Final Results

Boot(Henry) PLC
06 April 2005

HENRY BOOT PLC



PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 31st DECEMBER 2004



Henry Boot PLC, the property development, land management, construction and
plant hire group, announces its results for the year ended 31st December 2004.



HIGHLIGHTS

PROFIT BEFORE TAXATION UP 15% *

EARNINGS PER SHARE UP 11% *

NET ASSETS PER SHARE AT 502p

DIVIDEND UP 10.8%

* Excluding profits on sale of discontinued businesses



John Reis, Chairman, comments:

'2004 proved to be another excellent year for our company ...'

'The contribution from our Property Development operation was again significant
...'

'Our Land Management Company had an encouraging year ...'

'A positive growth in profit margin was achieved by our Construction business
...'

'The Plant Hire activity recorded a strong performance in the second half of the
year ...'

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



CHAIRMAN'S STATEMENT

2004 proved to be another excellent year for our company with a satisfactory
underlying growth in core profit.  This was achieved despite the expected fall
in turnover which resulted from the strategic restructuring undertaken in the
previous year to minimise exposure to high risk cyclical markets.

Operating profit for our continuing operations increased from £11.5m (2003) to
£15.7m despite turnover falling from £90m to £84.2m.  After discounting profit
made on the sale of discontinued operations in 2003, profit before taxation rose
15% from £13.7m to £15.9m.  On a like-for-like basis, this constitutes another
record year's trading.

Basic earning per share, excluding disposal profits, showed an 11% increase from
38.2p per share to 42.4p per share.

In the second half of the year, we increased our interest in Road Link (A69)
Holdings Limited to 61.2% and we now fully incorporate the company's results
into our own with a reported minority holding.  The increase in net interest
paid in the year is almost entirely attributable to the interest arising on the
non-recourse borrowings of Road Link (A69) Holdings Limited and our property
development scheme at Nova Scotia Retail Park, Blackburn.

The significant cash balances held by the Group provide every opportunity to
pursue our growth objectives for the Property Development and Land Trading
activities.


Trading Summary

Whilst the excellent results achieved may be viewed against the background of a
strong property market and sustained demand for land by the housing industry, we
continue to be affected by the vagaries of the planning system which continue to
frustrate by creating delays and reducing land availability.

In addition, we still await the Government's reaction to the Kate Barker Review
of Housing Supply proposals, and our industry braces itself for the possible
introduction of a form of development land tax.

The contribution from our Property Development operation was again significant,
though lower than in previous years due to fewer schemes being sold on during
the period.  Principal sales in the year were retail developments at Nova Scotia
Retail Park, Blackburn (including a B&Q Warehouse), and at Wessex Fields Retail
Park, Frome, Somerset.

We continued to appraise and secure a steady supply of new and varying
opportunities, which has led to an increase in the number of schemes currently
in development.  With investor interest remaining strong, particularly whilst
pension funds seek to diversify their asset allocations, our immediate prospects
remain firm and we look forward to further achievements in the year ahead.

Our Land Management company had an encouraging year despite delays experienced
in the planning processes.  A number of land sales were effected, the most
significant of which was at Prestonpans in Scotland.  Notwithstanding these
disposals, we still retain an interest in 6,000 acres of land which are either
owned, optioned or controlled through agency agreements.

Further land holdings awarded planning consent during the course of the year,
together with the sound overall state of the activity, enable us to continue to
look to the future with confidence.

A positive growth in profit margin was achieved by our Construction business as
it benefited from being more selective in its approach to work undertaken.  New
orders centred on framework contracts and partnership work, and our reputation
was further enhanced in successfully completing HM Prison, local authority,
housing refurbishment and estate regeneration projects.

Turnover fell a little below expectation as some delays accompanied the award of
new work, but this in turn put us in a better position as we entered the current
year with a healthy order book.

The Plant Hire activity recorded a strong performance in the second half of the
year, reversing the fortunes of a difficult first half, to make a useful
contribution to the overall Group results.  Growth was particularly achieved
through expanding tool hire sales, toilet hire operations, portable and modular
accommodation sales, and increased hire demand for 'big air' compressors.  All
these areas combined to help the activity register an acceptable level of
profit, and to position it favourably for the year ahead.

Financial Position, Dividends and Outlook

With Group net assets exceeding £132m at the year end, the value of net assets
per share at 502p, and net cash in excess of £10m, your Board moved into 2005
with confidence.

Your company is in a strong position to meet the challenges of the current year
and beyond with a portfolio of exciting property development schemes underway,
significant land interests with planning or near planning status, and a healthy
construction forward order book.

Our results for 2005 will adopt the International Financial Reporting Standards
(IFRS) as required by the Financial Services Authority for all companies listed
on the London Stock Exchange.

The major International Accounting Standards (IAS) that are likely to differ
from existing UK Generally Accepted Accounting Principles (UK GAAP) and which
will affect us, are IAS 7 Cash flow statements; IAS 10 Events after the balance
sheet date (the impact of year end dividends); IAS 12 Income taxes; IAS 14
Segment reporting; IAS 16 Property, plant and equipment (in so far as the
Group-occupied properties will need to incorporate regular revaluation); IAS 19
Employee benefits; possibly IAS 32 Financial Instruments: Disclosure and
presentation; IAS 39 Financial instruments: Recognition and measurement; and IAS
40 Investment property.

It is not possible at this juncture to quantify the actual effects of all the
proposed changes.  However, IAS 19 Employee benefits which is similar to the
existing UK GAAP FRS 17 is likely to have the greatest effect on the Group.

In readiness for implementation of IFRS, we brought forward by one year the
requirements to have our investment properties re-valued by external valuers.
Based on open market values, and in accordance with the prescribed guidelines,
this exercise increased the value of our investment properties by more than £9m,
or approximately 34p per share.  As we continue to report under UK GAAP, the
valuation of properties occupied by Group undertakings remains unaffected for
2004.

The present year has commenced in line with our expectations which, coupled with
the above, has encouraged your directors to propose a final dividend of 12.0p
(2003: 10.8p).  This gives an overall dividend for the year of 16.4p (2003:
14.8p), a 10.8% increase.



John S Reis
Chairman
6th April 2005





Summarised Group Profit & Loss Account for the year ended 31st December 2004


                                                               2004             2004          2003        2003
                                                              £'000            £'000         £'000       £'000

Turnover
Group and share of associates                                                 86,125                   108,821
Less: share of associates' turnover                                            1,878                     2,900
                                                                            --------                  --------
Continuing operations                                        81,038                         90,027
Acquisitions                                                  3,209                              -
Discontinued operations                                           -                         15,894
                                                           --------                       --------

Group turnover                                                                84,247                   105,921
Cost of sales                                                                 60,185                    83,765
                                                                            --------                  --------
Gross profit                                                                  24,062                    22,156
Administrative expenses                                                        8,504                     9,879
                                                                            --------                  --------
                                                                              15,558                    12,277

Other operating income                                                           121                        37
                                                                            --------                  --------

Operating profit:
Continuing operations                                        13,754                         11,501
Acquisitions                                                  1,925                              -
Discontinued operations                                           -                            813
                                                           --------                       --------
                                                                              15,679                    12,314
Share of associates' operating profits                                         1,146                     1,748
                                                                            --------                  --------

Group operating profit                                                        16,825                    14,062
Profit on sales of discontinued operations                                         -                    16,209
Interest                                                                       (780)                      (19)
Interest - share of associates                                                 (188)                     (299)
                                                                            --------                  --------

Profit on ordinary activities before taxation                                 15,857                    29,953
Tax on profit on ordinary activities                                           4,532                     4,029
                                                                            --------                  --------
Profit on ordinary activities after taxation                                  11,325                    25,924
Equity minority interest                                                       (485)                         -
                                                                            --------                  --------
Profit for the financial year                                                 10,840                    25,924
                                                                            --------                  --------

Dealt with as follows:
Dividends paid and proposed
     Cumulative preference shares (non-equity)
     5.25% (2003: 5.25%)                                                          21                        21
     Ordinary shares 16.4p (2003: 14.8p)                                       4,192                     3,781
Profit retained                                                                6,627                    22,122
                                                                            --------                  --------
                                                                              10,840                    25,924
                                                                            --------                  --------
Basic earnings per ordinary share                                              42.4p                    102.1p
                                                                            --------                  --------
Diluted earnings per ordinary share                                            41.5p                     99.8p
                                                                            --------                  --------





Summarised Group Balance Sheet at 31st December 2004  
                                                                                 2004                     2003
                                                                                £'000                    £'000

Fixed assets                                                                   57,664                   32,085
                                                                             --------                 --------
Current assets
Stocks                                                                         98,681                   78,937
Debtors                                                                        10,576                   49,471
Cash at bank and in hand                                                       32,878                    6,457
Creditors: amounts falling due within one year                               (55,168)                 (40,571)
                                                                             --------                 --------
Net current assets                                                             86,967                   94,294
                                                                             --------                 --------
Total assets less current liabilities                                         144,631                  126,379
Creditors: amounts falling due after more that one year                      (11,044)                 (10,444)
Provisions for liabilities and charges                                        (1,186)                    (579)
                                                                             --------                 --------
Net assets employed                                                           132,401                  115,356
                                                                             --------                 --------
Capital and reserves
Called up share capital                                                         3,005                    3,005
Capital redemption reserve fund                                                   271                      271
Share premium account                                                           2,563                    2,563
Property revaluation reserve                                                   22,831                   13,911
Profit and loss account                                                       103,107                   95,971
Other reserves                                                                    253                      624
Cost of shares held by the ESOP trust                                           (849)                    (989)
                                                                             --------                 --------
Shareholders' funds                                                           131,181                  115,356
Non-equity shareholders' funds                                                    400                      400
Equity shareholders' funds                                                    130,781                  114,956
Equity minority interests                                                       1,220                        -
                                                                             --------                 --------
                                                                              132,401                  115,356
                                                                             --------                 --------




Group Statement of Total Recognised Gains and                                     2004                     2003
Losses for the year ended 31st December 2004                                     £'000                    £'000

Profit for the financial period                                                 10,840                   25,924
Unrealised surplus on property revaluation                                       9,448                      459
Elimination of revaluation surplus on transfer of
properties to stocks                                                             (520)                    (483)
                                                                              --------                 --------
Total recognised gains and losses for the year                                  19,768                   25,900
                                                                              --------                 --------

                                                                                  
Summarised Group Cash Flow Statement for the year                                 2004                     2003  
ended 31st December 2004                                                         £'000                    £'000

Net cash inflow (outflow) from operating activities                              5,054                 (13,106)
Dividends received from associates                                                 270                      927
Returns on investment and servicing of finance                                   (916)                     (16)
Taxation                                                                       (3,959)                  (4,611)
Capital expenditure and financial investment                                   (1,912)                  (1,592)
Acquisitions and disposals                                                      20,545                   14,920
Equity dividends paid                                                          (3,884)                  (3,504)
                                                                              --------                 --------
Cash inflow (outflow) before use of liquid resources and 
financing                                                                       15,198                  (6,982)
Financing                                                                        (864)                    (764)
                                                                              --------                 --------
Increase (decrease) in cash                                                     14,334                  (7,746)
                                                                              --------                 --------




Notes to the Group Cash Flow Statement                                          2004                      2003
                                                                               £'000                     £'000

Reconciliation of net cash flow to movement in net funds

Increase (decrease) in cash                                                   14,334                   (7,746)
Cash outflow from decrease in lease financing                                    864                     1,185
                                                                            --------                  --------
Net cash flow in year                                                         15,198                   (6,561)
Net (debt) funds at 31st December 2003                                       (5,026)                     1,535
                                                                            --------                  --------
Net funds (debt) at 31st December 2004                                        10,172                   (5,026)
                                                                            --------                  --------

Reconciliation of operating profit to operating cash flow                       2004                      2003
                                                                               £'000                     £'000

Operating profit                                                              15,679                    12,314
Depreciation and amortisation                                                  4,035                     3,734
Profit on sale of tangible fixed assets                                        (877)                     (295)
Increase in stocks                                                          (19,742)                  (12,193)
Decrease (increase) in debtors                                                 7,011                  (15,899)
Decrease in creditors and provisions                                         (1,052)                     (767)
                                                                            --------                  --------
Net cash inflow (outflow) from operating activities                            5,054                  (13,106)
                                                                            --------                  --------




Analysis of net funds                                                            At          Cash           At
                                                                            31.12.03        Flows     31.12.04
                                                                               £'000        £'000        £'000

Cash at bank                                                                   6,457       26,421       32,878
Bank loans                                                                  (10,173)     (12,087)     (22,260)
                                                                                         --------
Increase in cash                                                                           14,334
Finance leases                                                               (1,310)          864        (446)
                                                                            --------     --------     --------
                                                                             (5,026)       15,198       10,172
                                                                            --------     --------     --------





NOTES


1. The financial information above has been extracted from the Company's
   statutory accounts for the years ended 31st December 2003 and 2004.  
   Statutory accounts for the year ended 31st December 2003 have been delivered, 
   and those for the year ended 31st December 2004 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 5th April 2005 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 2003.


4. The Annual Report 2004 is to be published and sent to shareholders on
   18th April 2005.  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 Park Hotel, Chesterfield Road South, Sheffield, S8 8BW on Thursday
   19th May 2005 at 11.30 a.m.


6. The final dividend will be paid on 26th May 2005, with a record date
   of 13th May 2005.






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