Boot Henry
Website:
Boot Henry
Index:
FTSE Small Cap
EPIC: BOOT
Supersector:
Construction and Materials
Sector:
Construction and Materials
Subsector:
Heavy Construction
Market Cap:
£219.89M
Payout Frequency: Semi-Annual
Boot Henry Dividend Analysis and Summary
Key dividend terms
- Proposed final dividend: 4.62p per share (unchanged year-on-year)
- Total dividend for FY2025: 7.86p per share (FY2024: 7.70p) — +2.1% year-on-year
- Ex-dividend date: 30/04/2026
- Record date: 01/05/2026
- Payment date: 29/05/2026
- AGM approval: 21/05/2026
- Estimated cash cost of final dividend: c.£6.2m
- Policy: Board reiterates commitment to a progressive dividend over the medium term
Sustainability and coverage
- Earnings cover: FY2025 basic EPS 17.6p vs DPS 7.86p — cover ~2.2x (c.45% payout). On continuing EPS of 15.9p, cover is ~2.0x. Coverage remains sound.
- Cash flow and leverage: 2025 saw £16.1m cash used in operations (working capital outflow) and net debt increased to £108.0m (gearing 25.7%, above 10–20% target). Facilities extended to £155m with headroom; interest cover ~5x—acceptable.
- Earnings resilience: PBT (statutory) £29.1m ( broadly in line with expectations) supported by record land plot sales; Home building (SBH) loss (£9.2m) a drag. Overall dividend appears supported by group earnings and liquidity, albeit with tighter cash dynamics short term.
Dividend policy and growth trajectory
- Final dividend held flat; modest increase in the interim lifted the full-year DPS by 2.1%. Messaging remains “progressive over the medium term,” but near-term growth likely to be measured while investment and gearing are managed back toward target.
- Medium-term support: strong land promotion engine (record 3,957 plots sold; robust planning pipeline), improving industrial & logistics development platform, and signs of better sales momentum at SBH into 2026.
Capital allocation and structural changes relevant to dividends
- Disposal of Henry Boot Construction (31 Dec 2025) via £4.0m vendor loan; simplifies group and reduces risk profile. Modest future cash inflows as the loan is repaid over five years.
- Increased ownership of Stonebridge Homes (SBH) to 62.5% in Jan 2025 and 75% in Feb 2026, with full ownership targeted by 2030. While strategically aligned, SBH currently loss-making, so near-term cash demands could modestly constrain dividend progression.
- Ongoing investment: c.£27m planned in Hallam Land during 2026; potential step-up in committed development (e.g., Golden Valley phase one, £98m GDV in H2 2026). Management indicates flexibility to pace spend in line with market and balance-sheet headroom.
Risks and flags to dividend stability
- Gearing above target at 25.7% and negative operating cash flow in 2025 due to working capital; implies reliance on execution of land/development disposals and H2-weighted transactions to fund investment and distributions.
- SBH underperformance (operating loss, planning delays, cost overruns). While early 2026 sales rates have improved, recovery execution risk remains.
- Earnings timing risk: management guides to a second-half weighted 2026; delays to key transactions would affect cash generation.
- Macro/market: planning system delays, housing demand sensitivity to rates, and cited geopolitical risks (Middle East conflict) could dampen volumes and pricing.
Read more
Boot Henry Annual Dividend Yield - 4.76%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 01/05/2025 |
30/05/2025 |
Final |
4.62p |
GBX |
| 02/10/2025 |
24/10/2025 |
Interim |
3.24p |
GBX |
Total (Annual Dividends Per Share):
7.86p
Dividend Yield =
Annual Dividends Per Share (7.86p)
÷ Share Price (165p)
= 4.76%
Boot Henry Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 30/04/2026 |
29/05/2026 |
Final |
4.6200p |
GBX |
| 02/10/2025 |
24/10/2025 |
Interim |
3.24p |
GBX |
| 01/05/2025 |
30/05/2025 |
Final |
4.62p |
GBX |
| 19/09/2024 |
11/10/2024 |
Interim |
3.08p |
GBX |
| 02/05/2024 |
31/05/2024 |
Final |
4.40p |
GBX |
| 28/09/2023 |
13/10/2023 |
Interim |
2.93p |
GBX |
| 04/05/2023 |
02/06/2023 |
Final |
4.00p |
GBX |
| 29/09/2022 |
14/10/2022 |
Interim |
2.66p |
GBX |
| 05/05/2022 |
01/06/2022 |
Final |
3.63p |
GBX |
| 23/09/2021 |
15/10/2021 |
Interim |
2.42p |
GBX |
| 29/04/2021 |
28/05/2021 |
Final |
3.30p |
GBX |
| 17/09/2020 |
16/10/2020 |
Interim |
2.20p |
GBX |
| 11/06/2020 |
06/07/2020 |
Final |
1.30p |
GBX |
| 19/09/2019 |
18/10/2019 |
Interim |
3.70p |
GBX |
| 25/04/2019 |
29/05/2019 |
Final |
5.80p |
GBX |
| 20/09/2018 |
19/10/2018 |
Interim |
3.20p |
GBX |
| 26/04/2018 |
30/05/2018 |
Final |
5.20p |
GBX |
| 21/09/2017 |
20/10/2017 |
Interim |
2.80p |
GBX |
| 27/04/2017 |
30/05/2017 |
Final |
4.50p |
GBX |
| 22/09/2016 |
21/10/2016 |
Interim |
2.50p |
GBX |
| 28/04/2016 |
31/05/2016 |
Final |
3.80p |
GBX |
| 24/09/2015 |
23/10/2015 |
Interim |
2.30p |
GBX |
| 30/04/2015 |
29/05/2015 |
Final |
3.50p |
GBX |
| 24/09/2014 |
24/10/2014 |
Interim |
2.10p |
GBX |
| 30/04/2014 |
30/05/2014 |
Final |
3.15p |
GBX |
| 25/09/2013 |
25/10/2013 |
Interim |
1.95p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
3.080 |
4.400 |
GBX |
7.480 |
7.930 |
| 2023 |
2.930 |
4.000 |
GBX |
6.930 |
10.170 |
| 2022 |
2.660 |
3.630 |
GBX |
6.290 |
9.960 |
| 2021 |
2.420 |
3.300 |
GBX |
5.720 |
63.420 |
| 2020 |
2.200 |
1.300 |
GBX |
3.500 |
-63.150 |
| 2019 |
3.700 |
5.800 |
GBX |
9.500 |
13.090 |
| 2018 |
3.200 |
5.200 |
GBX |
8.400 |
15.060 |
| 2017 |
2.800 |
4.500 |
GBX |
7.300 |
15.870 |
| 2016 |
2.500 |
3.800 |
GBX |
6.300 |
8.620 |
| 2015 |
2.300 |
3.500 |
GBX |
5.800 |
10.470 |
| 2014 |
2.100 |
3.150 |
GBX |
5.250 |
169.230 |
| 2013 |
1.950 |
|
GBX |
1.950 |
|
Boot Henry Dividend Calculator
Boot Henry Dividend Growth
| Dividend Growth (1Y) |
2.08%
|
| Dividend CAGR (5Y) |
7.4%
|
| Years of Growth |
5
|
| Payout Ratio |
44.8%
|
| Buyback Yield |
-0.68%
|
| Shareholder Yield |
3.81%
|
| P/E Ratio (TTM) | 10.9 |
|---|
| Forward P/E | 15.58 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 10.36% |
|---|
| FCF Yield | -13.69% |
|---|
| ROE | 4.34% |
|---|
| ROCE | 4.6% |
|---|
| Profit Margin | 9.35% |
|---|
| Operating Margin | 10.25% |
|---|
| Gross Margin | 26.17% |
|---|