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Henry Boot (BOOT) Q2 2026 Earnings Report
GB:BOOT Q2 2026 EPS Results
- Actual EPS
- -GBP 0.02
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- GBP 0.05
GB:BOOT Q2 2026 Revenue Results
- Actual Revenue
- GBP 80.74M
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- -36.13%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/22/2026
- Time
- Before Open
- Conference Call
- Tuesday, September 22, 2026
Henry Boot's next earnings date is estimated for March 23, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call highlighted substantial embedded land and development value, strong planning progress, healthy Hallam Land returns, and a sizeable HBD pipeline. However, these positives were outweighed by revenue declining 19%, a GBP 3.9 million operating loss, higher gearing of 33%, GBP 133 million of net debt, suspended interim dividends, weaker sales progress than the prior year, subdued market demand, and an expected operating loss at Stonebridge Homes.
Management expects Stonebridge Homes to report an operating loss in 2026, with completions this year being second half weighted, while gearing is expected to reduce towards the end of the year as planned disposals are completed during the second half; the group targets GBP 203 million of sales, with a further GBP 59 million required, and expects a better second half performance supported by land sales that have slipped from H1 into H2. Hallam Land expects over 2,000 plots exchanged or under offer to complete in the second half, remains on track to submit a total of 10,000 during the full year, expects to secure planning on a materially higher number of plots in the second half, and expects its stock of consented plots to increase. HBD expects to remain selective in building up its committed program, is targeting a start on site at Wakefield Hub in the near future and at Freeport 36 later this year, and will present a refreshed strategy and associated medium term objectives in early 2027; the interim dividend was not paid, and the dividend will be considered again once full year results are known.
- Experienced Leadership and Strategic ReviewEdward Hutchinson, who has been with Henry Boot for just over 20 years and previously served as Managing Director of HBD and interim Managing Director of Stonebridge Homes, has taken over as Chief Executive Officer. A business review is underway, with a refreshed strategy and associated medium-term objectives expected in early 2027.
- High-Quality Land Promotion PortfolioHallam Land has a portfolio of more than 200 sites across the country, including nearly 108,000 plots in its strategic land portfolio. The group described this portfolio as difficult to replicate.
- Near-Term Value Creation PrioritiesManagement is focused over the next 6 to 12 months on unlocking and crystallizing value, reducing borrowings, and improving operational efficiency. Actions include accelerating planning consents and sales at Hallam Land, leasing and selling completed HBD developments, converting Stonebridge Homes' order book into completions, applying stronger cost and capital discipline, using partnerships, simplifying operations, and speeding up decision-making.
- Planned Debt Reduction and Balance Sheet FlexibilityManagement expects gearing to reduce toward the end of the year as planned disposals are completed. Post period end, the existing bank facility was increased to GBP 165 million until 31 December, providing additional financial flexibility, and the lending group remains supportive.
- Sales Visibility for the Full YearCompleted, exchanged, or reserved sales represented 71% of budgeted sales. Completed sales of GBP 61 million to date increased to GBP 114 million including exchanged disposals and completions post period end, and to GBP 144 million including reserved sales. A further GBP 59 million is required to reach the GBP 203 million target, with the majority expected from Hallam Land and HBD.
- Stonebridge Homes Pricing and Order BookStonebridge Homes completed 72 units in the first half. Its private average selling price was GBP 431,000, with incentives stable and pricing held through the first half. The forward order book stood at GBP 30 million.
- Stonebridge Homes Improvement PlanStonebridge Homes has reset its leadership team, with Warren Thompson joining as Managing Director later this year. The business is investing in people and systems focused on sales capability and customer experience, improving data quality and operational oversight, and implementing a clearer, more disciplined land strategy.
- Hallam Land Maintained Strong ReturnsHallam Land sold 556 plots during the period. Gross profit per plot was almost GBP 11,000, in line with its five-year average of around GBP 10,000 per plot. The two transactions generated an average ungeared IRR of 30.5% per annum, and more than 2,000 plots were exchanged or under offer.
- Hallam Land Planning ProgressHallam Land invested GBP 11 million in its pipeline, submitted nearly 3,400 plots into planning so far this year, and remains on track to submit 10,000 plots for the full year. It secured planning for more than 600 plots during the period, taking the total number of plots with planning to almost 9,100, with a further 21,000 plots awaiting determination.
- Embedded Value in Hallam Land PortfolioBased on recently achieved average gross profit per plot of GBP 10,000, the 9,000 plots with planning have the potential to deliver GBP 91 million of gross profit over the short term. The almost 21,000 plots awaiting determination have the potential to deliver a further GBP 214 million over the short to medium term. Including sites with local-plan allocations, GBP 433 million of gross profit is progressing through the planning system, while the full portfolio has the potential to deliver over GBP 1 billion of gross profit. Management presented an illustrative net present value of GBP 230 million, or 170p per share, equivalent to a 57% uplift in NAV.
- HBD Development Program ExpansionHBD's committed development program grew to GBP 161 million, of which HBD's share is GBP 113 million. Almost 80% is already pre-let or under offer. Golden Valley Phase 1 added GBP 95 million of GDV and is fully funded.
- Golden Valley ProgressThe forward-funded Phase 1 of the GBP 1 billion Cheltenham mixed-use Golden Valley scheme has started on site. IDEA is 68% pre-let or under offer, with strong interest in the remaining space. Phase 2 includes a further 188,000 square feet and consent for up to 443 homes, with residential partner marketing underway.
- Origin Joint Venture On Program and BudgetOrigin is developing three industrial and logistics schemes with a value of GBP 56 million and remains on program and budget. Including three initial schemes developed last year, the portfolio is 66% leased or under offer, with rents ahead of business plan.
- Significant HBD Development PipelineHBD has a GBP 1.4 billion development pipeline. Wakefield Hub has consent for 600,000 square feet across four units, Freeport 36 has planning for a 5.5 million square foot industrial and manufacturing park with strong occupier interest, and planning has been submitted for the 430,000 square foot low- and zero-carbon aircraft technology AvTech Duxford campus.
- Investment Portfolio PerformanceThe investment portfolio delivered a total return of 2.5%, in line with the CBRE index.
- Asset-Backed Balance Sheet and Portfolio ValueThe group reported nearly GBP 540 million of investment property and inventory value. This included approximately GBP 160 million of land promotion assets, around GBP 227 million in property investment and development, and GBP 148 million in home building. Management said the balance sheet remains asset backed, with inventories consisting of tangible property development, strategic land, and land and work in progress assets.
- Operational Collaboration Across the GroupManagement is conducting a skills audit to place employees with the right expertise in the right areas across Henry Boot. Hallam Land and HBD have also signed an agreement to collaborate on a scheme that has the potential to be a data center.
- Strong Public-Private Partnership Track RecordManagement highlighted TECA in Aberdeen, a circa GBP 350 million GDV project delivered through a public-private partnership, alongside York Chocolate Works, Golden Valley, and the long-running Markham Vale development as examples of HBD's delivery model.
GB:BOOT Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 23, 2027 | 2026 (Q4) | ―- | 0.11 | ― | ― |
| Sep 22, 2026 | 2026 (Q2) | ―-0.02 | 0.05 | -145.65% (-0.07) | |
| Mar 24, 2026 | 2025 (Q4) | ―0.11 | 0.15 | -23.13% (-0.03) | |
| Sep 23, 2025 | 2025 (Q2) | ―0.05 | 0.03 | 70.37% (+0.02) | |
| Mar 25, 2025 | 2024 (Q4) | ―0.15 | 0.06 | 157.89% (+0.09) | |
| Sep 17, 2024 | 2024 (Q2) | ―0.03 | 0.14 | -80.29% (-0.11) | |
| Mar 25, 2024 | 2023 (Q4) | ―0.06 | 0.01 | 533.33% (+0.05) | |
| Sep 19, 2023 | 2023 (Q2) | ―0.14 | 0.24 | -42.19% (-0.10) | |
| Mar 21, 2023 | 2022 (Q4) | ―0.01 | 0.07 | -87.32% (-0.06) | |
| Sep 20, 2022 | 2022 (Q2) | ―0.24 | 0.14 | 70.50% (+0.10) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
