Business
Interim Results
Interim Results.
About this update from Henry Boot Plc
[{"type":"text","content":"\n Boot(Henry) PLC\n29 August 2007\n\n\nHENRY BOOT PLC\n\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007\n\nHenry Boot PLC, the land promotion, property development and investment,\nconstruction and plant hire business, today announces its interim results for\nthe six months ended 30 June 2007.\n\nHIGHLIGHTS\n\nTurnover £47.1m (2006: £50.7m)\n\nProfit before tax increased 62% to £21.9m (2006: £13.5m)\n\nRevaluation surplus on investment properties £13.0m (2006: £2.6m)\n\nBasic earnings per share increased 73% to 11.6p (2006*: 6.7p)\n\nInterim dividend of 1.25p (2006*: 1.08p), an increase of 16%\n\nFurther substantial investment in the land and development portfolios resulted\nin gearing of 38% (December 2006: 10%)\n\nNet asset value per share increased 9% to 128p (December 2006*: 117p)\n\n*restated for the 4-for-1 bonus issue in May 2007\n\n\nCommenting on the results, Chairman John Reis said:\n\n'I am delighted to report on another period of solid progress.\n\nThe business has had a busy first half and achieved an excellent financial\nresult, with further rewards expected during the second half.'\n\nFor further information, please contact:\n\nHenry Boot PLC\nJamie Boot, Group Managing Director\nJohn Sutcliffe, Group Finance Director\nTel: 0114 255 5444\nwww.henryboot.co.uk\n\nEvolution Securities Limited\nJoanne Lake\nTel: 0113 243 1619\n\nCitigate Dewe Rogerson\nFiona Tooley\nTel: 0121 455 8370\nMobile: 07785 703523\n\n\nCHAIRMAN'S STATEMENT\n\nRESULTS\n\nI am delighted to report on another period of solid progress in the half year to\n30 June 2007.\n\nIncome Statement\n\nProfit before tax increased 62% to £21.9m (2006: £13.5m). The period saw the\ncompletion and the directors' first valuation of our 220,000 sq ft Ayr Central\nShopping Centre which was largely responsible for the increase of £13.0m (2006:\n£2.6m) in the fair value of investment properties. Trading profits after\ninterest were lower at £8.8m (2006: £10.9m) resulting from the timing of land\ntrading transactions compared with the previous year and a £0.5m increase in\ninterest costs arising from the significant investments made within our property\ndevelopment pipeline. Administrative costs, including pension costs, were\nslightly down on last year at £6.8m (2006: £6.9m). Net interest costs at £1.1m\n(2006: £0.6m) are still very well cove...