Henry Boot, the Sheffield-based land promotion, property investment and development group, said its 2024 profit before tax fell 7% to £30.7 million as revenue declined 9% to £328.4 million.
Total dividend rose 5% to 7.70p.
“Total land and property sales of £347m, our share at £224m (2023: £249m), highlights the continued demand for our high quality land, prime property development and premium homes …” said the company.
“Net debt decreased to £62.7m (2023: £77.8m) after the completion of major strategic land and property development sales. Gearing at 14.7% (December 2023: 19.0%), in the middle of our optimal range of 10-20% …”
Henry Boot CEO Tim Roberts said: “As anticipated, after a challenging start to the year we delivered a strong second half which allowed us to report results in line with expectations.
“In particular, demand for our high quality land, prime development and premium homes has remained resilient. This led to us successfully completing almost £350 million in land and property sales and continuing to lease up space, including setting a record office rent in Manchester at our Island development.
“Our investment portfolio also recorded another period of outperformance, with a total return of almost 10% for the year, meaning it has returned more than double the index over the last five years.
“We also continued to shape the business, with the agreed buyout of Stonebridge Homes, where we are now the majority owner. We will take full ownership of this premium housebuilder in the coming years, continuing to scale the business up, and delivering synergies as we integrate it into Henry Boot.
“At Hallam Land, we’ve been quick off the mark in strengthening our team, so we are well prepared to capitalise on the positive changes to the NPPF, by increasing our planning applications fourfold to 10,000 plots over the next 12 months.
“At HBD, we’ve formed the Origin JV which we believe will help us to accelerate the delivery of our institutional quality industrial development pipeline.
“All of this, along with our rock-solid balance sheet, the prospect of recovering markets, and an easier planning environment, means we are well placed for the future.”