Trading Update & completion of further land sales

RNS Number : 5165A

Boot(Henry) PLC

08 June 2016

 

London: Wednesday, 8 June 2016

HENRY BOOT PLC

('the Company' or 'the Group')

TRADING UPDATE AND COMPLETION OF FURTHER LAND SALES

Henry Boot PLC (BHY.L) announces that further to its recent Trading Update issued on 26 May 2016 the Group has since concluded two further land sales for 275 house units, one of which was ahead of original schedule.

While one of these land sales completed in line with the Board's expectations, management had initially forecast that the second land sale (and notably the larger of the two) would comprise three separate sales across the three years ending 31 December 2018.

This sale completed yesterday evening (7 June 2016), earlier than management expected, with the site sold in two (rather than three) parts in each of 2016 and 2017.  Furthermore, the sale results in a materially higher total profit on disposal than had been previously anticipated.

Taking into account the level of land sales now completed by the Group since the start of the year, together with the commercial development work in progress through the second half of the year, and irrespective of the EU Referendum result, the Board now anticipates that profit before tax for the year ending 31 December 2016 will be comfortably ahead of current market expectations.

Further detail will be provided in the Company's results announcement for the half year ending 30 June 2016, which will reflect much of the aforementioned outperformance, and is expected to be published on 25 August 2016.

For further information, please contact:

Henry Boot PLC

John Sutcliffe, Chief Executive Officer

Darren Littlewood, Group Finance Director

Tel: [phone]

www.henryboot.co.uk

Investec Bank plc

Garry Levin

Tel: [phone]

TooleyStreet Communications

Fiona Tooley

Mobile: [phone]

Tel: [phone]

 

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