Henry Boot
BOOT · Main Market · Real Estate · mcap £202m · 145.0p 3 open situations →
Open · 3
2026 earnings reset
On 29 January the Board guided 2026 profit well below consensus; the 22 July update guided Hallam plot sales materially lower and a Stonebridge operating loss. The 22 September interims show an H1 loss before tax of £6.3m and net debt of £132.9m, and say FY profit will match consensus of £9.7m, second-half weighted. Medium-term guidance is not reaffirmed and no interim dividend is paid.
- Stonebridge
- 72 homes in H1 (HY25: 85); operating loss expected in 2026; build cost inflation c.5% 22 Jul 2026 ↗
- Offsets
- Origin JV schemes 75% let or under offer; 8,974 plots with planning 22 Jul 2026 ↗
- Prior stance
- March: well positioned to meet expectations, assuming the Middle East conflict is not prolonged 22 Jul 2026 ↗
- H1 result
- Loss before tax £6.3m (HY25 profit £9.8m); revenue £80.7m 22 Sep 2026 ↗
- FY26 view
- Profit before tax in line with company-compiled consensus of £9.7m 22 Sep 2026 ↗
- H2 visibility
- 71% of budgeted sales completed, exchanged or reserved to 15 September; 465 plots exchanged 22 Sep 2026 ↗
Next: H2-weighted land sales and completions to meet consensus; strategy at FY results
- 22 Sep 2026 H1 loss; FY in line with £9.7m consensus
- 22 Jul 2026 H1 update: plot sales guided materially lower
- 24 Mar 2026 Company says 2026 expectations achievable, H2-weighted
- 29 Jan 2026 2026 profit guided significantly below consensus
CEO succession
Tim Roberts' departure and Ed Hutchinson's succession were announced on 8 May 2026. Hutchinson is now CEO and is reviewing the group. Medium-term guidance is not reaffirmed. Priorities are unlocking value, cutting borrowings and efficiency, with a refreshed strategy due by early 2027.
- Timing
- No later than full-year results in early 2027 22 Sep 2026 ↗
- Handover
- Tim will work alongside Ed to provide a comprehensive handover
- HBD MD
- Hamer Boot appointed permanent HBD MD on 21 May 2026; joined HBD in 2013 from CBRE 21 May 2026 ↗
- Prior HBD role
- Executive Director - Investment and Funding for six years; led HBD's Strategic Board from December 2025 21 May 2026 ↗
- New CEO
- Ed Hutchinson, took over leadership in summer 2026 22 Sep 2026 ↗
- Review
- Comprehensive review under way; evolved strategy and new medium-term targets 22 Sep 2026 ↗
Next: Refreshed strategy and new medium-term targets at full-year results
- 22 Sep 2026 Hutchinson CEO; review under way
- 21 May 2026 Successor named; HBD MD now filled
- 8 May 2026 Successor named; handover timing to be announced
2 directors buying
- 11 Aug 2026 Ed Hutchinson £20k
- 24 Jul 2026 Emma Sibley £15k
Company filings. Not investment advice.