(Alliance News) - Henry Boot PLC on Monday said its performance deteriorated in the first half of 2020 as coronavirus pandemic hurt its operations.
The property investment and development company said revenue in the six months to the end of June declined to GBP108.7 million from GBP189.0 million recorded a year earlier, resulting in a pretax profit drop to GBP7.2 million from GBP24.1 million.
Still, pretax profit came in slightly ahead of the company's revised expectations, supported by its land promotion business.
Henry Boot declared an interim dividend of 2.2 pence, down 41% from 3.7p paid a year prior. Having cut its full-year dividend by 44% to 5.0p in 2019 from 9.00p in 2018, the company said the interim payout reflects its "current financial position and confidence in our long-term markets".
Net asset value per share was robust at 232p, down only slightly from 233p a year prior.
During the first half, Henry Boot said its land promotion business sold 2,000 plots across nine sites and increased its land portfolio to 15,456 acres.
"The first half of the year has proved to be very challenging for all of us, but with an agile recovery plan and a robust balance sheet Henry Boot remains in a strong position," said Chief Executive Tim Roberts.
Henry Boot shares were trading 5.1% higher in London on Monday at 268.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Henry Boot (BOOT)