Henry Boots Place Board proposes to pay a final dividend of 4.62p per share, which together with the 3.08p interim dividend, gives a total of 7.70p (December 2023: 7.33p), an increase of 5.0% for the year. Subject to approval at the AGM on 22 May 2025, this will be paid on 30 May 2025 to shareholders on the register at the close of business on 2 May 2025.
Other financial highlights include:
Total land and property sales of £347m, their share at £224m (2023: £249m), highlights the continued demand for their high quality land, prime property development and premium homes
Revenue marginally lower at £328.4m (2023: £359.4m) due to reduced turnover in their construction segment, offset by higher sales from Hallam Land (Hallam)
Profit before tax in line with market expectations at £30.7m (2023: £37.3m), with an underlying profit of £29.4m (2023: £36.7m), supported by their focus on high quality projects in prime locations
Capital employed increased by 5.4% to £439m (2023: £417m), continuing their stated growth strategy and progressing towards their medium term target of £500m
Return on capital employed (ROCE) was 8.0% (2023: 9.9%). They remain confident of achieving returns within the Company's target of 10-15% in the medium term
The group's Net Asset Value (NAV) per share increased by 3.6% to 317p (2023: 306p) or 312p (2023: 300p), excluding the defined benefit pension scheme surplus
Net debt decreased to £62.7m (2023: £77.8m) after the completion of major strategic land and property development sales. Gearing at 14.7% (December 2023: 19.0%), in the middle of their optimal range of 10-20%
(2023: 4.40p), in line with their progressive dividend policy and bringing the total dividend for the year to 7.70p (2023: 7.33p)
