Business
AGM Statement
AGM Statement.
About this update from Henry Boot Plc
[{"type":"text","content":"\n\n \n\n25 May 2023\nHENRY BOOT PLC\n('Henry Boot' or 'the Group')\nAGM TRADING UPDATE\n \nTim Roberts, Chief Executive Officer, commented:\n \n\"We have started the year well and following the uncertain economic backdrop to the final quarter of 2022, there are growing signs of recovery in our three key markets. We expect this to continue, and for us to have a busy second half of the year. We also continue to make progress against our medium-term strategic targets\".\n \nHenry Boot has started the year well, trading in line with expectations*, whilst making continued progress against its medium-term strategic objectives. The Group's three key markets, Industrial & Logistics (I&L), Residential and Urban Development are showing signs of recovery. The I&L market remains resilient, supported by rental growth, and housebuilders are selectively buying land, with the Group recently selling, and receiving offers for a number of sites. House buyers are returning to the market after a downturn in demand from Q4 22, although the selling season through Spring and Summer remains important. \n \nHallam Land Management (HLM) has begun the year well, selling 1,900 plots. Following a pause from buying land at the end of 2022, there are signs of housebuilders returning to the market, with selective acquisitions and encouraging levels of interest in HLM's portfolio of prime plots. Key disposals so far in the year include:\n· 612 plots (HLM Share) in Milton Keynes, Buckinghamshire to Taylor Wimpey;\n· 471 plots in Kilmarnock, East Ayrshire, to Barratt David Wilson;\n· 250 plots in Eastern Green, Coventry, to Countryside Partnerships; and\n· 81 plots in Tonbridge, Kent, to Cala Homes.\nIn addition to plots sold, HLM have various sites under offer, which are likely to contribute towards both sales targets and profit in 2023 and 2024. HLM continues to replenish its land bank, which remains stable at 95,478 plots, of which 12,288 plots are awaiting planning determination. Unfortunately, delays within the UK planning system continue, with the business achieving planning permission on 379 plots. Whilst this is frustrating, it does mean our 7,910 plots with planning will be in demand.\n&n...