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22 Jan 2010 07:00
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HENRY BOOTΒ PLC
("Henry Boot" or "theΒ Group")
Pre-closeΒ TradingΒ Update
The Board of Henry Boot issues the following update ahead of the publication of the Group's Preliminary Results for the year ended 31 December 2009 whichΒ areΒ scheduled toΒ be announced onΒ TuesdayΒ 23Β March 2010.
TheΒ Group's financial performance has remained in-line with management expectations and there has been no material changeΒ inΒ the Group'sΒ financialΒ position since theΒ issue of theΒ Interim Management Statement on 12 November 2009.Β
Total revenues for the year ended 31 December 2009 are expected to be around Β£115m.Β It is anticipated that underlying trading profit will be in line with market expectations.Β Subject to audit,Β the disclosed trading profitΒ isΒ expectedΒ toΒ be higherΒ than underlying profitΒ followingΒ the release of provisionsΒ that are no longer requiredΒ within the Construction division.Β The total propertyΒ revaluation deficitΒ isΒ anticipated to beΒ unchanged fromΒ 30 June 2009 asΒ an improvement inΒ investment valuesΒ generallyΒ has been offset byΒ further specificΒ provisions against certain portfolio sites.Β The Group'sΒ balance sheetΒ remainsΒ robustΒ with our bank facilities having been renewedΒ during 2009Β for three years,Β andΒ gearing at the year-endΒ ofΒ approximately 19% (2008: 26%).
In the short term, we remain focused on maximising the returns from our businesses and continuing to manage debt levels prudently. In the longer term, we believe the Group will benefit from its store of assets and opportunities that are capable of generating excellent returns as markets improve and we therefore remain optimistic about the Group's future prospects.
Dividend
It is theΒ Board's intention toΒ payΒ a second interim dividend to be paid in March 2010 in place of a final dividendΒ in May 2010.
For further information, please contact:
Henry BootΒ PLC
Jamie Boot, Group Managing Director
John Sutcliffe, Group Finance Director
Tel: 0114 255 5444
www.henryboot.co.uk
Evolution Securities Limited
Joanne Lake
Tel: 0113 243 1619
Citigate Dewe Rogerson
Fiona Tooley
Mobile: 07785 703523
Tel: 0121 362 4035
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