Henry Boot has reported a loss as well as a drop in revenue in its latest half-year results, but says that it remains on track to meet its full-year profit guidance.
The land promotion and home building business reported a pre-tax loss of £6.3million in the six months ending 30 June 2026, down from a profit of £9.8million the previous year. The Group also saw its revenue fall to £80.7million, down from £99.4million in H125.
The company’s land arm, Halland Land, completed the sale of 556 plots during the period, less than half of the 1,222 recorded the previous year, with a further 465 plots exchanged for completion in the second half, which it says reflects more subdued residential land transaction volumes.
The Group says that it remains on track to submit over 10,000 plots in 2026, while its portfolio comprises 9,086 plots with planning permission, compared to 8,837 in H1, and a further 21,361 plots awaiting determination, up from 19,580 year-on-year.
In terms of housebuilding, the Group recorded 72 homes sales in H126 through Stonebridge Homes, down from 85 in H125. Henry Boot expects its completions to remain weighted towards the second half of the year, and full-year volumes anticipated to increase slightly from the 185 achieved in FY25.
Its private sales prices increased compared to the previous year, averaging £431,000, although its sales rate for the period fell slightly from 0.42 to 0.38.
HBD, the company’s property and development arm, saw its development programme increase to £161million GDV, up from £128million year-on-year, following the £95million addition of Golden Valley Phase One in Cheltenham, which is fully funded.
Ed Hutchinson, Chief Executive Officer of Henry Boot, commented: “Having taken on the leadership of Henry Boot this summer, my conviction in the Group’s long-term prospects has only strengthened. While challenging market conditions have continued to impact our sector, the quality of our assets, the strength of our pipeline and the significant value embedded across the business underpin a compelling growth opportunity.”
“With more than 9,000 consented residential plots within our strategic land portfolio held at cost and a substantial development pipeline, we possess a depth of value not recognised on our balance sheet. Our priority is clear: unlock this value, enhance cash generation and ensure the Group is well positioned to capitalise as market liquidity and activity improve.”
“Consistent with recent years, we expect 2026 performance to be heavily weighted towards the second half, supported by land transactions, housing completions and leasing activity that is either secured or at an advanced stage of negotiation.”
“Since assuming the role of CEO, I have made good progress in undertaking a comprehensive review of the business and look forward to outlining our refreshed strategy in early 2027. Henry Boot is a high-quality business operating in attractive markets with enduring structural demand drivers. Supported by a strong balance sheet, a differentiated land position and proven expertise, we are well placed to create significant long-term value for shareholders.”
Looking ahead, Henry Boot says that, while market conditions remain challenging, it expects an improvement in trading over the second half of the year, supported by higher home completions and the completion of land sales delayed from the first half. Despite anticipating that transaction volumes across its markets will remain subdued, the Group expects pre-tax profit for the full year to be in line with expectations.
