded, will secure
Hallam's target for 2024.
· Setl, Birmingham (HBD) - in May we achieved practical completion
of the 102 premium apartment building (£32m GDV) in the city centre and up to
1 September this scheme has pre-sold 52% by value of the units at target
selling prices. We expect the sale of the majority of the remaining units to
be secured by the year end.
· Spark, Walsall (HBD) - with planning approved in June for the
first three units, totalling 464,000 sq ft, there is strong interest in the
first unit, which when secured adds a further c.£40m GDV to HBD's committed
programme.
At Island, the £66m GDV (Our share: £33m) NZC office scheme located in the
heart of Manchester, HBD has 45,700 sq ft across 5 floors of the building
under offer. This means our £264m (HBD share £119m) committed development
programme is 64% pre-let or pre-sold.
The group's NAV per share remained broadly flat at 305p (December 2023: 306p)
or 299p (December 2023: 300p), excluding the defined benefit pension scheme
surplus, with lower profits offset by payment of the 2023 final dividend of
4.4p in the period.
Net debt was £103.9m as at 30 June 2024 (December 2023: £77.8m) reflecting a
£52.8m net increase in land and work in progress in the period as we
continued to fund our high-quality committed development programme, as well as
undertake infrastructure works to facilitate major strategic land disposals at
Swindon and Coventry, both of which have completed post period. This resulted
in an anticipated increase in our gearing to 25.5% as at 30 June 2024, which
has already been reduced to c.18%, as of 16 September, back within our optimal
range of 10-20%.
In May, the group agreed terms with existing lenders Barclays, HSBC and
NatWest for a new £125m, three year facility, with the option to extend for a
further two years to May 2029. The margin payable under the new facility is
160bps above SONIA. In addition, the facility includes a £60m accordion. This
replaces a £105m committed facility with a margin of 140bps, which had a
scheduled maturity in January 2025.
We continue to build on our Henry Boot legacy and invest in our long term
business, in particular investing in technology and processes to help our
people work smarter and more efficiently, and following our HQ relocation to
Isaacs Building, we have begun a rolling upgrade on our regional network of
offices and depots. We also launched a refreshed group brand in June to
reinforce our values, optimise customer experiences, and to be clearly
recognised as a modern, progressive and successful business. Simply stated,
Henry Boot is 'Where great places start'.
*Market expectations being the average of current analyst consensus of £30.7m
profit before tax, comprising three forecasts from Deutsche Numis, Peel Hunt
and Panmure Liberum.
Dividend
The Board has declared an interim dividend of 3.08p (June 2023: 2.93p), with
the 5% increase demonstrating our progressive dividend policy and continued
confidence in the future prospects for the business. This will be paid on 11
October 2024 to shareholders on the register at the close of business on 20
September 2024.
Strategy
The group set a medium-term strategy in 2021 to grow the size of the business
by increasing capital employed from £365m to £500m, focusing on its three
key markets: I&L, Residential and Urban Development; while maintaining
ROCE within a 10-15% range.
In the first six months of the year our capital employed has increased to
£424m (December 2023: £417m). Despite recent challenging markets we remain
on course to realise our strategic medium term target of £500m.
See below for the progress made in H1 24 against our stated medium term
targets:
Measure Medium term target H1 24 Performance Progress
Capital employed To over £500m £424m as at 30 June 2024 On track to grow capital employed to over £500m
Return on average capital employed 10-15% pa 1.4% in H1 24 due to heavy weighting to H2 in 2024 We expect to be marginally below stated strategic target for FY24, although
maintain our medium term aim through the cycle
Land promotion plot sales c.3,500 pa 843 plots in H1 24 With an additional 1,246 plots already scheduled for completion in H2 24, we
remain on target to sell c.3,000 plots this year
Development completions Our share c.£200m pa Our share: £68m in H1 24, with committed programme of £119m for 2024 We are on track to complete on £192m GDV this year, just marginally short of
our medium term target. We have optionality to build our committed programme
back up from our £1.3bn pipeline
Grow investment portfolio To around £150m £113.2m as at 30 June 2024 Value broadly unchanged, with no acquisitions completed. We will remain
patient in building the portfolio up to its medium term target
Stonebridge Homes sales Up to 600 units pa Secured 95% of its 2024 delivery target of 275 units Continue to target increased output in 2024, in line with overall strategic
objective of 600 units, albeit at a slower growth rate
Construction order book secured Minimum of 65% for the following year 20% at H1 24 for 2025 HBC is behind schedule in winning work for next year. In response, the
opportunity pipeline has been refocused, with £54m PCSA's in progress
Responsible business
We launched our Responsible Business Strategy in January 2022, with our
primary aim to be Net Zero Carbon (NZC) by 2030 with respect to Scopes 1 &
2 greenhouse gas (GHG) emissions. I am pleased with the progress we have made
so far against our 2025 objectives and targets. Our strategy is guided by
three principal objectives:
· To further embed ESG factors into commercial decision making so
that the business adapts, ensuring long-term sustainability and value creation
for the group's stakeholders.
· To empower and engage our people to deliver long term meaningful
change and impact for the communities and environments Henry Boot works in.
· To focus on issues deemed to be most significant and material to
the business and hold ourselves accountable by reporting regularly on
progress.
30 month performance against our 2025 target
As we passed the midpoint of our Responsible Business Strategy, the table
below highlights the good progress we have made so far against our 2025
objectives and targets.
Our people Performance Our places Performance
Develop and deliver a group-wide Health and Wellbeing Strategy New Health and Wellbeing Strategy and Programme launched in 2023. Contribute £1,000,000 of financial (and equivalent) value to our charitable We contributed (financial and equivalent value of) over £640,000 to our
Approximately 50 employees trained as Mental Health First Aiders partners charitable and community
partners
Increase gender representation in the business, aiming for 30% of our team and We have made progress, with female representation across our workforce Contribute 7,500 volunteering hours to a range of community, charity, and More than 6,500 volunteering hours have been delivered, putting us well over
line managers being female increasing to 29% (2023: 28%) education projects half way to our goal
Our planet Performance Our partners Performance
Reduce Scope 1 and 2 GHG emissions by over 20% to support reaching NZC by 2030 Total direct GHG emissions (Scopes 1 and 2) in 2023 were 2,833 tonnes which Pay all of our suppliers the real living wage and secure accreditation with Internal experts are working with the Living Wage Foundation to meet the
equates to a 14% reduction from the 2019 baseline the Living Wage Foundation criteria of membership with accreditation to be achieved in 2024
Reduce consumption of avoidable Sustainability audits completed and a Waste Management Plan is in development Collaborate with all our partners to reduce our environmental impact We continue to engage with membership organisations
plastic by 50% and our supply chain to share knowledge and best practice
Outlook
Looking ahead it feels like the economy is picking up, with inflation
normalising, and the prospect of further falls in interest rates increasing
following the cut in August. We have also had two areas of uncertainty
removed, with the General Election and the subsequent new administration
showing a clear intent to free up the planning system and drive development,
with a particular emphasis on housebuilding.
All of this is encouraging for our business, where demand is rate sensitive
and can also vary depending on levels of confidence and where dysfunctional
planning has been a drag on performance. There has been data during H1 showing
our markets stabilising, and over the summer, when traditionally we have had a
quieter period, there have been signs of a recovery in demand. As a result, we
are operationally gearing up to submit more planning applications across the
group over the next 12 months to take advantage of this improving situation.
We were clear that this year would be heavily second half weighted, and that
has been the case, however, with 81% of budgeted sales for 2024 completed,
exchanged or reserved, we are firmly on track to meet our full year
expectations.
The group remains convinced that our three key markets - industrial,
residential and urban development - benefit from long term structural trends
where demand is likely to outstrip supply. That, together with a rock solid
balance sheet, the recently signed, larger banking facility, and a portfolio
across the group with attractive opportunities, means we are confident we have
the resources to continue to grow the business and achieve returns in line
with our medium term targets.
Business review
Land promotion
Hallam has delivered an operating profit of £4.2m (H1 23: £17.0m) by
completing the sale of 843 plots (H1 23: 1,900 plots). A further 1,695 plots
have exchanged, of which 1,246 plots are due to complete by year end. In
addition, another 1,070 plots are under offer, the majority of which are
expected to complete in 2024 and contribute to profit this year. Hallam is on
target to achieve sales this year of c.3,000 plots.
UK greenfield land values were stable in the six months to June 2024,
according to Savills Research. There has been an uptick in confidence since
the start of the year with buyers returning to the land market, including an
increase in activity from the major housebuilders. A lack of new land supply
coming forward has supported pricing with 12% fewer homes granted planning
consent in Q1 24, compared to the same period in 2023. However, deals continue
to take longer to progress than in the post Covid bounce period.
During the period Hallam witnessed the recovery in demand for prime
deliverable sites from major housebuilders, disposing of 843 plots, including
a significant sale of 494 plots in Chatteris, Cambridgeshire to David Wilson
Homes. Overall, Hallam achieved an average gross profit per plot of £9,680
(H1 23: £11,400), lower than the comparative period last year, which was
boosted by a significant freehold sale at Tonbridge, Kent. The current level
of profitability is still above the 5 year average of £9,100.
At 30 June, Hallam had 1,695 plots exchanged, of which 1,246 plots are
scheduled for completion in H2 24, including:
1. 759 residential plots in Swindon to Vistry Group. Hallam secured an
option to purchase the site over 20 years ago and since then it has been
promoting the land through the planning process. In August 2021, outline
planning consent was secured for a total of 2,380 residential plots across a
400 acre site, of which 1,063 relate to Hallam's site. The site will also
bring several additional community benefits, including a new primary school,
community and sport buildings, significant woodland planting and green
infrastructure. The first phase of the sale completed (393 plots) in July 24
and the second phase (366 plots) is targeting completion for 2025.
2. A freehold site with planning permission for 75 homes in Ambrosden,
Oxfordshire to Mulberry Homes. Hallam acquired the site in 2014 before
promoting the land through the planning process with an application
strategically submitted in July 2022. Hallam then secured outline consent in
December 2023 for a total of 75 homes as well as local highways improvements,
green infrastructure and a children's play area. The sale is anticipated to
complete in December 2024.
3. 491 residential plots at Pickford Gate, Coventry to David Wilson Homes.
Hallam secured a planning promotion agreement in 2015 before submitting a
planning application in 2018. An outline planning consent was secured in 2021
for a total of 2,400 homes, of which 25% is affordable housing. The project
also involved delivering a new junction on the A45 dual carriageway, for which
Hallam secured funding through the Homes England HIF process. Works on the
junction successfully completed in April 2024. Post half year, this deal has
now finalised, completing in September.
An additional 1,070 plots are also under offer, with the majority being
related to Pickford Gate, Coventry, where phase three of the scheme is in
detailed negotiations with a major housebuilder. When agreed, this will secure
Hallam's target for 2024.
Residential Land Plots
With permission In planning Future Total
b/f granted sold c/f
2024 8,501 332 (843) 7,990 13,392 80,109 101,491
2023 9,431 1,014 (1,944) 8,501 13,468 79,003 100,972
2022 12,865 435 (3,869) 9,431 12,297 73,976 95,704
2021 15,421 452 (3,008) 12,865 11,259 68,543 92,667
2020 14,713 2,708 (2,000) 15,421 8,312 64,337 88,070
Hallam's land bank has grown marginally to 101,491 plots (December 2023:
100,972 plots), of which 7,990 plots (December 2023: 8,501 plots) have
planning permission (or a Resolution to Grant, subject to S106). In the first
half of the year the planning system remained challenging, reflected by the
decrease in plots with planning permission, having disposed of 843 plots and
only 332 plots achieving consent. In response to this, Hallam has submitted
appeals on several sites, including Sittingbourne, which in H2 24 won a
consent on appeal for 290 plots. Appeals have also been lodged on another
seven sites, which, if successful would add c.2,500 plots with planning.
The new government has proposed significant revisions to the NPPF as part of
its broader recognition that the current system is not working effectively and
is hindering economic growth. The proposed changes would provide much clearer
direction to local authorities in terms of housing delivery, and with 13,392
plots awaiting planning determination it leaves Hallam in a strong position to
meet its ambitious targets. In addition, Hallam has identified 8,500 plots
where we expect to be able to expedite planning applications.
There is significant latent value in the group's strategic land portfolio,
which is held as inventory at the lower of cost or net realisable value. As
such, no uplift in value is recognised within its accounts relating to any of
the 7,990 plots with planning, and any increase in value created from securing
planning permission will be recognised on disposal.
Property investment and development
Property Investment and Development, which includes HBD and Stonebridge Homes
(SH), delivered a combined operating profit of £2.7m (H1 23: £8.5m).
According to the CBRE Monthly Index, commercial property values increased by
0.1% in the six months to June 2024. Retail property was the best performing
sector with values up 1.5% during the first half of the year, ahead of
industrial, up 1.2%, while offices declined by 2.9%. Rental value growth
remains strongest for the industrial sector with growth of 2.5% in the six
months to June with yields broadly unchanged over the period.
In H1 24, the volume of UK commercial property transactions totalled £16.2bn
according to JLL, an increase of 14% compared to the same period one year
earlier, but down 44% on H1 2022. While most sectors have seen increased
transactional activity this year, overall deal volume has been held back by
fewer large portfolio deals than during 2021 and 2022.
While there was some slowing in take up from the record levels seen during and
just after the pandemic, I&L occupier demand improved during H1 24, with
take up marginally ahead of the same period last year and effectively back to
the pre-pandemic average. Manufacturers have driven the recent improvement in
demand with many looking to de-risk supply chains through nearshoring
operations. HBD has deliberately built a high weighting to I&L, which
makes up 74% of our investment portfolio and 57% of the development pipeline.
Given the strong underlying demand drivers and societal changes that are
supporting the sector, we continue to have confidence that the outlook for
this asset class remains positive over the medium to long term. At the same
time, the outlook for build to rent (BtR) also remains positive, according to
CBRE, with rental growth for multifamily assets of 7.7% in the year to March
2024 driven by continued strong demand and a lack of available units.
HBD completed on three developments and three land sales with a total GDV of
£68m (HBD share), with 77% of these either sold or let:
1. At Setl (HBD share: £32m GDV), the 102 premium apartment building in
Birmingham, the building works finished at the end of May and 52% of the units
by value are pre-sold at target selling prices as of 1 September.
2. Completed two logistic units totalling 156,000 sq ft (HBD share: £20m
GDV) at Airport Business Park, Southend.
3. Three development sites sold (HBD share: £16m GDV) at both Wakefield
Hub and Pool, South Crofty. At Wakefield Hub, a significant 200 acre
industrial and logistic development, HBD completed the sale of an 8 acre
development site to NewCold and a 6 acre site to Aeroservices. At Pool, South
Crofty, the disposal of a 45,000 sq ft development site was completed in May.
The committed development programme now totals a GDV of £264m (HBD share:
£119m GDV) and is currently 64% pre-let, pre-sold or under offer, with 96% of
development costs fixed.
2024 Committed programme
Scheme GDV HBD share of GDV (£m) Commercial Residential size Status Completion
(£m) ('000 sq ft) (Units)
Industrial
Leicester, TMS 10 10 29 - Pre-sold Q4 24
Leicester, Melton Road 2 2 20 - Pre-sold Q1 25
Preston, Aptus 10 5 150 - Pre-sold Q3 25
Rainham, Momentum 120 24 380 - Speculative Q3 24
Walsall, SPARK Remediation 37 37 - - Forward funded Q3 24
179 78 579 -
Urban Residential
Aberdeen, Bridge of Don 12 1 - 500 Under-offer Q1 25
York, McCarthy Stone 4 4 - 72 Pre-sold Q4 24
16 5 - 572
Urban Commercial
Manchester, Island 66 33 91 - Part under offer Q4 24
Manchester, Equitable 3 3 19 - Pre-sold Q3 24
69 36 110
Total for the year 264 119 689 572
% sold or pre-let 38% 64%*
*This includes space under offer at Island and units reserved at Setl-
01/09/24
Within the committed programme HBD has conditionally agreed the sale of
development sites at a combined GDV of £17m (HBD share: £12m GDV) at The
Chocolate Works, York, and Equitable in Manchester. Both sales are due to
complete in H2 24. At Aptus, Preston, the £86m GDV, 790,000 sq ft I&L
development, a 10 acre development land sale has unconditionally been agreed
with Kerakoll, a world leader in green building materials. HBD will lead on
the infrastructure works before handing the site over to Kerakoll, who will
then undertake the development.
At Island, Manchester, a 50:50 JV scheme with Greater Manchester Pension Fund,
delivering a 91,000 sq ft NZC office building, HBD has 45,700 sq ft across 5
floors under offer, which represents c.50% of the office space in the
building. The scheme is scheduled for completion in Q4 24. At Momentum,
Rainham (an 80:20 JV with Barings), a four unit NZC I&L development
serving Greater London, the contractor went into administration earlier this
year. This delayed the scheme achieving practical completion until August,
although the building works completed within budget. The delay has left HBD
behind in its letting plan, however there are enquiries for the scheme and the
majority is anticipated to be let within a year.
HBD's future total development pipeline value remained stable at £1.5bn GDV
(HBD share: £1.3bn GDV). All these opportunities sit within the Company's
three key markets of I&L (57%), Urban Commercial (22%) and Urban
Residential (21%).
Looking ahead, HBD is forecast to complete on £192m GDV this year, which is
slightly short of its medium term strategic target of c.£200m pa. The
committed programme is expected to reduce by the year end because of lower
activity in the market and investment uncertainties. However, within the
development pipeline, HBD has c.£200m near-term schemes which have the
potential to be added to the committed programme within the next 12 months,
comprising:
1. Neighbourhood, Birmingham (HBD share: £123m GDV) - after securing
planning in March 2023 for a 404-unit BtR development, HBD is continuing
preparatory works and is pursuing interest that has been shown in forward
funding the scheme.
2. Spark, Walsall - HBD is set to complete remediation works in Q3 24.
Planning for the first three units was approved in June, totalling 464,000 sq
ft and HBD has strong interest in the first unit, which when secured adds a
further c.£40m GDV to HBD's committed programme.
3. Welwyn Garden City (HBD share: £20m GDV) - HBD is currently pursuing
occupier interest for a part pre-let on this 71,200 sq ft industrial scheme
and once concluded is targeting a start on site by the year end.
At the flagship £1bn innovation and technology project known as Golden Valley
(HBD share of phase one: £155m GDV), which is located adjacent to GCHQ in
Cheltenham, HBD is working towards receiving an outline planning consent in Q4
24. The consent is in relation to circa 1 million sq ft of commercial space
and c.1,000 residential units. The first phase, which will be known as the
National Cyber Innovation Centre, is in detailed design and subject to
consent, construction is planned to commence mid 2025.
Investment portfolio - key stats
Jun-24 Dec-23
Market values - inc. share of JVs £113.2m £112.9m
Total Area - '000 sq ft 795 795
'Topped-up' net initial yield 5.8% 5.8%
Reversionary yield 6.6% 6.5%
WAULT to Expiry¹ 10.4 years 10.8 years
Occupancy² 93% 93%
¹Weighted average unexpired lease term (WAULT) on commercial properties
²As a percentage of completed property portfolio estimated rental value (ERV)
The total value of the investment portfolio (including the share of properties
held in JVs) was broadly unchanged in this period at £113.2m (December 2023:
£112.9m), with no acquisitions completed. Capital values increased by 0.3% in
the first six months of 2024, with rental value growth for the I&L assets
of 3.8% and the portfolio 'topped-up' net initial yield unchanged at 5.8%. The
total property return of 2.7% for the six months to June 2024 was marginally
below the total return from the CBRE UK Monthly Index (2.9%). During the
period, occupancy was unchanged at 93% (December 2023: 93%) with the weighted
average unexpired lease term now 10.4 years (8.5 years to first break).
Currently 73% of the investment portfolio (based on floor area) has an EPC
rating of 'C' or higher, with 44% being rated 'A' or 'B'. The 27% of the
portfolio which does not have an EPC within the target range is allocated for
either redevelopment or sale in the short to medium term.
The UK housing market remained fairly subdued during H1 24 as homebuyer demand
continued to be impacted by higher mortgage rates. According to Nationwide,
after taking account of seasonal effects, UK house prices increased by 1.2%
during the six months to June and are now around 3% below the summer 2022
peak. Northern England continues to outperform southern England, with prices
up 2.4% year on year, which is positive for SH, the group's jointly owned
Yorkshire focused housebuilder, that has recently expanded into the North
East.
SH has secured 95% (186 Private/75 Social) of its 2024 delivery target of 275
units (2023: 251 units). While pricing remained firm on a like for like basis,
the overall average selling price for private units decreased to £381k (June
2023: £489k). This was due to the wider housing mix on offer to capture more
demand and geographic changes as the business also expanded its sales outlets
into new locations. Furthermore, the average sales rate of 0.50 (June 2023:
0.48) units per week per outlet, for private houses (PH) has marginally
increased year on year as customer confidence begins to return in line with
the improved economy. Post H1 24, Stonebridge has seen an improvement in
trading with the average sales rate increasing to 0.54, which is 26% above the
same period last year.
Supply chain availability and cost pressures continue to improve, with build
cost inflation moderating at 3% (December 2023: 4%). SH is in the process of
undertaking a comprehensive house type specification review to see if costs
can be reduced further without compromising customer value or its premium
market position.
SH total owned and controlled land bank stands at 1,407 plots (December 2023:
1,513). Delays in the planning system have slowed the rate at which SH has
been able to replenish our consented land bank following sales, which now
stands at 862 plots (December 2023: 923) equating to a healthy 3.0 years'
supply based on anticipated one year forward sales. SH also has three sites
under offer with the potential to add a total of c.750 plots by year end,
including SH's first site in the North Midlands, its planned third operational
region.
The strategic objective of growing the business to achieve 600 completions per
annum over the medium term remains on track.
Construction
The group's construction segment, which includes Henry Boot Construction
(HBC), Banner Plant and Road Link (A69), remained profitable in H1 24, with an
operating profit of £2.9m (2023: £4.4m).
UK construction output remained relatively flat during the first half of 2024,
with seasonally adjusted monthly output estimated to have risen by 0.7%
between December 2023 and June 2024. The Q2 2024 RICS UK Construction Monitor
suggests that apart from infrastructure, workloads remain stagnant across both
the residential and non-residential sectors, with little change expected in
profitability levels over the next year with a headline net balance of -3%.
HBC is behind schedule in winning work for this year, with a secured orderbook
of 61% at H1 24, against a medium term target of 65% secured at the start of
the year. As a result, turnover is expected to be lower this year. The
business has the lowest capital employed of any subsidiary of the group,
limiting the risk it imposes on Henry Boot's broader strategic growth plans.
In July 2024, it was announced that Lee Powell, currently CEO of GMI
Construction, will assume the role of Managing Director of HBC, joining the
business in January 2025. Lee's immediate focus will be to restore and grow
the orderbook.
In January 2024, works at Sheffield Council's Heart of the City, Block H, a
£42m urban scheme, completed its final phase. Its largest active site, the
Cocoa Works in York, a £57m urban residential project, has experienced delays
as subcontractor installed pipe fittings failed. Insurers are being pursued to
recover costs and the project is now expected to complete later this year.
In H1 24, HBC was appointed by Rotherham Council to deliver the £36m
redevelopment of Rotherham Markets and an adjacent new library, forming a key
part of the wider town centre masterplan. The project comprises a major
refurbishment and redevelopment of the existing indoor and outdoor markets and
is scheduled for completion in 2027.
Looking ahead, HBC has a healthy pipeline of opportunities, and is actively
pursuing £54m of Pre-Construction Services Agreements across urban
development and residential schemes.
Banner Plant and Road Link (A69) are both trading in line with management
expectations.
Financial review
Consolidated statement of comprehensive income
Group revenue for the period decreased 41.0% to £106.0m (H1 23: £179.8m)
with transactional activity in Land Promotion and in core Property Development
affected by reduced levels of activity in our markets. The gradual upturn in
the UK economy through H1 has seen appetite for transactions returning and the
group has already begun to secure additional revenues for H2 and beyond.
Despite these challenges the group's premium housebuilder Stonebridge Homes
continued to deliver a good level of completions, achieving 90 unit sales in
H1 (H1 23: 99 unit sales) and carrying a healthy level of reservations into H2
that should again show annual growth in completions.
Gross profit was down on the prior period at £24.7m (H1 23: £40.8m) as the
timing of transactions in 2024 will be heavily weighted to H2. Administrative
expenses remain comparable with the prior period (H1 23: increased £2.2m)
with continued investment in our people, systems and brand offset by focused
savings and efficiencies.
Other income in the prior year related to a legal settlement on a property
development contract completed in 2016.
Fair value of investment properties remained flat (H1 23: increase £0.6m)
with group assets performing marginally below the CBRE index. Profits on sale
of investment properties were £nil (H1 23: £0.1m). The group's share of
profit from joint ventures and associates was £1.9m (H1 23: £0.2m),
including investment property valuation gains of £0.1m (H1 23: £0.3m).
Property revaluation gains/(loss) H1 24 H1 23 2023
£'m £'m £'m
Wholly owned investment property:
- Completed investment property - 1.4 0.5
- Investment property in the course of construction - (0.8) (0.2)
0.6 0.3
Joint ventures and associates:
- Completed investment property 0.1 0.3 0.1
- Investment property in the course of construction - - -
- 0.3 0.1
0.1 0.9 0.4
This results in an operating profit of £5.9m (H1 23: £25.7m) which generated
an underlying profit before tax(1) of £3.6m or £3.7m on a statutory basis
(H1 23: £23.3m underlying or £25.0m statutory). Earnings per share follows
the above, reducing to 2.8p (H1 23: 14.0p).
Return on capital employed
Lower operating profits in the period resulted in a decrease in return on
capital employed (ROCE) to 1.4% over the six-month period (H1 23: 6.3%). Over
a 12-month period we continue to believe a target return of 10-15% is
appropriate for our current operating model, and we expect to be close to the
bottom end of this range at the end of the year.
Finance and gearing
Financing costs were £4.3m (H1 23: £2.5m) reflecting the impact of higher
borrowing levels and interest rates. This is partially offset by finance
income of £2.1m (H1 23: £1.8m) as an element of financing costs are
recovered through our joint venture arrangements.
At 30 June 2024, net debt was £103.9m (31 December 2023: £77.8m). This
reflects an increase in the level of land and property assets held on the
balance sheet as we continue to fund our high-quality committed development
programme and undertake infrastructure works to facilitate major strategic
land disposals. Debt levels are forecast to reduce in H2 as transactions
complete and assets are recycled into cash.
As a result. gearing has increased to 25.5% (31 December 2023: 19.0%) and
while above our preferred operating range of 10%-20% we remain within the
board approved limit of 30% and expect to return within this range by the year
end as H2 sales complete. We remain selective on new investments but are ready
to react to any compelling opportunities that might arise.
Cash flows
The group completed a major refinancing in May 2024, securing increased
facility levels on comparable terms to the previous agreement.
Operating cash inflows before movements in working capital were £6.6m (H1 23:
£22.0m).
Working capital requirements have increased due to continued progression of
development schemes and strategic land investments, resulting in working
capital outflows of £13.4m (H1 23: £15.8m outflow) which in turn meant that
operations generated outflows of £6.8m (H1 23: £6.1m inflow). After interest
paid of £3.6m (H1 23: £1.9m) and tax paid of £3.9m (H1 23: £0.9m) net cash
outflows from operating activities were £14.2m (H1 23: £3.3m inflow).
Including net advances to joint ventures and associates of £7.3m (H1 23:
£6.8m), interest received of £1.9m (H1 23: £1.3m), dividends from joint
ventures and associates of £1.5m (H1 23: £nil) and expenditure on investment
properties of £nil (H1 23: £7.0m), net cash outflows from investing
activities were £4.1m (H1 23: £12.3m).
The final dividend on ordinary shares for 2023 increased by 10% to £5.9m (H1
23: £5.3m).
Statement of financial position
Total non-current assets were £197.0m (31 December 2023: £193.7m).
Significant movements arose as follows:
- an increase in non-current trade receivables of £2.2m (H1 23:
£14.6m) following further investment in our joint ventures arrangements;
- the pension scheme asset has increased £2.1m to £9.8m (31 December
2023: £7.7m) largely due to the effect of the increasing liabilities discount
rate partially offset by asset returns during the period; and,
- an increase in investments in joint ventures and associates of
£0.3m to £10.8m (31 December 2023: £10.5m), being profits generated of
£1.8m (H1 23: £0.2m) less dividend distributions of £1.5m (H1 23: £nil).
Current assets were £42.6m higher at £443.4m (31 December 2023: £400.7m)
resulting from:
- A £52.8m uplift in inventories to £350.4m (31 December 2023:
£297.6m) due to investment in our strategic land bank and delivery of our
committed development programme;
- lower trade and other receivables of £64.7m (31 December 2023:
£76.4m); and,
- cash and cash equivalents which were £1.3m higher at £14.4m (31
December 2023: £13.0m) due to current cash requirements and timing on loan
repayments.
Total liabilities rose to £232.2m (31 December 2023: £184.3m) with the most
significant changes arising from:
- trade and other payables, including contract liabilities, increased
£24.1m to £101.1m (31 December 2023: £77.0m) due to sizeable land purchases
made on deferred terms; and,
- borrowings, including lease liabilities, increased to £118.3m (31
December 2023: £90.8m) as the Group continues to invest in its committed
development programme and strategic land assets.
Retained earnings less dividends paid marginally decreased net assets to
£408.1m (31 December 2023: £410.1m) with the net asset value per share
decreasing by 0.5% to 305p (31 December 2023: 306p), an underlying decrease of
0.1% to 299p (Dec 2023: 302p) when excluding the defined benefit pension
scheme surplus net of tax liability.
NOTES:
(1 ) Underlying profit before tax is an alternative performance
measure (APM) and is defined as profit before tax excluding revaluation
movements on completed investment properties. Revaluation movement on
completed investment properties includes gains of £nil (2023: £1.4m gain) on
wholly owned completed investment property and gains of £0.1m (2023: £0.3m
gains) on completed investment property held in joint ventures. This APM
provides the users with a measure that excludes specific external factors
beyond management's controls and reflects the group's underlying results. This
measure is used in the business in appraising senior management performance.
(2 ) Return on Capital Employed (ROCE) is an APM and is defined
as operating profit/ average of total assets less current liabilities
(excluding DB pension surplus) at the opening and closing balance sheet dates.
(3 ) Net Asset Value (NAV) per share is an APM and is defined
using the statutory measures net assets/ordinary share capital.
(4 ) Net (debt)/cash is an APM and is reconciled to statutory
measures in note 14.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 June 2024
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue 106,047 179,756 359,399
Cost of sales (81,373) (138,909) (282,634)
Gross profit 24,674 40,847 76,765
Other income - 4,800 4,800
Administrative expenses (20,689) (20,831) (44,342)
3,985 24,816 37,223
(Decrease)/increase in fair value of investment properties (28) 595 307
Profit on sale of investment properties 37 86 733
Profit on sale of assets held for sale - - 1,571
Profit on disposal of joint ventures - - 371
Share of profit of joint ventures and associates 1,860 188 -
Operating profit 5,854 25,685 40,205
Finance income 2,116 1,769 3,357
Finance costs (4,283) (2,495) (6,260)
Profit before tax 3,687 24,959 37,302
Tax (478) (5,805) (8,759)
Profit for the period from continuing operations 3,209 19,154 28,543
Other comprehensive (expense)/income not being reclassified to profit or loss
in subsequent periods:
Revaluation of group occupied property (14) (86) (228)
Deferred tax on property revaluations (48) 15 279
Actuarial gain/(loss) on defined benefit pension scheme 2,024 (2,049) (3,066)
Deferred tax on actuarial (gain)/loss (506) 512 767
Total other comprehensive income/(expense) not being reclassified to profit or 1,456 (1,608) (2,248)
loss in subsequent periods
Total comprehensive income for the period 4,665 17,546 26,295
Profit for the period attributable to:
Owners of the Parent Company 3,689 18,661 26,299
Non-controlling interests (480) 493 2,244
3,209 19,154 28,543
Total comprehensive income attributable to:
Owners of the Parent Company 5,145 17,053 24,051
Non-controlling interests (480) 493 2,244
4,665 17,546 26,295
Basic earnings per ordinary share for the profit attributable 2.8p 14.0p 19.7p
to owners of the Parent Company during the period
Diluted earnings per ordinary share for the profit attributable 2.7p 13.7p 19.3p
to owners of the Parent Company during the period
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
as at 30 June 2024
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Non-current assets
Intangible assets 1,809 2,552 2,179
Property, plant and equipment 28,533 27,760 29,218
Right of use assets 3,837 2,926 3,986
Investment properties 100,468 102,716 100,602
Investment in joint ventures and associates 10,844 10,178 10,484
Retirement benefit asset 9,800 8,108 7,725
Trade and other receivables 41,511 51,648 39,263
Deferred tax assets 214 249 213
197,016 206,137 193,670
Current assets
Inventories 350,402 297,664 297,618
Contract assets 13,851 17,421 13,659
Trade and other receivables 64,734 65,207 76,416
Cash and cash equivalents 14,379 20,538 13,034
Assets classified as held for sale - 3,142 -
443,366 403,972 400,727
Liabilities
Current liabilities
Trade and other payables 82,578 90,243 73,477
Contract liabilities 4,915 1,468 1,060
Current tax liabilities 3,304 7,664 6,677
Borrowings 111,929 86,181 84,819
Lease liabilities 898 358 728
Provisions 3,177 2,836 3,221
206,801 188,750 169,982
Net current assets 236,565 215,222 230,745
Non-current liabilities
Trade and other payables 13,647 4,235 2,501
Borrowings 2,083 2,132 1,699
Lease liabilities 3,389 2,638 3,547
Deferred tax liability 5,896 4,878 5,372
Provisions 422 2,057 1,178
25,437 15,940 14,297
Net assets 408,144 405,419 410,118
Equity
Share capital 13,799 13,798 13,799
Property revaluation reserve 949 2,281 1,011
Retained earnings 383,181 378,213 383,219
Other reserves 8,252 8,246 8,248
Cost of shares held by ESOP trust (645) (966) (875)
Equity attributable to owners of the Parent Company 405,536 401,572 405,402
Non-controlling interests 2,608 3,847 4,716
Total equity 408,144 405,419 410,118
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 June 2024
Attributable to owners of the Parent Company
Cost of
Property shares held Non-
Share revaluation Retained Other by ESOP controlling Total
capital reserve earnings reserves trust Total interests equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 13,763 2,352 365,692 7,482 (967) 388,322 5,967 394,289
Profit for the period - - 18,661 - - 18,661 493 19,154
Other comprehensive expense - (71) (1,537) - - (1,608) - (1,608)
Total comprehensive income - (71) 17,124 - - 17,053 493 17,546
Equity dividends - - (5,347) - - (5,347) (2,613) (7,960)
Proceeds from shares issued 35 - - 764 - 799 - 799
Share-based payments - - 744 - 1 745 - 745
35 - (4,603) 764 1 (3,803) (2,613) (6,416)
At 30 June 2023 (unaudited) 13,798 2,281 378,213 8,246 (966) 401,572 3,847 405,419
At 1 January 2023 13,763 2,352 365,692 7,482 (967) 388,322 5,967 394,289
Profit for the year - - 26,299 - - 26,299 2,244 28,543
Other comprehensive expense - 51 (2,299) - - (2,248) - (2,248)
Total comprehensive income - 51 24,000 - - 24,051 2,244 26,295
Transfer between reserves - (1,392) 1,392 - - - - -
Equity dividends - - (9,274) - - (9,274) (3,495) (12,769)
Purchase of treasury shares - - - - (98) (98) - (98)
Proceeds from shares issued 36 - - 766 - 802 - 802
Share-based payments - - 1,409 - 190 1,599 - 1,599
36 (1,392) (6,473) 766 92 (6,971) (3,495) (10,466)
At 31 December 2023 (audited) 13,799 1,011 383,219 8,248 (875) 405,402 4,716 410,118
Profit for the period - - 3,689 - - 3,689 (480) 3,209
Other comprehensive income - (62) 1,518 - - 1,456 - 1,456
Total comprehensive income - (62) 5,207 - - 5,145 (480) 4,665
Equity dividends - - (5,890) - - (5,890) (1,628) (7,518)
Proceeds from shares issued - - - 4 - 4 - 4
Share-based payments - - 645 - 230 875 - 875
- - (5,245) 4 230 (5,011) (1,628) (6,639)
At 30 June 2024 (unaudited) 13,799 949 383,181 8,252 (645) 405,536 2,608 408,144
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
for the half year ended 30 June 2024
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations (6,761) 6,140 5,871
Interest paid (3,575) (1,949) (5,475)
Tax paid (3,857) (930) (3,797)
Net cash flows from operating activities (14,193) 3,261 (3,401)
Cash flows from investing activities
Purchase of property, plant and equipment (375) (926) (4,074)
Purchase of investment property (43) (6,975) (8,017)
Proceeds on disposal of property, plant and equipment (excluding assets held 66 21 432
for hire)
Proceeds on disposal of assets held for sale - - 4,713
Proceeds on disposal of investment properties 176 1,013 7,764
Repayment of loans from joint ventures and associates 1,004 - 10,868
Advances to joint ventures and associates (8,266) (6,752) (24,321)
Distributions received from joint ventures and associates 1,500 - 900
Interest received 1,851 1,299 1,830
Net cash flows from investing activities (4,087) (12,320) (9,905)
Cash flows from financing activities
Proceeds from shares issued 4 801 802
Purchase of treasury shares - - (98)
(Payments to)/Advances from joint ventures and associates (71) 4 12
Decrease in borrowings (7,722) (15,000) (36,510)
Increase in borrowings 35,216 35,000 58,028
Principal element of lease payments (284) (648) (526)
Dividends paid - ordinary shares (5,879) (5,336) (9,253)
- non-controlling interests (1,628) (2,614) (3,495)
- preference shares (11) (11) (21)
Net cash flows from financing activities 19,625 12,196 8,939
Net increase in cash and cash equivalents 1,345 3,137 (4,367)
Net cash and cash equivalents at beginning of period 13,034 17,401 17,401
Net cash and cash equivalents at end of period 14,379 20,538 13,034
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
for the half year ended 30 June 2024
1. GENERAL INFORMATION
The Company is a public limited company, listed on the London Stock Exchange
and incorporated and domiciled in the United Kingdom. The address of its
registered office: is Isaacs Building, 4 Charles Street, Sheffield, United
Kingdom, S1 2HS.
The financial information set out above does not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006 and is neither
audited nor reviewed. The Financial Statements for the year ended 31 December
2023, which were prepared in accordance with UK-adopted International
Accounting Standards, have been reported on by the group's auditors and
delivered to the Registrar of Companies. The Independent Auditors' Report was
unqualified and did not contain any statement under Section 498 of the
Companies Act 2006.
2. Basis of preparation and accounting policies
The half-yearly financial information has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Conduct Authority and with
UK adopted International Accounting Standard IAS 34 'Interim Financial
Reporting'.
The half-yearly financial information has been prepared using the same
accounting policies and methods of computation as compared with the annual
Financial Statements for the year ended 31 December 2023.
A number of other standards, amendments and interpretations became effective
from 1 January 2024, which do not have a material impact on the group's
financial statements or accounting policies.
Going Concern
The group meets its day-to-day working capital requirements through a secured
loan facility. The facility was renewed on 21 May 2024, at a level of £125m,
for a period of three years and extended by one year in May 2025 and a further
year in May 2026 taking the facility renewal to 21 May 2029 on comparable
terms to the existing agreement. The facility includes an accordion to
increase the facility by up to £60m, increasing the overall facility to
£185m.
The Directors have considered the group's principal risk areas, including the
risk of economic slowdown, that they consider material to the assessment of
going concern.
The Directors have prepared forecasts to 31 December 2025 covering a base case
and severe downside scenario.
Having conducted significant stress testing at the year-end they have further
considered the outcome of our half year position and their latest forecasts,
while taking into account the current trading conditions, the markets in which
the group's businesses operate and associated credit risks together with the
available committed banking facilities and the potential mitigations that can
be taken, to protect operating profits and cash flows.
The severe downside scenario considered includes short-term curtailment in
transactional activity and percentage reductions in other activities mirroring
recent downturn experiences. This is followed by a short to medium-term
recovery, coupled with the ability to manage future expenditure as described
in the 2023 Annual Report.
As reported in the 2023 Annual Report, the most sensitive covenant in our
facilities relates to the ratio of EBIT (Earnings Before Interest and Tax) on
a 12-month rolling basis to senior facility finance costs. Our downside
modelling, which reflects a near 34% reduction in revenue and near 87%
reduction in profit before tax from our base case for 2024, demonstrates
significant headroom over this covenant throughout the forecast period to the
end of December 2025.
Their review supports the view that the group will have adequate resources,
liquidity and available bank facilities to continue in operational existence
for the foreseeable future. Accordingly, they continue to adopt the going
concern basis of accounting in preparing the half-yearly financial
information.
Estimates and Judgements
The preparation of half-yearly financial information requires management to
make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these half-yearly financial statements, the significant
judgements made by management in applying the group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the Consolidated Financial Statements for the year ended 31 December 2023.
Goodwill
Goodwill is subjected to an impairment test at the reporting date or when
there has been an indication that the goodwill should be impaired, any loss is
recognised immediately through the Consolidated Statement of Comprehensive
Income and is not subsequently reversed.
3. Segment information
For the purpose of the Board making strategic decisions, the group is
currently organised into three operating segments: Property Investment and
Development; Land Promotion; and Construction. Group overheads are not a
reportable segment; however, information about them is considered by the Board
in conjunction with the reportable segments.
Operations are carried out entirely within the United Kingdom.
Inter-segment sales are charged at prevailing market prices.
The accounting policies of the reportable segments are the same as the group's
accounting policies, as detailed above.
Segment profit represents the profit earned by each segment before tax and is
consistent with the measure reported to the group's Board for the purpose of
resource allocation and assessment of segment performance.
Half year ended 30 June 2024 Unaudited
Property
investment
and Land Group
development promotion Construction overheads Eliminations Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue
External sales 49,878 13,022 43,147 - - 106,047
Inter-segment sales 204 - 355 84 (643) -
Total revenue 50,082 13,022 43,502 84 (643) 106,047
Gross profit/(loss) 8,493 8,944 7,223 14 - 24,674
Administrative expenses (7,710) (4,745) (4,326) (3,908) - (20,689)
Other operating income/(expense) 1,870 (1) - - - 1,869
Operating profit/(loss) 2,653 4,198 2,897 (3,894) - 5,854
Finance income 1,547 274 249 173 (127) 2,116
Finance costs (25) (716) (243) (3,453) 154 (4,283)
Profit/(loss) before tax 4,175 3,756 2,903 (7,174) 27 3,687
Tax (616) (939) (716) 1,793 - (478)
Profit/(loss) for the period 3,559 2,817 2,187 (5,381) 27 3,209
Half year ended 30 June 2023 Unaudited
Property
investment
and Land Group
development promotion Construction overheads Eliminations Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue
External sales 71,517 52,645 55,594 - - 179,756
Inter-segment sales 144 - 585 156 (885) -
Total revenue 71,661 52,645 56,179 156 (885) 179,756
Gross profit/(loss) 11,117 21,143 8,467 134 (14) 40,847
Other income 4,800 - - - - 4,800
Administrative expenses (8,297) (4,168) (4,087) (4,293) 14 (20,831)
Other operating income/(expense) 872 (3) - - - 869
Operating profit/(loss) 8,492 16,972 4,380 (4,159) - 25,685
Finance income 4,219 529 229 140 (3,348) 1,769
Finance costs (2,455) (263) (217) (2,163) 2,603 (2,495)
Profit/(loss) before tax 10,256 17,238 4,392 (6,182) (745) 24,959
Tax (2,338) (4,076) (1,098) 1,707 - (5,805)
Profit/(loss) for the year 7,918 13,162 3,294 (4,475) (745) 19,154
Year ended 31 December 2023 Audited
Property
investment
and Land Group
development promotion Construction overheads Eliminations Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue
External sales 191,884 67,992 99,523 - - 359,399
Inter-segment sales 258 - 1,050 271 (1,579) -
Total revenue 192,142 67,992 100,573 271 (1,579) 359,399
Gross profit/(loss) 31,554 29,815 15,177 238 (19) 76,765
Other income 4,800 - - - - 4,800
Administrative expenses (17,172) (8,371) (8,682) (10,136) 19 (44,342)
Other operating income 2,989 (7) - - - 2,982
Operating profit/(loss) 22,171 21,437 6,495 (9,898) - 40,205
Finance income 3,273 1,197 458 25,813 (27,384) 3,357
Finance costs (11,596) (615) (480) (5,437) 11,868 (6,260)
Profit/(loss) before tax 13,848 22,019 6,473 10,478 (15,516) 37,302
Tax (5,741) (4,470) (1,686) 3,138 - (8,759)
Profit/(loss) for the year 8,107 17,549 4,787 13,616 (15,516) 28,543
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Segment assets
Property investment and development 372,351 375,023 362,737
Land promotion 192,532 152,251 160,690
Construction 43,209 48,116 41,635
Group overheads 7,897 5,826 8,363
615,989 581,216 573,425
Unallocated assets
Retirement benefit assets 9,800 8,108 7,725
Deferred tax assets 214 249 213
Cash and cash equivalents 14,379 20,536 13,034
Total assets 640,382 610,109 594,397
Segment liabilities
Property investment and development 41,796 52,955 38,101
Land promotion 34,260 14,183 15,635
Construction 25,222 28,427 22,797
Group overheads 3,461 5,274 4,904
104,739 100,839 81,437
Unallocated liabilities
Current tax liabilities 3,304 7,664 6,677
Deferred tax liabilities 5,896 4,878 5,372
Current lease liabilities 898 1,539 728
Current borrowings 111,929 85,000 84,819
Non-current lease liabilities 3,389 4,770 3,547
Non-current borrowings 2,083 - 1,699
Total liabilities 232,238 204,690 184,279
Total net assets 408,144 405,419 410,118
4. REVENUE
The group's revenue is derived from contracts with customers. In the following
table, revenue is disaggregated by primary activity, being the group's
operating segments and timing of revenue recognition:
Timing of revenue Timing of revenue
recognition recognition
Activity in the United Kingdom 30 June At a point in time Over 30 June At a point in time Over
2024 time 2023 time
Unaudited Unaudited
£'000 £'000
Construction contracts:
- Construction 28,632 - 28,632 41,096 - 41,096
- Property investment and development 11,398 - 11,398 24,663 - 24,663
Sale of land and properties:
- Property investment and development 6,186 6,186 - 12,836 12,836 -
- House builder unit sales 29,156 29,156 - 31,012 31,012 -
- Land promotion 12,926 12,926 - 52,502 52,502 -
PFI concession 6,797 6,797 - 6,502 6,502 -
Revenue from contracts with customers 95,095 55,065 40,030 168,611 102,852 65,759
Plant and equipment hire 7,718 7,996
Investment property rental income 3,126 3,002
Other rental income - property development 12 4
Other rental income - land promotion 96 143
106,047 179,756
5. Earnings per ordinary share
Earnings per ordinary share is calculated on the weighted average number of
shares in issue being 133,986,686 (30 June 2023: 133,386,168). Diluted
earnings per ordinary share is calculated on the weighted average number of
shares in issue adjusted for the effects of any dilutive potential ordinary
shares.
6. Dividends
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Amounts recognised as distributions to equity holders in period:
Preference dividend on cumulative preference shares 11 11 21
Interim dividend for the year ended 31 December 2023 of 2.93p per share (2022: - - 5,336
2.66p)
Final dividend for the year ended 31 December 2023 of 4.40p per share (2022: 5,879 5,336 3,917
4.00p)
5,890 5,347 9,274
An interim dividend amounting to £4,196,000 (2023: £3,910,000) will be paid
on 11 October 2024 to shareholders whose names are on the register at the
close of business on 20 September 2024. The proposed interim dividend has not
been approved at the date of the Consolidated Statement of Financial Position
and so has not been included as a liability in these Financial Statements.
7. Tax
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Current tax:
UK corporation tax on profits for the period 455 4,886 6,745
Adjustment in respect of earlier periods 54 (85) (39)
Total current tax 509 4,801 6,706
Deferred tax:
Origination and reversal of temporary differences (31) 1,004 2,053
Total deferred tax (31) 1,004 2,053
Total tax 478 5,805 8,759
Corporation tax is calculated at 25% (31 December 2023: 23.5%) of the
estimated assessable profit for the period being management's estimate of the
weighted average corporation tax rate for the period. The group's effective
rate of tax of
13.0% is lower than the standard rate of corporation tax due to joint venture
profits reported net of tax.
8. Investment properties
Investment
Completed property
investment under
property construction Total
£'000 £'000 £'000
Fair value
At 1 January 2024 (audited) 100,602 - 100,602
Subsequent expenditure on investment property 43 - 43
Amortisation of capitalised letting fees (10) - (10)
Disposals (139) - (139)
Transfer to assets held for sale - - -
Decrease in fair value in period (28) - (28)
At 30 June 2024 (unaudited) 100,468 - 100,468
Adjustment in respect of tenant incentives - - -
Market value at 30 June 2024 100,468 - 100,468
Fair value
At 1 January 2023 (audited) 87,198 9,918 97,116
Subsequent expenditure on investment property 83 6,892 6,975
Disposals (928) - (928)
Transfer to assets held for sale (1,042) - (1,042)
Increase/(decrease) in fair value in period 1,405 (810) 595
At 30 June 2023 (unaudited) 86,716 16,000 102,716
Adjustment in respect of tenant incentives (2,213) - (2,213)
Market value at 30 June 2023 84,503 16,000 100,503
Fair value
At 1 January 2023 87,198 9,918 97,116
Initial acquisition - 627 627
Subsequent expenditure on investment property 119 7,229 7,348
Capitalised letting fees 15 26 41
Amortisation of capitalised letting fees (54) - (54)
Disposals (7,032) - (7,032)
Transfer to assets held for sale (1,041) - (1,041)
Transfer from inventory 3,290 - 3,290
Transfers from investment property under construction 17,580 (17,580) -
Increase/(decrease) in fair value in period 527 (220) 307
At 31 December 2023 (audited) 100,602 - 100,602
Adjustment in respect of tenant incentives 2,758 - 2,758
Market value at 31 December 2023 103,360 - 103,360
At 30 June 2024, the group had entered into contractual commitments for the
acquisition and repair of investment property amounting to £nil (31 December
2023: £711,000).
9. Borrowings
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Bank loans 110,000 85,000 83,500
Sale and leaseback 4,012 - 3,018
114,012 85,000 86,518
Movements in borrowings are analysed as follows:
£'000
At 1 January 2024 86,518
Secured bank loans 33,500
Repayment of secured bank loans (7,000)
New leases - sale and leaseback 1,717
Repayment of sale and leaseback (723)
At 30 June 2024 114,012
Bank loans include the group's revolving loan facility which runs to May 2029
and is drawn for durations of up to six months.
10. Provisions for liabilities and charges
Since 31 December 2023, the following movements on provisions for liabilities
and charges have occurred:
· The road maintenance provision represents management's best estimate of the
group's liability under a five-year rolling programme for the maintenance of
the group's PFI asset. During the period £718,000 has been utilised and
additional provisions of £1,199,000 have been made, all of which were due to
normal operating procedures.
· The Land promotion provision represents management's best estimate of the
group's liability to provide infrastructure and service obligations, which
remain with the group following the disposal of land. During the period,
£628,000 has been utilised and £653,000 has been released.
11. Defined benefit pension scheme
The main financial assumptions used in the valuation of the liabilities of the
scheme under IAS 19 are:
30 June 30 June 31 December
2024 2023 2023
% % %
Retail Prices Index (RPI) 3.20 3.30 3.15
Consumer Prices Index (CPI) 2.65 2.70 2.55
Rate in increase to pensions in payment liable for Limited Price Indexation 2.65 2.70 2.55
(LPI)
Revaluation of deferred pensions 2.65 2.70 2.55
Liabilities discount rate 5.20 5.40 4.60
Amounts recognised in the Consolidated Statement of Comprehensive Income in
respect of the scheme are as follows:
Half year Half year Year
Ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Service cost:
Ongoing scheme expenses 353 439 745
Net interest income (174) (196) (406)
Pension Protection Fund 22 45 81
Pension expenses recognised in profit or loss 201 288 420
Remeasurement on the net defined benefit liability:
Return on plan assets (excluding amounts included in net interest expense) 6,794 6,451 (1,044)
Actuarial losses/(gains) arising from changes in demographic assumptions - 986 (1,675)
Actuarial (gains)/losses arising from experience adjustments (9,226) 2,138 4,710
Actuarial losses/(gains) arising from changes in financial assumptions 408 (7,526) 1,075
Actuarial (gains)/losses recognised in other comprehensive income (2,024) 2,049 3,066
Total (1,823) 2,337 3,486
The amount included in the Statement of Financial Position arising from the
group's obligations in respect of the scheme is as follows:
Half year Half year Year
Ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Present value of scheme obligations (145,396) (147,410) (155,264)
Fair value of scheme assets 155,196 155,518 162,989
9,800 8,108 7,725
12. Related party transactions
There have been no material transactions with related parties during the
period.
There have been no material changes to the related party arrangements as
reported in note 30 to the Annual Report and Financial Statements for the year
ended 31 December 2023.
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note.
13. SHARE CAPITAL
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
400,000 5.25% cumulative preference shares of £1 each (31 December 2023: 400 400 400
400,000)
133,988,603 ordinary shares of 10p each (31 December 2023: 133,985,763) 13,399 13,398 13,399
13,799 13,798 13,799
14. Cash generated from operations
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit before tax 3,687 24,959 37,302
Adjustments for:
Amortisation of PFI asset 268 279 551
Goodwill impairment 102 102 203
Depreciation of property, plant and equipment 2,760 2,125 4,462
Depreciation of right-of-use assets - 287 779
Revaluation decrease/(increase) in investment properties 28 (595) (307)
Amortisation of capitalised letting fees 10 - 54
Share-based payment expense 875 744 1,601
Pension scheme credit (51) (3,969) (4,197)
Loss/(profit) on disposal of property, plant and equipment (excluding 36 14 (341)
equipment held for hire)
Profit on disposal of equipment held for hire (789) (596) (1,185)
Profit on disposal of investment properties (37) (85) (733)
Profit on disposal of assets held for sale - - (1,571)
Finance income (2,116) (1,769) (3,357)
Finance costs 4,283 2,495 6,260
Share of profit of joint ventures and associates (1,860) (188) (371)
Operating cash flows before movements in equipment held for hire 7,196 23,803 39,150
Purchase of equipment held for hire (1,666) (2,538) (3,497)
Proceeds on disposal of equipment held for hire 1,073 722 1,423
Operating cash flows before movements in working capital 6,603 21,987 37,076
Increase in inventories (52,784) (5,886) (9,129)
Decrease/(increase) in receivables 16,961 (6,005) 1,503
(Increase)/decrease in contract assets (192) 1,836 5,598
(Increase)/decrease in payables 18,796 (3,252) (26,231)
(Increase)/decrease in contract liabilities 3,855 (2,540) (2,946)
Cash generated from operations (6,761) 6,140 5,871
Net debt is an alternative performance measure used by the group and comprises
the following:
Analysis of net debt:
Cash and cash equivalents 14,379 20,538 13,034
Bank overdrafts - - -
Net cash and cash equivalents 14,379 20,538 13,034
Bank loans (110,000) (85,000) (83,500)
Other loans - sale and leaseback (4,012) (3,313) (3,018)
Lease liabilities (4,287) (2,996) (4,275)
Net debt (103,920) (70,771) (77,759)
( )
15. GROUP RISKS AND UNCERTAINTIES
The Directors consider that the principal risks and uncertainties which could
have a material impact on the group's performance over the remaining six
months of the 2024 financial year remain consistent with those set out in the
Strategic Report on pages 48 to 54 of the group's Annual Report and Financial
Statements. These risks and uncertainties include:
Safety; Environmental and climate change; Economic; People and culture;
Funding; Cyber; Pensions; Construction contracts; Property assets, Property
development; Land sourcing; Land demand; Political; housebuilding.
The recovering UK economy, falling inflation and potential for interest rate
cuts are good for our markets and brings down some key risk exposure.
Our short-term focus becomes realisation of asset values, returning levels of
gearing to within our targeted range and progressing key opportunities.
The group operates a system of internal control and risk management in order
to provide assurance that it is managing risk while achieving our business
objectives. No system can fully eliminate risk and therefore the understanding
of operational risk is central to the management process within Henry Boot.
The long-term success of the group depends on the continual review, assessment
and control of the key business risks it faces.
16. Approval
The issue of these statements was formally approved by a duly appointed
committee of the Board on 17 September 2024.
RESPONSIBILITY STATEMENTS OF THE DIRECTORS
The Directors confirm that these condensed interim Financial Statements have
been prepared in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and that the
interim management report includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six
months and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related-party transactions in the first six months and any material
changes in the related-party transactions described in the last Annual Report.
The Directors of Henry Boot PLC are listed in the Henry Boot PLC Annual Report
for the year ended 31 December 2023. A list of current Directors is maintained
on the Henry Boot PLC group website: www.henryboot.co.uk
(http://www.henryboot.co.uk) .
On behalf of the Board
T A ROBERTS D L LITTLEWOOD
Director Director
17 September 2024 17 September 2024
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