Boot(Henry) PLC Trading Update (1116U)
20 October 2017 - 5:00PM
UK Regulatory
TIDMBOOT
RNS Number : 1116U
Boot(Henry) PLC
20 October 2017
20 October 2017
HENRY BOOT PLC
('the Group')
TRADING UPDATE
Henry Boot PLC (BOOT.L) announces that further to the Group's
interim results announcement on 25 August 2017, trading has
continued to be very strong across all our business segments, in
particular, within property development and land promotion.
Therefore, given the accelerated completion of transactions in
September and October 2017, and the successful delivery of major
development schemes through the second half of the year, we
anticipate that the Group's performance for the year ending 31
December 2017 will be materially ahead of the Board's existing
expectations.
2017 has proved to be an outstanding year where almost every
deal we hoped to complete has done so. Furthermore, we concluded
several deals in 2017, earlier than we had originally anticipated,
including the sale of the final 30,500 sq ft industrial unit at
Thorne, the sale of an 8,150 sq ft retail park in Monmouth and 80
residential units on land in Prestonpans. In addition, the delivery
of several industrial units at Markham Vale has, once again, been
quicker than forecast.
Within Hallam Land Management, our strategic land division, we
have concluded disposals on 14 schemes this year including the
final phases of sites at Biddenham for 233 residential units and
Marston Moretaine for 183 residential units. In addition, we have
already exchanged contracts on four schemes for 2018. Overall, the
year to date sales represent 2,048 residential units (2016: 1,609
units).
Within property development, the Aberdeen Exhibition Centre
contract is going to plan and delivery of the project remains very
much in line with our expectations. We have now concluded all unit
sales within the Chocolate Factory at York having originally
anticipated that these sales would take place between mid-2016 and
mid-2019. Exceeding this target has increased profitability in
2017, by advancing it from 2018/19.
We continue to backfill the opportunity pipeline and work on
deals for 2018, thereby replacing the deals that have been executed
earlier than expected, and there remains a possibility that some of
these may conclude before the current financial year end. With this
in mind, together with the wider UK economic backdrop, the Group's
expectations for 2018 remain unchanged.
For further information, please contact:
Henry Boot PLC
John Sutcliffe, Chief Executive Officer
Darren Littlewood, Group Finance Director
Tel: 0114 255 5444
www.henryboot.co.uk
Investec Bank plc
Garry Levin/Carlton Nelson/David Anderson
Tel: 020 7597 5970
Hudson Sandler LLP
Nick Lyon/Wendy Baker
Tel: 020 7796 4133
-ends-
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