Last checked at 8 Jun 2016 07:00
London: Wednesday, 8 June 2016
HENRY BOOT PLC
('the Company' or 'the Group')
TRADING UPDATE AND COMPLETION OF FURTHER LAND SALES
Henry Boot PLC (BHY.L) announces that further to its recent Trading Update issued on 26 May 2016 the Group has since concluded two further land sales for 275 house units, one of which was ahead of original schedule.
While one of these land sales completed in line with the Board's expectations, management had initially forecast that the second land sale (and notably the larger of the two) would comprise three separate sales across the three years ending 31 December 2018.
This sale completed yesterday evening (7 June 2016), earlier than management expected, with the site sold in two (rather than three) parts in each of 2016 and 2017. Furthermore, the sale results in a materially higher total profit on disposal than had been previously anticipated.
Taking into account the level of land sales now completed by the Group since the start of the year, together with the commercial development work in progress through the second half of the year, and irrespective of the EU Referendum result, the Board now anticipates that profit before tax for the year ending 31 December 2016 will be comfortably ahead of current market expectations.
Further detail will be provided in the Company's results announcement for the half year ending 30 June 2016, which will reflect much of the aforementioned outperformance, and is expected to be published on 25 August 2016.
For further information, please contact:
Henry Boot PLC
John Sutcliffe, Chief Executive Officer
Darren Littlewood, Group Finance Director
Tel: 0114 255 5444
www.henryboot.co.uk
Investec Bank plc
Garry Levin
Tel: 020 7597 5000
TooleyStreet Communications
Fiona Tooley
Mobile: 07785 703523
Tel: 0121 309 0099