Henry Boot, the Sheffield-based property and development firm, said revenue fell to £80.7 million from £99.4 million for the six months ended June 30, 2026, “with transactional activity across land promotion, property development and home building lower than the prior period, reflecting subdued conditions in both housing and commercial real estate markets.”
Boot said land promotion revenue decreased 67% to £10.4 million “reflecting the sale of 556 plots (HY25: 1,222) in the period.” Total housing completions fell 15% to 72 homes at an average private selling price of £431k (HY25: £391k).
Revenue from property development fell 24% to £23.6 million.
Loss before tax was £6.3 million (HY25: £9.8m profit) on a statutory basis, or a loss of £7.1 million on an underlying basis (HY25 profit £8.9m).
On dividends, the firm said: “Given the importance of retaining financial flexibility and completing the group’s planned sales for the year, the board believes that it is appropriate to consider the level of shareholder distribution once the full year earnings are known.
“Accordingly, no interim dividend will be paid. The board will consider the payment of a single final dividend in respect of the 2026 financial year when announcing the group’s full-year results.”
On recent trading and outlook, Henry Boot said: “Whilst market conditions remain challenging, we expect an improvement in trading over the second half following the pattern of recent years, supported by visibility over higher home completions, further I&L lettings and the completion of land sales delayed from the first half.
“While transaction volumes in our markets are anticipated to remain subdued for the remainder of the year, we anticipate delivering profit before tax in line with consensus expectations* for 2026. With the new CEO’s review ongoing, we are not reaffirming our medium-term guidance at this stage.
“The group remains focused on cash generation and disciplined cost control, and the Board will not prioritise short-term performance at the expense of future returns. The longer-term fundamentals of our markets remain attractive, supported by a strong pipeline of opportunities across our portfolio, and the group is well positioned to benefit as conditions in its markets recover.”
Henry Boot CEO Ed Hutchinson said: “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.”