Interim Results

Boot(Henry) PLC
28 September 2000


                                HENRY BOOT PLC





                               INTERIM RESULTS





Henry Boot PLC, the Sheffield based construction, housebuilding and property
group, announces its Interim Results for the half-year ended 30th June 2000.





                                  Highlights



                               * TURNOVER UP 60%



                               * OPERATING PROFIT UP TO £4.1M



                               * EARNINGS PER SHARE UP 12%



                               * INTERIM DIVIDEND UP 11%





     Enquiries: Jamie Boot, Group Managing Director - Tel: [phone]





                             Chairman's Statement





I am pleased to say that the optimism expressed in my previous Statement, and
directed towards the results for the year 2000, has not been misplaced.
Overall, there has been a significant advance in the amount of business
transacted in the first six months of the year, leading to an increase in
turnover in excess of 60% compared with last year. This in turn has resulted
in operating profit increasing by more than 11%.



With pre-tax profit of £4.1m (1999 £3.8m) and after tax earnings per share up
by over 12% on the 1999 figures, your Board feels justified in distributing an
enhanced interim dividend of 3.0p per ordinary 10p share, an increase of 11%
over 1999.



To achieve the increase in activity, margins have come under some pressure in
certain areas of the business. Construction remains extremely competitive and,
whilst there is work available, securing it on appropriate risk/reward terms
remains challenging.



Difficult conditions and over-capacity encountered in the powered access
market have reduced the contribution from our Plant Hire business, although
profitability has been maintained through higher turnover levels and the
inclusion of a full half-year from Quicklift.



The Training company's activities show signs of a revival and, although
results for the first six months were down on the previous year's interim
performance, we look towards an improvement during the second half-year.



The Group continues to maintain real growth in its Housing, Property and Land
Management operations, with every indication that year-end targets will be
met.



The rate of growth in house prices has slowed and demand stabilised. Interest
rates, inflation and confidence are the key ingredients, all of which are
currently favourable. This year-end should see completions comfortably exceed
those of last year.



Property activities continue to flourish, with building works well advanced on
our new projects in Hailsham and Skegness, and further sites coming forward at
Blackpool, Stoke-on-Trent, Doncaster and Hull. Our out-of-town retail schemes
have attracted considerable institutional interest and other opportunities are
being pursued through our regional offices in Manchester, Birmingham, Bristol,
St. Albans and Sheffield.



Hallam Land Management achieved some significant sales in the period as well
as being successful in obtaining a number of planning approvals, recording
further Local Plan allocations and securing new options and agreements for
future developments. Promoting land under our control remains a high priority
and, despite the inherent delays now built into planning procedures, our
operation enjoys a successful reputation in this complex and specialised
process.



Inevitably, expansion of the Group's activities, particularly in the areas
referred to above, will increase the gearing position of the Company. The
slight reduction in debt shown at the half-year stage is anticipated to
reverse significantly by the year-end, though your directors will ensure that
any increase in borrowings is managed within acceptable levels.



Another factor affecting both the cash flow position and the Balance Sheet is
the recent  buy-back of shares. During the first six months of the year a
total of 624,000 ordinary shares were purchased and cancelled, enhancing both
earnings and net asset value for remaining shareholders. Net assets per share
now equate to 265p per ordinary share (June 1999 241p). A further 140,000
shares were purchased and cancelled in July. These actions followed falls in
the quoted share price to unreasonable levels.



Looking ahead to the year-end, we remain cautiously optimistic for another
record performance.


28th September 2000      JOHN S REIS                Chairman



The UNAUDITED results of the Group include:


                                            Half year  Half year           Year
                                                ended      ended          ended
                                            30th June  30th June  31st December

                                                 2000       1999           1999

                                                £'000      £'000          £'000
Turnover - continuing operations              107,876     66,444        204,810
Operating profit                                4,133      3,716         11,461
Investment income                                   -          -            141
Interest                                         (43)         41          (370)
Profit on ordinary activities
before tax                                      4,090      3,757         11,232
Tax on profit on ordinary activities            1,143      1,102          3,146
Profit for the period                           2,947      2,655          8,086
Dealt with as follows:
Dividends:
Cumulative preference shares (non-equity)          11         11             21
Proposed interim of 3.0p (1999 2.7p)              738        697          2,502
Profit retained                                 2,198      1,947          5,563
                                                2,947      2,655          8,086
Earnings per ordinary share                     11.8p      10.5p          32.0p
Diluted earnings per ordinary share             11.4p      10.1p          30.8p

Summarised Group Balance Sheet at 30th June 2000

                                                30th June      31st   30th June
                                                   2000       December     1999
                                                                 1999
                                                Unaudited     Audited  Unaudited
                                                    £'000       £'000     £'000

Fixed assets
Goodwill                                            1,114       1,421     1,500
Tangible assets                                    28,049      26,947    26,088
Investments                                         2,047       1,568     1,539
                                                   31,210      29,936    29,127
Current assets
Stocks                                             83,481      84,292    94,090
Debtors                                            19,999      21,496    18,466
Cash at bank and in hand                              488       6,552       854
Creditors: amounts falling due within
one year                                         (63,924)    (71,319)  (75,346)
Net current assets                                 40,044      41,021    38,064
Total assets less current liabilities              71,254      70,957    67,191
Creditors: amounts falling due after more than
one year                                          (1,483)     (1,847)   (2,110)
Provisions for liabilities and charges            (1,750)     (1,852)   (1,701)
                                                   68,021      67,258    63,380
Capital and reserves
Called up share capital                             2,949       3,011     3,011
Capital redemption reserve                            257         195       195
Share premium account                               1,119       1,119     1,107
Property revaluation reserve                        9,600       9,680     9,431
Profit and loss account                            53,572      52,729    49,112
Other reserves                                        524         524       524
                                                   68,021      67,258    63,380
Being:
Non-equity shareholders' funds                        400         400       400
Equity shareholders' funds                         67,621      66,858    62,980
                                                   68,021      67,258    63,380

Group Statement of Total Recognised Gains and Losses


                                       Half year       Half year           Year
                                           ended           ended          ended
                                       30th June       30th June  31st December
                                            2000            1999           1999
                                       Unaudited       Unaudited        Audited

                                           £'000           £'000          £'000
Profit for the financial period            2,947           2,655          8,086
Cost of own shares purchased             (1,356)           (824)          (824)
Unrealised surplus on property
revaluation                                    -               -           422
Elimination of revaluation surplus on
transfer of properties to stocks            (79)           (178)          (350)
Total recognised gains and losses for
the period                                1,512           1,653          7,334

Summarised Group Cash Flow Statement


                                       Half year       Half year     Year
                                           ended           ended    ended
                                       30th June       30th June     31st
                                            2000            1999   December
                                                                    1999
                                       Unaudited       Unaudited  Audited
                                           £'000           £'000    £'000
Net cash inflow (outflow) from
operating activities                       7,012        (23,067)    3,046


Returns on investment and servicing
of finance                                    53             111    (150)
Taxation                                   (194)           (595)  (2,305)
Capital expenditure and financial
investment                               (3,215)         (2,031)  (4,124)
Acquisition                                (206)         (1,609)  (1,713)
Equity dividends paid                    (1,805)         (1,678)  (2,348)
Cash inflow (outflow) before use of
liquid resources and financing            1,645        (28,869)  (7,594)
Financing                                (1,623)           (822)  (1,308)
Increase (decrease) in cash                   22        (29,691)  (8,902)

Notes to Group Cash Flow Statement


                                Half year     Half year              Year
                                    ended         ended             ended
                                30th June     30th June     31st December
                                     2000          1999              1999
                                Unaudited     Unaudited           Audited

                                    £'000         £'000             £'000
Reconciliation of net cash
flow to movement in net funds
Increase (decrease) in cash            22      (29,691)           (8,902)
in period
Loans and finance leases on
acquisition of subsidiary               -       (1,799)           (1,864)
Cash outflow from decrease
in debt and lease financing           267             -               498

New finance leases                      -             -             (227)
Change in net debt in year            289      (31,490)          (10,495)
Net funds at 31st December        (2,094)         8,401             8,401
1999
Net funds at 30th June 2000       (1,805)      (23,089)           (2,094)


Reconciliation of operating
profit to operating cash
flow
Operating profit                    4,133         3,716            11,461
Depreciation and                    1,889         1,356             3,115
amortisation
Profit on tangible fixed             (65)          (63)             (287)
assets
Decrease (increase) in                814      (22,198)          (12,393)
stocks
Decrease (increase) in              1,492       (4,398)           (7,355)
debtors
(Decrease) increase in
creditors and provisions           (1,251)      (1,480)            8,505
Net cash inflow (outflow)
from                                7,012      (23,067)             3,046
operating activities


Analysis of net debt


                                   At              Cash                At
                                 31.12.99          flows          30.06.00
                                    £'000          £'000            £'000

Cash at bank                        6,552       (6,064)               488
Overdraft                         (7,053)         6,086             (967)
Increase in cash                                     22
Finance leases                    (1,593)           267           (1,326)
                                  (2,094)           289           (1,805)


Notes



1.         The 1999 year-end results are an abridged version of the
unqualified audited accounts filed with the Registrar of Companies. The
financial information set out above does not comprise statutory accounts
within the meaning of Section 240 Companies Act 1985.



2.         Earnings per ordinary share are calculated on the weighted average
number of shares in issue.



3.         The interim dividend amounting to £738,612 (1999 £697,118) will be
paid on 2nd November 2000 to shareholders whose names are on the register at
the close of business on 13th October 2000.



4.         At the board meeting on 27th September 2000 the directors formally
approved the issue of these statements which have not been reviewed by the
auditors.



5.         The interim financial information has been prepared using
accounting policies consistent with those adopted by the group in its accounts
for the year ended 31st December 1999.



6.         Property valuations have been brought forward without amendment
from the previous annual accounts.