Turnover down as Henry Boot falls to loss in half-year results

Henry Boot has reported a drop in turnover and fell to a loss in its results for the first half of the year.

The business, which is focused on land promotion, property investment and development and home building, said it had faced “challenging market conditions” during the period, with reduced volumes across its core markets.

In unaudited interim results for the six months ended 30 June 2026, the firm recorded revenue of £80.7m, down from £99.4m in the equivalent period the previous year.

Meanwhile, it recorded a loss before tax of £6.3m, having made a profit of £9.8m the year prior.

“This reflected lower plot sales at Hallam Land, a reduction in the valuation of our wholly owned property investment portfolio, lower completions and cost inflation pressures in SBH, and a reduced contribution from the Road Link (A69) contract, which concluded at the end of March 2026,” the firm explained.

The company expects its 2026 performance to be “heavily weighted towards the second half, supported by land transactions, housing completions and leasing activity that is either secured or at an advanced stage of negotiation”.

Henry Boot’s land promotion business, Hallam Land, saw its plot sales cut almost in half - down from 1,222 to 556.

At Stonebridge Homes, its housebuilding arm, completed home sales were also down from 85 to 72, although the business expects a stronger second half to result in a small increase on the 185 sales recorded in its most recent full-year accounts.

Despite the loss in H1, Henry Boot anticipates pre-tax profit in line with market consensus expectations - currently £9.7m - for the full-year. 

Commenting on the results, new CEO Ed Hutchinson said: “Having taken on the leadership of Henry Boot this summer, my conviction in the Group’s long-term prospects has only strengthened.

“With more than 9,000 consented residential plots within our strategic land portfolio held at cost and a substantial development pipeline, we possess a depth of value not recognised on our balance sheet. 

“Our priority is clear: unlock this value, enhance cash generation and ensure the Group is well positioned to capitalise as market liquidity and activity improve.”

Hutchinson said he had undertaken a “comprehensive review” of the business since taking over and would outline a “refreshed strategy”, including new medium-term targets, early next year.

With this review ongoing, Henry Boot said it would not be reaffirming its medium-term guidance “at this stage”.

The firm’s previous medium-term strategy included growing capital employed to more than £500m and its annual housing completions to up to 600.

Henry Boot sold its construction business at the end of last year to an MBO.