Henry Boot (BOOT): 2026 earnings reset

This situation live

£202m · 145.0p · −34% since the first step

22 Jul 2026 · H1 update: plot sales guided materially lower · −7% until the next step As a result of these cost pressures, SBH is expected to make an operating loss in 2026.

Disposal of a part (break-up)

2026 earnings reset

H1 loss; FY in line with £9.7m consensus

Next: H2-weighted land sales and completions to meet consensus; strategy at FY results

Every step · 4

29 Jan 2026 2026 profit guided significantly below consensus – We entered 2026 with a lower forward sales position across the group, and also, as expected, the expiry of the profitable Road Link contract in March will... ↗
24 Mar 2026 Company says 2026 expectations achievable, H2-weighted – we are well positioned to meet full year market expectations, assuming the conflict in the Middle East is not prolonged. ↗
22 Jul 2026 H1 update: plot sales guided materially lower – As a result of these cost pressures, SBH is expected to make an operating loss in 2026. ↗
22 Sep 2026 H1 loss; FY in line with £9.7m consensus – we anticipate delivering profit before tax in line with consensus expectations* for 2026. ↗

What is happening

Henry Boot: 2026 earnings reset – H1 loss; FY in line with £9.7m consensus. ['H1 loss; FY in line with £9.7m consensus']

In short: 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.
Announced: 29 Jan 2026 · 2026 profit guided significantly below consensus
Latest: 22 Sep 2026 · H1 loss; FY in line with £9.7m consensus
Stonebridge: 72 homes in H1 (HY25: 85); operating loss expected in 2026; build cost inflation c.5%
Offsets: Origin JV schemes 75% let or under offer; 8,974 plots with planning
Prior stance: March: well positioned to meet expectations, assuming the Middle East conflict is not prolonged
H1 result: Loss before tax £6.3m (HY25 profit £9.8m); revenue £80.7m
FY26 view: Profit before tax in line with company-compiled consensus of £9.7m
H2 visibility: 71% of budgeted sales completed, exchanged or reserved to 15 September; 465 plots exchanged
Facility: Bank facility to rise to £165.0m until 31 Dec 2026; covenant talks continuing
Dividend: No interim dividend; final to be considered at full-year results

H2-weighted land sales and completions to meet consensus; strategy at FY results.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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