The Boot Board regularly reviewed the Group's financial position and considered the impact of CV-19 on trading conditions when deciding whether to continue paying a dividend during the pandemic. Given the Group's confidence in our strong balance sheet and that we operate in markets that will continue to deliver returns over the longer term, the Board has proposed to continue to pay a dividend and concluded to pay a final dividend of 3.3p, which together with the 2.2p interim dividend, gives a total of 5.5p (2019: 5.0p) for the year. Payment of the final dividend is subject to shareholder approval at the Annual General Meeting and will be paid on 28 May 2021 to shareholders on the register as at 30 April 2021.
Other financial highlights incude:
Revenue of £222.4m (2019: £379.7m) reduced as operations saw lower demand affected by CV-
Profit before tax of £17.1m (2019: £49.1m) ahead of expectations primarily due to land disposals and a resilient performance from operations in H2. EPS lower at 9.0p (2019: 28.3p)
Robust NAV per share at 235p (2019: 239p) and strong net cash position at £27.0m (2019: £27.0m) resulting in nil gearing. Current cash (at the end of February 2021) is £38.5m
An evolved strategy focusing on a three long-term markets: industrial & logistics, residential and urban development all of which are driven by positive long-term trends
Land promotion business sold 2,000 plots and interest in major JV in the Midlands. Capital successfully recycled into growing the landbank to 16,607 acres (2019:14,898 acres)
Committed development of £312m (HB share £85m) - 88% pre-sold or pre-let. Strong £1.4bn development pipeline (HB share - £1.1bn) with 78% in industrial and logistics
Stonebridge Homes performed ahead of target after completing on 115 sales in 2020 and secured 57% of their sales target for 2021. Land bank increased to 1,119 plots including a site in Wakefield secured for 149 plots
Construction business recovered well in H2, performing ahead of expectations with a turnover of £86.2m. Encouraging demand, led by public sector customers, leading to full order book for 2021
Good start to year, ahead of expectations on activity, order book and forward sales in land, development and housebuilding
