The Boot(Henry) Board has declared an interim dividend of 2.93p (June 2022: 2.66p), an increase of 10%, which reflects a progressive dividend policy. This will be paid on 13 October 2023 to shareholders on the register at the close of business on 29 September 2023.
Other financial highlights include:
24.5% increase in revenue to £179.8m (June 2022: £144.4m) driven by land disposals and housing completions
Underlying profit before tax of £23.3m (June 2022: £37.8m) or £25.0m (June 2022: £38.8m) on a statutory basis, supported by the resilient performance of residential land sales and industrial development activity
ROCE of 6.3% (June 2022: 10.1%), expected to be around the lower end of their medium-term target of 10%-15% by the year-end
NAV per share is up by 2.6% to 303p (December 2022: 295p), due to robust operational performance. Excluding the defined benefit pension scheme surplus, the NAV per share showed an underlying increase of 2.9% to 298p (December 2022: 291p)
Strong balance sheet, with net debt of £70.8m (December 2022: £48.6m) reflecting continued investment in committed developments and a decision to limit further acquisitions. Gearing remains within an optimal stated range of 10%-20% at 17.5% (December 2022: 12.3%)
EPS of 14.0p (June 2022: 24.1p); (June 2022: 2.66p), an increase of 10%, reflecting the Group's resilient operational performance and progressive dividend policy
