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HENRY BOOT PLC
('Henry Boot' or 'the Group')
Pre-close Trading Update
The Board of Henry Boot issues the following trading update for the year ended 31 December 2012.
There has been no material change in the Group's financial position since the issue of the Interim Management Statement on 12 November 2012. We anticipate that Group profit before tax will be in line with the Board's expectations.
Revenues for the year ended 31 December 2012 are expected to be around £100 million.
The valuation of the Group's property portfolio is anticipated to be broadly in line with that of June 2012, which reflects the initial valuation uplift on completion of the Warminster foodstore development. We are now part way through our Manchester development which we anticipate will conclude in the second half of 2013 and we expect to start works on our development with Calderdale and Huddersfield NHS Foundation Trust in February 2013 with completion expected in 2014.
The Group's balance sheet remains robust, with gearing at the year-end at around 11% (2011: 1%) as we make further investment in the land and development portfolio.
Hallam Land Management has made a good start to 2013 with the completion of the sale of a site for 100 units at Burdiehouse, Edinburgh and the receipt of planning permission, on appeal, at Cam, Gloucestershire, for 71 units. Furthermore we are well advanced through the legal process on the sale of our site at Banbury, which we anticipate concluding in the near future.
We look forward to updating shareholders in more detail at the time of our full year results which are scheduled to be announced on Wednesday 27 March 2013.
Jamie Boot, Group Managing Director
John Sutcliffe, Group Finance Director
Tel: 0114 255 5444
Tel: 020 7597 5000
Mobile: 07785 703523
Tel: 0121 309 0099
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