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22 Jan 2010 07:00
HENRY BOOT PLC
("Henry Boot" or "the Group")
Pre-close Trading 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 which are scheduled to be announced on Tuesday 23 March 2010.
The Group's financial performance has remained in-line with management expectations and there has been no material change in the Group's financial position since the issue of the Interim Management Statement on 12 November 2009.
Total revenues for the year ended 31 December 2009 are expected to be around £115m. It is anticipated that underlying trading profit will be in line with market expectations. Subject to audit, the disclosed trading profit is expected to be higher than underlying profit following the release of provisions that are no longer required within the Construction division. The total property revaluation deficit is anticipated to be unchanged from 30 June 2009 as an improvement in investment values generally has been offset by further specific provisions against certain portfolio sites. The Group's balance sheet remains robust with our bank facilities having been renewed during 2009 for three years, and gearing at the year-end of 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 the Board's intention to pay a second interim dividend to be paid in March 2010 in place of a final dividend in May 2010.
For further information, please contact:
Henry Boot 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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