Henry Boot PLC, a UK-based land, property development, and home building company, reported its final results for the year ended 31 December 2025. The company demonstrated resilience in challenging markets, achieving record land sales and laying a strong foundation for future growth. Key highlights include
**Financial Performance**Total land and property sales reached £356 million, with a share of £193 million, driven by strong demand for high-quality residential land. Revenue was marginally lower at £307.0 million due to reduced home building turnover, partially offset by higher land promotion sales. Profit before tax was £29.1 million, broadly in line with market expectations, supported by record plot sales.
**Operational Achievements**
**Land Promotion**Hallam Land achieved record sales of 3,957 plots, increasing operating profit by 35% to £32.9 million. Planning consents were secured for 4,159 plots, growing the consented land bank to 9,024 plots.
**Property Investment & Development**Delivered an operating profit of £9.4 million, with a £1.7 billion development pipeline, 55% of which is in Industrial and Logistics (I&L).
**Home Building**Increased ownership in Stonebridge Homes to 62.5%, with a focus on professionalizing and integrating the business. Despite slower sales and cost overruns, net private weekly reservation rates improved to 0.43 by March 2026.
**Strategic Initiatives**
Sold Henry Boot Construction to streamline the group and sharpen strategic focus.
Launched the Future Ways of Working programme to improve efficiencies and collaboration.
Increased ownership in Stonebridge Homes to 62.5%, with plans to reach full ownership by 2030.
**Financial Position**Net Asset Value (NAV) per share remained broadly unchanged at 312p. Net debt increased to £108.0 million due to investment in Stonebridge Homes land bank and the reduction in cash from the sale of Henry Boot Construction.
**Dividend**Proposed a final dividend of 4.62p, bringing the total dividend for the year to 7.86p, a 2.1% increase.
**Outlook**The company expects sustained demand for high-quality residential land and signs of improvement in Stonebridge Homes. Performance is anticipated to be second-half weighted in 2026, with a strong balance sheet and development pipeline positioning the company well for future growth.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total Revenue (£'m) | 325.8 | 307.0 | -6% |
| Profit Before Tax (£'m) | 30.7 | 29.1 | -5% |
| Net Debt (£'m) | 62.7 | 108.0 | +72% |
| Gearing (%) | 14.7 | 25.7 | +75% |
| Net Asset Value (NAV) per share (p) | 312 | 312 | 0% |
| Total Dividend per share (p) | 7.70 | 7.86 | +2.1% |