Slide 1: Preliminary results
Preliminary results March 2025 Where great places start Island, Manchester
Slide 2: Introduction and overview
Introduction and overview Speaker Tim Roberts Forest Chase, Great Ouseburn 1
Slide 3: Agenda
Agenda Introduction and ove rview 01 Tim Roberts Financial review 05 Darren Littlewood Operational review 09 Tim Roberts/Darren Littlewood Outlook 23 Tim Roberts Darren Littlewood Chief Executive Officer Chief Financial Officer Tim Roberts
Slide 4: Introduction
Introduction We focus on high quality land, prime property development and premium homes • Total land and property sales of £347m (Our share: £224m) • Agreed terms to take full ownership of premium regional housebuilder Stonebridge Homes • Increasing Hallam headcount to submit more applications and
Slide 5: Resilient operational performance
Resilient operational performance Good performance in H2 24 delivered results in line with market expectations • 2,661 plots sold (2023: 1,944) and 97 acres of employment land Operating profit • Total sales of £183m (Hallam share: £78m) Land promotion £24.3m • Land bank increased by 4% to c.105,000
Slide 6: Continued progress towards medium-term objectives set out in 2021
Continued progress towards medium-term objectives set out in 2021 Measure Medium-term target FY 24 Capital employed £500m £439m¹ and on track to grow Return on average capital employed 10-15% pa 8.0% in FY 24 Land promotion plot sales c.3,500 pa 2,661 plots, plus 97 acres of employment land HBD deve
Slide 7: Financial review
Financial review Speaker Darren Littlewood Setl, Birmingham 5
Slide 8: Financial summary
Financial summary Resilient performance in line with expectations FY 24 FY 23 Change • Strong performance in H2 as anticipated with total land and property sales in line with prior year Revenue £328.4m £359.4m -9% • Gross profit decreased marginally by 3% to Gross profit £74.5m £76.8m -3% £74.5m wit
Slide 9: Balance sheet
Balance sheet Reduction in gearing due to disposals offsetting continued investment Dec 24 Dec 23 • Investment property at £111.2m reflecting a like-for-like Investment property1 £111.2m £110.0m revaluation uplift in period Property, plant & equipment £29.3m £29.2m • Increase in inventories of £35.3
Slide 10: Cash generation and change in net debt
Cash generation and change in net debt Investment continues to deliver profitable development programme £m 110 ( 2.6 ) ( 1.2 ) ( 35.3 ) Inflow from operations £8.6m 100 90 45.8 80 ( 12.1 ) 70 ( 0.9 ) 0.5 60 34.2 ( 9.2 ) Non-cash items (£0.1m) 77.8 ( 4.1 ) 50 ( 4.6 ) ( 2.4 ) 62.7 40 6.5 0.3 Net inves
Slide 11: Operational review
Operational review Speakers Tim Roberts & Darren Littlewood The Meadows, Armthorpe 9
Slide 12: Hallam Land
Hallam Land UK greenfield land values stable in 2024 Operating profit £m 35 31.0 10yr average: £21.6m • 2,661 plots (FY 23: 1,944) and 97 acres of employment land 30 27.9 sold 25 23.2 24.3 20.0 18.6 21.4 • Sites exited in FY 24 generated an average ungeared IRR of 20 17.5 17.3 26% pa over an average
Slide 13: Land promotion
Land promotion Continuing to deliver despite a challenging market Return on capital employed 30% • Land promotion has delivered significant returns over the 24.0% 23.4% 10yr average: 16.9% 25% long-term with ROCE of 16.9% pa over the last 10 years 20.1% 20% 18.7% • Scale of portfolio and forward sal
Slide 14: Land promotion: strategic land bank
Land promotion Continuing to grow one of the largest strategic land banks in the country Plot sales 5,000 3,869 5yr average: 2,696 Plots Inventory 4,000 Freehold: 12,287 £74M 3,008 Scotland 3,000 2,661 11,061 Option: 8,000 £9M 2,000 1,944 2,000 Agency: 84,500 £71M 104,787 £154M 1,000 0 2020 2021 202
Slide 15: Pickford Gate, Coventry
Pickford Gate, Coventry Total land sales c.£120m, with a running IRR of 33% pa • In 2015 Hallam entered into a PPA for the c.350 acre site Sold Future • A planning application was submitted in 2018 and achieved outline planning permission in 2021 for; • 2,400 residential units (25% affordable) • 1.6
Slide 16: Property investment & development
Property investment & development Development pipeline provides strong platform for growth Operating profit HBD pipeline • Comprises HBD and Stonebridge GDV £16.7m £1.2bn • HBD completed £188mm of developments, 72% pre- let/pre-sold • Origin JV is seeded with three sites with a combined GDV of c.£10
Slide 17: Island, Manchester and Setl, Birmingham
Island, Manchester Grade A office building in the city centre Setl, Birmingham Premium city centre 1 & 2 bedroom apartments • GDV £66m (HBD share: £33m) – JV with Greater • GDV £32m Manchester Pension Fund • 102 build-to-sell premium apartments, completed May 2024 • 91,000 sq ft Grade A offices, com
Slide 18: Origin JV
Origin JV Potential to deliver c.£1bn of high quality I&L assets Markham Vale 1 ARK Background • UK focused I&L JV (25:75) with Feldberg Capital • Allows the group to accelerate industrial Four units -107,000 sq ft (Total GDV: £20m) development Walsall • Seeded with three sites from our pipeline 1 2
Slide 19: Committed programme
Committed programme £33m GDV, of which 25% has been pre-let or pre-sold Scheme Area Units HBD Share GDV Status Expected '000 sq ft (£m)* Completion Industrial & Logistics Preston, Aptus 150 – 50% 5 Pre-sold Q4 25 Origin, Markham Vale, Ark (Phase 1) 107 – 25% 5 Speculative Q4 25 Origin, Welwyn, Inter
Slide 20: £1.2bn development pipeline
£1.2bn development pipeline Carrying value £54m all held at cost Key schemes Golden Valley, Cheltenham Near term occupier led I&L Development pipeline GDV split £269m, 23% £640m, 23% 54% £278m, 23% Scheme: Urban Commercial Scheme: Various I&L schemes GDV: £117m (phase one) GDV: £215m Investment: £8m
Slide 21: Investment portfolio
Investment portfolio Further outperformance driven by industrial assets Total return vs CBRE UK Monthly Index 150 • Commercial property market stabilised during the year 7.1% per annum 140 • Transaction volumes remain low but as interest rate outlook 130 has improved there has been more investor int
Slide 22: Stonebridge
Stonebridge Delivering high-quality homes • 270 units completed (FY 23: 251) • Private ASP* £402k (FY 23: £461k) reflecting the expansion into a second region in the NE • Average private net reservation rate 0.45 (FY 23: 0.45) • Active from 10 sales outlets in FY 24 • Build cost inflation moderating
Slide 23: Stonebridge outlets and land bank
Stonebridge outlets and land bank Multi region premium housebuilder with 6.4 year land supply Barnard Castle Wakefield Ashtree Park Heathlands West Total units: 97 Completed: 35 Total units: 90 Completed: 33 Private ASPs: c.£361k Affordable: 20% Private ASPs: c.£328k Affordable: 12% Deepcar Doncaste
Slide 24: Construction
Construction Profitable despite challenging trading conditions • Comprises HBC, Banner Plant and Road Link (A69) and accounts for just 2% of group's capital employed • Two major city centre contracts completed at a total value of £100m • HBC appointed to deliver the £36m redevelopment of Rotherham M
Slide 25: Outlook
Outlook Speaker Tim Roberts Spark, Walsall 23
Slide 26: Outlook: well placed for recovery
Outlook Well placed for recovery • Conviction in our three key markets with emphasis on high quality schemes • Clear focus on land promotion, property development and housebuilding • Improvements made to planning policy, with 10,000 plots to be advanced in the next 12 months • Sentiment recovering i
Slide 27: Well placed for the future
Well placed for the future Investing to support growth Property Land promotion development and Housebuilding Construction investment c.105,000 strategic land plots c.£1.2bn development pipeline Multi-regional premium Public sector focused order book housebuilder – land bank with c.1,700 plots Henry
Slide 28: Appendix
Appendix Cambridge Street Collective, Sheffield 26
Slide 29: Group structure
Group structure Henry Boot is one of the UK’s leading land, property development, home building Business segments and construction businesses - and we’ve been transforming land and spaces since 1886. Listed on the London Stock Exchange since 1919, we’re renowned for quality, expertise, delivery and
Slide 30: Board of Directors
Group structure Board of Directors Peter Mawson Tim Roberts Darren Littlewood Chair Chief Executive Officer Chief Financial Officer Serena Lang Talita Ferreira James Sykes Non-executive Director Non-executive Director Non-executive Director Henry Boot 25/03/2025 28
Slide 31: Investment case
Investment case Prime portfolio focused on high quality premium projects Dividend per share • Focus and deep knowledge of three key markets that are 10p driven by positive long-term structural trends 8p • Active recycler of capital with over £710m of accretive land, 6p property and house sales betwe
Slide 32: Business model
Business model Track record of generating attractive returns Land promotion Property investment and development Housebuilding Sale of land Sale of property Construction Construction Identify opportunities and Obtain planning permission Development of sites Investment portfolio acquire land Henry Boo
Slide 33: Our strategy
Our strategy Creating great places today, to build a better tomorrow Our People Partners Places Planet priorities Long term Industrial and logistics Residential Urban development markets Value Property investment Land promotion Housebuilding Construction delivery and development Returns Grow capital
Slide 34: Responsible business strategy
Responsible business strategy Our strategy is to embed ESG into our commercial decision making 2025 Target Performance 2025 target Performance Delivery is underway, including the launch Increased gender representation in Female representation across Our Develop and deliver a group-wide health and of
Slide 35: Investment property
Investment property Portfolio focussed on industrial and logistics Shoal Group, Luton Dec 24 Dec 23 Market valuation – inc. share of JV’s¹ £107.4m £112.9m • Small/Mid box I&L • 85,000 sq ft Number of properties 20 21 • HBD share 100% Total area – ‘000 sq ft 767 795 • Completed in 2023 % industrial a
Slide 36: Movement in NAV per share
Movement in NAV per share Continued growth primarily due to retained earnings 335p 330p (2.7p) (5.2p) 325p 320p 25.5p (9.1p) 1.3p +3.6% 1.2p 315p 310p 317.2p 305p 300p 306.1p 295p 1 Jan 2024 Operating profit Interest Tax Dividends Pension scheme Other items 31 Dec 2024 Henry Boot 25/03/2025 34
Slide 37: Statement of financial position
Statement of Dec 24 Dec 23 financial position Property, plant & equipment 29.3 29.2 Investment properties 96.3 100.6 Investment in joint ventures and associates 13.3 10.5 Trade and other receivables 8.5 39.3 Dec 24 Dec 23 Retirement benefit assets 9.9 7.7 Cash and cash equivalents 16.8 13.0 Other no
Slide 38: Shareholding
Shareholding As at 26 February 2025 24.5% 32.8m Main institutional shareholders 45.5% 8.7m London & Amsterdam Trust Co/Rovida 3.5m Artemis Investment Management 61m 3.1m Hargreaves Lansdown Henry Boot 3.0m Dimensional Fund Advisors 2.9m Jupiter Asset Management founding family 2.8m Schroder Investme
Slide 39: Strong track record: five-year financial results
Strong track record Five-year financial results 2020 - 2024 Dividends per Turnover Operating Profit Profit before tax Ordinary Share 2024 £328.4m 2024 £34.2m 2024 £30.7m 2024 7.70p 2023 £359.4m 2023 £40.2m 2023 £37.3m 2023 7.33p 2022 £341.4m 2022 £46.5m 2022 £45.6m 2022 6.66p 2021 £230.6m 2021 £35.6
Slide 40: This presentation contains forward-looking statements.
This presentation contains forward-looking statements. Although the group believes that the estimates and assumptions on which such statements are based are reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond the group’s control. The group does n