Final Results

Boot(Henry) PLC
15 April 2002



HENRY BOOT PLC

PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2001


Henry Boot PLC, the construction and property group, announces its results for
the year ended 31st December 2001.



HIGHLIGHTS

GROUP OPERATING PROFIT UP 14.7%

PROFIT BEFORE TAX UP 9.6%

EARNINGS PER SHARE UP 9.2%

NET ASSETS PER SHARE UP 9.0%


John Reis, Chairman, comments:

'I am delighted to report a 16th successive year of growth in profit and
earnings'

'The New Homes business continued its highly successful run'

'Our Property Development business recorded an exceptional performance'



            --------------------------



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



CHAIRMAN'S STATEMENT

I am delighted to report a 16th successive year of growth in profit and earnings
achieved on a turnover of £234m, marginally ahead of last year.  This was
derived from the continuing concentration of our core operations in those areas
offering more sustainable and acceptable margins with manageable levels of risk.

Group operating profit grew by 14.7% to reach £14.3m and profit before tax at
£13.4m represents a 9.6% increase over the previous year (£12.2m).  After tax
earnings per ordinary share stand at 39.3p compared with 36.0p for the year
2000.

The higher amount of interest payable reflected the increased level of
borrowings experienced for much of the year, though we benefited from the
current climate of low interest rates.



TRADING SUMMARY

Significant increases in turnover were recorded in our New Homes and Property
Development activities, whilst traditional Building and Civil Engineering saw a
reduction in new work undertaken.

The New Homes business continued its highly successful run, with turnover up 28%
and the average selling price at £109,000 per unit showing an increase of
£13,000. Legal completions reached a record 713 compared with 651 last year.
Additionally, an uplift in the volume of new orders carried forward into the
current year bodes well for our prospects in 2002.  The existing land bank
remains on target to meet our medium term needs. However, the national shortage
of land occasioned by the vagaries and complexities of the present planning
regime continues to exacerbate competition and so drives prices up.

The Land Management activity centred much of its attention on securing
opportunities internally for the New Homes and Property Development companies
which resulted in less visible gains from external sales.  It continued to
successfully promote a number of existing schemes despite the ongoing problems
encountered with the planning process leading to delays and not a little
frustration.

Our Property Development business recorded an exceptional performance, whilst at
the same time preparing the way forward for a number of new schemes and
opportunities. Confidence has returned to the market, in particular to the
retail sector, following the tragic events of September 11th.

The Building and Civil Engineering operation pursued its policy of avoiding new
large projects with their inherent risks and low margins. A number of problem
contracts entered into in earlier years continued to mar performance. These,
combined with a number of outstanding accounts that are taking longer to settle
than originally anticipated, resulted in a disappointing year. However, it would
be wrong to discount the progress made on these issues and the business looks to
better returns in 2002 as it carries forward satisfactory workload levels,
primarily in school, hospital, prison and local authority housing work.

The Specialist Construction arm, offering fee contracting, design-build, fast
track fitting-out and refurbishment, facilities management, managed maintenance
solutions, rail track work and sports surfaces, enjoyed its most profitable year
since being established some 14 years ago.  New work carried into the current
year, together with a number of opportunities presently being pursued, should
ensure further success in 2002.

The Plant Hire activity increased profitability on the back of increased sales
and utilisation levels despite the fierce competition encountered particularly
in the powered access and power tool hire markets. Continued investment in this
area of our operations should see further growth into 2002 and beyond.

Our Training company faced a year of change and mixed fortunes. The new Learning
and Skills Councils replaced the not so old Training and Enterprise Councils,
with restructured funding arrangements designed to benefit training providers.
However, the numbers being attracted to and completing the Construction
Apprenticeship Scheme remained lower than expected with a resultant impact on
performance.

Generally, the skills shortages in the construction industry persist and this
shortfall, coupled with the ever-increasing age profile of those in the
industry, is a cause for some concern.



FINANCIAL POSITION, DIVIDENDS AND OUTLOOK

In view of the movement in the company's share price during the year, no further
shares have been bought back and cancelled since June 2000. However, we will
continue to monitor the position for the long term benefit of shareholders.

Cash generation of £29.7m left the company with net cash in hand of some £5m at
the year end.  This position is temporary as cash demands forecast for the first
half of this year for our New Homes and Property Development operations will
push the company into modest levels of gearing by the time of the Interim
results. Levels of working capital, comprising mainly of developments in
progress, houses for sale and land holdings, will consequently increase, though
we will be vigilant and ready to react to any sudden downturn.

Net asset value per ordinary share now stands at £3.16 (2000 £2.90), an increase
of nearly 9%, and net assets employed have risen from £74.0m to £81.6m.

We entered the year 2002 in a robust position and, with a strong Balance Sheet
and increased order book, we can be cautiously optimistic for the out-turn of
our trading performance in the current year. Against this background and
following the progression made in earlier years in increasing returns to
shareholders, your directors are recommending a final dividend of 8.8p. This,
when added to the interim dividend of 3.3p, gives a total of 12.1p for the year
(a 10% increase), a level that remains well covered in profit terms.


John S. Reis
15th April 2002





Summarised Group Profit & Loss Account
for the year ended 31st December 2001


                                                                              2001             2000
                                                                             £'000            £'000

Turnover - continuing operations

Group and share of associates                                              234,124          226,787
Less: share of associates' turnover                                          2,669            1,871
                                                                        ----------       ----------
Group turnover                                                             231,455          224,916
                                                                        ----------       ----------

Operating profit                                                            13,046           11,991
Share of operating profits of associates                                     1,261              483
                                                                        ----------       ----------

Group operating profit                                                      14,307           12,474
Investment income                                                                -              197
Interest                                                                     (628)            (290)
Interest - share of associates                                               (269)            (143)
                                                                        ----------       ----------

Profit on ordinary activities before taxation                               13,410           12,238
Tax on profit on ordinary activities                                         3,619            3,332
                                                                        ----------       ----------

Profit for the financial year after taxation                                 9,791            8,906
                                                                        ----------       ----------

Dealt with as follows:
Dividends paid and proposed

  Cumulative preference shares (non-equity) 5.25%
  (2000: 5.25%)                                                                 21               21
  Ordinary shares 12.1p (2000: 11.0p)                                        3,038            2,717
Profit retained                                                              6,732            6,168
                                                                        ----------       ----------
                                                                             9,791            8,906
                                                                        ----------       ----------

Basic earnings per ordinary share                                            39.3p            36.0p
                                                                        ----------       ----------

Diluted earnings per ordinary share                                          38.1p            34.7p
                                                                        ----------       ----------

There were no discontinued operations




Summarised Group Balance Sheet at 31st December 2001


                                                                                     2001             2000
                                                                                    £'000            £'000

Fixed assets                                                                       34,153           33,494

                                                                               ----------       ----------
Current assets

Stocks                                                                             94,422          107,833
Debtors                                                                            15,082           21,221
Cash at bank and in hand                                                           18,653               80
Creditors: amounts falling due within one year                                   (65,497)         (70,543)
                                                                               ----------       ----------

Net current assets                                                                 62,660           58,591
                                                                               ----------       ----------

Total assets less current liabilities                                              96,813           92,085


Creditors: amounts falling due after more than one year                          (12,579)         (15,933)
Provisions for liabilities and charges                                            (2,587)          (2,134)
                                                                               ----------       ----------
Net assets employed                                                                81,647           74,018

                                                                               ----------       ----------

Capital and reserves

Called up share capital                                                             2,968            2,936
Capital redemption reserve                                                            271              271
Share premium account                                                               1,698            1,131
Property revaluation reserve                                                       12,010           11,732
Profit and loss account                                                            64,174           57,422
Other reserves                                                                        526              526
                                                                               ----------       ----------
Shareholders' funds                                                                81,647           74,018
                                                                               ----------       ----------

Being:
Non-equity shareholders' funds                                                        400              400
Equity shareholders' funds                                                         81,247           73,618
                                                                                ---------        ---------
                                                                                   81,647           74,018
                                                                               ----------       ----------



Group Statement of Total Recognised Gains and Losses
for the year ended 31st December 2001

                                                                                     2001             2000
                                                                                    £'000            £'000

Profit for the financial year                                                       9,791            8,906

Cost of own shares purchased                                                            -          (1,633)

Unrealised surplus on property revaluation                                            551            2,438

Elimination of revaluation surplus on transfer of properties
to stocks                                                                           (253)            (228)

Foreign currency translation differences                                                -                2
                                                                                ---------        ---------
Total recognised gains and losses for the year                                     10,089            9,485
                                                                                ---------        ---------




Summarised Group Cash Flow Statement
for the year ended 31st December 2001


                                                                                     2001             2000
                                                                                    £'000            £'000

Net cash inflow (outflow) from operating activities                                36,275          (8,000)

Dividends received from associates                                                    695              599

Returns on investment and servicing of finance                                      (672)             (62)

Taxation                                                                          (2,884)          (2,529)

Capital expenditure and financial investment                                        (267)          (4,793)

Acquisition                                                                         (392)            (810)

Equity dividends paid                                                             (2,802)          (2,543)
                                                                               ----------       ----------

Cash inflow (outflow) before use of liquid resources and
financing                                                                          29,953         (18,138)

Financing                                                                           (203)          (2,458)
                                                                               ----------       ----------
Increase (decrease) in cash                                                        29,750         (20,596)
                                                                               ----------       ----------





Notes to Group Cash Flow Statement


                                                                                     2001             2000
                                                                                    £'000            £'000

Reconciliation of net cash flow to movement in net funds

Increase (decrease) in cash                                                        29,750         (20,596)

Cash outflow from decrease in lease financing                                         802              853

New finance leases                                                                (3,264)            (453)
                                                                                ---------        ---------

Change in net debt in year                                                         27,288         (20,196)

Net debt at 31st December 2000                                                   (22,290)          (2,094)
                                                                               ----------        ---------
Net funds (debt) at 31st December 2001                                              4,998         (22,290)
                                                                               ----------        ---------

Reconciliation of operating profit to operating cash flow

Operating profit                                                                   13,046           11,991

Depreciation and amortisation                                                       4,118            4,828

Profit on sale of tangible fixed assets                                             (148)            (108)

Decrease (increase) in stocks                                                      13,411         (23,536)

Decrease in debtors                                                                 6,088              286

(Decrease) in creditors and provisions                                              (240)          (1,461)
                                                                                ---------        ---------
Net cash inflow (outflow) from operating activities                                36,275          (8,000)
                                                                                ---------        ---------



Analysis of net funds




                                                At               Cash        New finance               At
                                          31.12.00              flows             leases         31.12.01
                                             £'000              £'000              £'000            £'000

Cash at bank                                    80             18,573                  -           18,653

Overdraft                                  (6,177)              6,177                  -                -

Decrease in loans                         (15,000)              5,000                  -         (10,000)
                                                            ---------
Increase in cash                                               29,750

Finance leases                             (1,193)                802            (3,264)          (3,655)
                                        ----------         ----------         ----------       ----------
                                          (22,290)             30,552            (3,264)            4,998
                                        ----------         ----------         ----------       ----------





Notes

1. The financial information above has been extracted from the Company's
statutory       accounts for the years ended 31st December 2000 and 2001.
Statutory accounts for the year ended 31st December 2000 have been delivered,
and those for the year ended 31st December 2001 will be delivered, to the
Registrar of Companies.  The auditors of the Company have given unqualified
reports on those accounts and such reports did not contain a statement under
Section 237(2) or (3) of the Companies Act 1985.

2. At the Board meeting held on 12th April 2002 the Directors formally approved
the issue of these statements.

3. The financial information has been prepared using accounting policies
consistent with those adopted by the group in its accounts for the year ended
31st December 2000.

4. The Annual Report 2001 is to be published and sent to shareholders on 30th
April 2002.  Copies will be available from The Company Secretary, Henry Boot
PLC, Banner Cross Hall, Sheffield  S11 9PD.

5. The Annual General Meeting of the Company is to be held at the Sheffield Moat
House, Chesterfield Road South, Sheffield  S8 8BW on Friday 31st May 2002 at
11.30 am.

6. The final dividend will be paid on 6th June 2002, with a record date of 24th
May 2002.



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