By Joe Hoppe
Henry Boot said its first-half pretax profit fell on higher costs, though revenue rose, and it expects to meet full-year market expectations.
The London-listed construction and property-development company said Tuesday that first-half pretax profit fell to 25.0 million pounds ($31.0 million) compared with GBP38.8 million for the first half of 2022. This reflects a significant increase in the cost of sales to GBP138.9 million from GBP100.5 million, as well as a reduced share of profit from joint ventures and associates.
Revenue rose to GBP179.8 million from GBP144.4 million, driven by land disposals and property development completions. Net asset value per share rose 2.6% to 303 pence.
The company said its full-year expectations remain in line with market consensus, which forecasts pretax profit of GBP37.8 million.
“The first half of the year has seen our markets slow as interest rates have continued to rise, but, as these results show, our focus on prime strategic sites, high quality development and premium homes has provided us with a degree of resilience,” Chief Executive Tim Roberts said.
The board declared an interim dividend of 2.93 pence, up from 2.66 pence.
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