Henry Boot Share News (BOOT)

(Alliance News) - Henry Boot PLC on Monday said its annual performance was marginally lower than expectations due to reduced rental incomes following divestments.

The construction and property developer said performance was impacted by the disposal of majority of its retail investments which led to a reduction in rental income. However, it said that the divestments resulted in the company ending 2019 with a higher than expected net cash of around GBP30 million versus the net debt of GBP18 million recorded in 2018.

Henry Boot said Hallam Land Management performed "exceptionally well" despite the failure of a large scheme to reach completion before the end of the year. The company said there was no certainty that the scheme, originally forecast to complete in 2019, would be concluded in the year ahead.

Hallam Land Management is the strategic land and planning promotion arm of Henry Boot.

The group said the year-on-year property valuation for its portfolio was slightly up on 2018.

"We had a good year making strategic progress through investing in both our people and our future pipeline, whilst growing NAV. Looking forward, we have made a good start to the year with a strong balance sheet and further opportunities to add to our property development pipeline and strategic land bank, plus a healthy construction order book," said Henry Boot Chief Executive Tim Roberts.

Henry Boot shares were down 4.4% at 327.00 pence each on Monday in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

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