Interim Results

Boot(Henry) PLC
27 September 2001



                                HENRY BOOT PLC


                               INTERIM RESULTS


Henry Boot PLC, the housebuilding, property and construction group, announces
its Interim Results for the half-year ended 30th June 2001.



                                  Highlights



OPERATING PROFIT UP 23%



PRE-TAX PROFIT UP 14%



                        EARNINGS PER SHARE UP 11%



INTERIM DIVIDEND UP 10%


                             Chairman's Statement



It is with much pleasure that I am able to report at this 2001 interim stage,
a 23% increase in operating profit leading to a 14% increase in pre-tax profit
compared with the previous year's corresponding period.  Our trading strategy
continues to concentrate on business areas which offer higher, more
sustainable margins and on greater selectivity in less rewarding sectors. This
policy continues to bring about increased profitability, which in this period
has been achieved in spite of a 7% reduction in turnover and the need to
retain a moderate gearing level. With interest rates remaining low and strong
general demand for our services evident  in the market place, your Board
continues to actively pursue profitable opportunities.  At the same time, we
are closely monitoring the situation for any signs of over-exposure to a
sudden downturn.



In building on the strengths of its increasing national presence, our Property
Development and Investment activities successfully completed on major schemes
at Blackpool and Bridlington.  Other schemes brought forward during the period
have attracted significant interest from prospective tenants and institutions
alike which augurs well for the year-end.



The Housebuilding business has continued to flourish, enjoying an excellent
start to the year in a market where a quality product range in a good location
still attracts keen interest.  With its independently-operating regions now
extending from Scotland to the South West of England, completions for the
half-year have exceeded targets.  We have a strong order book taking us into
the second half of the year and continuing demand in the market should again
enable the operation to achieve record completions by the year-end.  The need
to secure quality replacement land at acceptable prices remains high on our
agenda as increasing demand for land is progressively raising land values and
vendors' expectations.



Hallam Land Management, our land trading company, functions in an
ever-demanding and complex operating framework that offers little respite from
present planning constraints.  However, our success on a number of sites in
different parts of the country has lead to a profitable half-year result.
Further progress is anticipated on a number of land holdings under the
company's control as it extends its sphere of influence and reputation to the
benefit of our housebuilding and property development operations.



Our Construction undertakings again encountered extremely competitive and
challenging trading conditions which brought about considerably reduced
activity, particularly in select tender building and civil engineering
operations.  The specialist construction company performed to plan in
extending the fast track fitting-out, facilities management and rail track
businesses.  The pursuit and resolution of final accounts continues on a
number of long-outstanding contracts and we remain confident of achieving our
ultimate expectations.



Consolidation of the Plant Hire businesses of Banner Plant and Quicklift was
progressed, bringing with it synergies and economies that have made the
operations much more competitive.  This has resulted in increased turnover and
profits for the period, and an improved performance for the year as a whole is
expected.



Elsewhere in the group, the Training and Inner City activities have performed
satisfactorily, although recruitment for the Construction Apprenticeship
Scheme remains slow.



Earnings per share reflect the improved profitability achieved, increasing by
over 11% from 11.8p to 13.2p, and net assets per share advanced to 298p (30
June 2000 265p).



Encouraged by this first half-year performance and by the prospects for the
year-end, your Directors have declared an interim dividend of 3.3p per
ordinary share, up 10% on the previous year.



The appalling events of recent days and the effects these may have on the
economy and, in turn, on our own business are as yet unclear. Notwithstanding
therefore the confidence expressed above, we shall proceed cautiously as the
situation develops.





27th September 2001

JOHN S REIS
Chairman






The UNAUDITED results of the Group include:

                          Half year ended   Half year ended   Year ended 31
                          30 June 2001      30 June 2000      December 2000
                          £000              £000              £000

Turnover - continuing
operations
Group and share of        99,969            107,876           226,787
associates
Less:  Share of           1,155             -                 1,871
associates
                          98,814            107,876           224,916

Operating profit          4,652             4,133             11,991
Share of operating profit 465               -                 483
of associates

Total operating profit    5,117             4,133             12,474
Investment income         -                 -                 197
Interest                  (305)             (43)              (290)
Share of interest of      (131)             -                 (143)
associates

Profit on ordinary        4,681             4,090             12,238
activities before tax
Tax on profit on ordinary (1,400)           (1,143)           (3,332)
activities

Profit for the period     3,281             2,947             8,906

Dealt with as follows:
Dividends:
Cumulative preference     11                11                21
shares (non-equity)
Proposed interim of 3.3p  823               738               2,717
(2000 3.0p)
Profit retained           2,447             2,198             6,168

                          3,281             2,947             8,906

Earnings per ordinary     13.2p             11.8p             36.0p
share

Diluted earnings per      12.8p             11.4p             34.7p
ordinary share




Summarised Group Balance Sheet at 30 June 2001

                                  30 June 2001   31 December     30 June 2000
                                  Unaudited      2000 Audited    Unaudited
                                  £000           £000            £000

Fixed assets
Goodwill                          -              -               1,114
Tangible assets                   31,358         31,543          28,049
Investments                       2,368          1,951           2,047

                                  33,726         33,494          31,210

Current assets
Stocks                            112,175        107,833         83,481
Debtors                           20,670         21,221          19,999
Cash at bank and in hand          80             80              488
Creditors: amount falling due     (71,392)       (70,543)        (63,924)
within one year

Net current assets                61,533         58,591          40,044

Total assets less current         95,259         92,085          71,254
liabilities
Creditors: amounts falling due    (16,327)       (15,933)        (1,483)
after more than one year
Provisions for liabilities and    (2,037)        (2,134)         (1,750)
charges

                                  76,895         74,018          68,021

Capital and reserves
Called up share capital           2,967          2,936           2,949
Capital redemption reserve        271            271             257
Share premium account             1,678          1,131           1,119
Property revaluation reserve      11,569         11,732          9,600
Profit and loss account           59,884         57,422          53,572
Other reserves                    526            526             524
                                  76,895         74,018          68,021

Being:
Non-equity shareholders' funds    400            400             400
Equity shareholders' funds        76,495         73,618          67,621
                                  76,895         74,018          68,021





Group statement of total recognised gains and losses

                             Half year ended Half year ended Year ended 31
                             30 June 2001    30 June 2000    December 2000
                             Unaudited       Unaudited          Audited
                             £000            £000            £000

Profit for the financial     3,281           2,947           8,906
period
Cost of own shares purchased -               (1,356)         (1,633)
Unrealised surplus on        -               -               2,438
property revaluation
Elimination of revaluation   (148)           (79)            (228)
surplus on transfer of
properties to stocks
Foreign currency translation -               -               2
differences

Total recognised gains and   3,133           1,512           9,485
losses for the period




Summarised group cash flow statement

                            Half year ended  Half year ended  Year ended 31
                            30 June 2001     30 June 2000     December 2000
                            Unaudited        Unaudited           Audited
                            £000             £000             £000

Net cash inflow (outflow)   3,614            7,012            (8,000)
from operating activities

Dividends received from     201              -                599
associates

Returns on investment and   (289)            53               (62)
servicing of finance

Taxation                    (1,107)          (194)            (2,529)

Capital expenditure and     (3,386)          (3,215)          (4,793)
financial investment

Additional investment in    (431)            (206)            (810)
associates

Equity dividends paid       (1,986)          (1,805)          (2,543)

Cash (outflow)/inflow       (3,384)          1,645            (18,138)
before use of liquid
resources and financing

Financing                   283              (1,623)          (2,458)

(Decrease)/increase in cash (3,101)          22               (20,596)




Notes to group cash flow statement

                         Half year ended   Half year ended   Year ended 31
                         30 June 2001      30 June 2000      December 2000
                         Unaudited         Unaudited           Audited
                         £000              £000              £000

Reconciliation of net
cash flow to movement in
net funds

(Decrease)/increase in   (3,101)           22                (20,596)
cash

Cash outflow from        295               267               853
decrease in debt and
lease financing

New finance leases       (1,502)           -                 (453)

Change in net debt       (4,308)           289               (20,196)

Net debt at 31 December  (22,290)          (2,094)           (2,094)
2000

Net debt at 30 June 2001 (26,598)          (1,805)           (22,290)




Reconciliation of operating profit to operating cash flow

                        Half year ended   Half year ended   Year ended 31
                        30 June 2001      30 June 2000      December 2000
                        Unaudited         Unaudited         Audited
                        £000              £000              £000

Operating profit        4,652             4,133             11,991

Depreciation and        2,057             1,889             4,828
amortisation

Profit on tangible      (67)              (65)              (108)
fixed assets

(Increase)/decrease in  (4,340)           814               (23,536)
stocks

Decrease in debtors     551               1,492             286

Increase/(decrease) in  761               (1,251)           (1,461)
creditors and
provisions

Net cash inflow         3,614             7,012             (8,000)
(outflow) from
operating activities




Analysis of net debt

                At 31 December 2000     Cash flows        At 30 June 2001
                £000                    £000              £000

Cash at bank    80                      -                 80

Overdraft       (6,177)                 (3,101)           (9,278)

Loans           (15,000)                -                 (15,000)

Finance leases  (1,193)                 (1,207)           (2,400)

                (22,290)                (4,308)           (26,598)




Notes



1.         The 2000 year-end results are an abridged version of the
unqualified audited accounts filed with the Registrar of Companies. The
financial information set out above does not comprise statutory accounts
within the meaning of Section 240 Companies Act 1985.



2.         Earnings per ordinary share are calculated on the weighted average
number of shares in issue.



3.         The interim dividend amounting to £823,017 (2000 £738,612) will be
paid on 1st November 2001 to shareholders whose names are on the register at
the close of business on 5th October 2001.



4.         At the Board meeting on 26th September 2001 the directors formally
approved the issue of these statements which have not been reviewed by the
auditors.



5.         The interim financial information has been prepared using
accounting policies consistent with those adopted by the Group in its accounts
for the year ended 31st December 2000.



6.         Property valuations have been brought forward without amendment
from the previous annual accounts.





Enquiries:



Jamie Boot                                            0114 255 5444
Group Managing Director





END