Boot(Henry) PLC Voluntary liquidation of Starfish Commercial Ltd (9049Y)
September 14 2020 - 5:23AM
UK Regulatory
TIDMBOOT
RNS Number : 9049Y
Boot(Henry) PLC
14 September 2020
14 September 2020
HENRY BOOT PLC
('Henry Boot' or 'the Group')
Voluntary liquidation of Starfish Commercial Ltd
In our interim results for the six months ended 30 June 2020, we
announced that Starfish Commercial Ltd (Starfish) was not
performing in line with our expectations, with CV-19 also
materially impacting its operations. Whilst we have been encouraged
by recent increases in activity within our construction division,
which is now at over 90% of pre-CV-19 levels, unfortunately, we
have not seen the same level of recovery in Starfish. Furthermore,
there is no visibility as to when it might reach a sustainable
level.
These factors have led us to make the difficult decision of
placing Starfish into creditors' voluntary liquidation. This
decision has a minimal impact on Henry Boot's strong financial
position and management's expectations for FY20. A GBP0.2m goodwill
impairment will occur in H2, which is additional to the GBP1.8m
impairment already accounted for in H1.
Affordable Housing is still a market of interest and we will
continue to pursue our interest in this sector, but this will now
be part of the overall services offered by our construction
business.
The Group's overall performance remains in line with
management's expectation, and we continue to be encouraged by the
growing momentum within our operations. This enables us to remain
focused on selectively investing in our three long-term markets:
residential, industrial and logistics, and urban development. For
further information, please contact:
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Group Finance Director
Daniel Boot, Group Communications Coordinator
Tel: 0114 255 5444
www.henryboot.co.uk
Numis Securities Limited
Joint Corporate Broker
Garry Levin/George Fry
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten/Harry Nicholas
Tel: 020 7418 8900
Hudson Sandler LLP
Financial PR
Nick Lyon/Wendy Baker
Tel: 020 7796 4133
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 130 years ago and
is one of the UK's leading and longest standing land promotion,
property investment and development, and construction groups of
companies. Based in Sheffield, the Group comprises the following
three segments:
Land Promotion:
Hallam Land Management Limited
Property Investment & Development:
Henry Boot Developments Limited (HBD) , Stonebridge Homes
Limited
Construction:
Henry Boot Construction Limited , Banner Plant Limited , Road
Link (A69) Limited
The Group possesses a high-quality strategic land portfolio, an
enviable reputation in the property development market backed by a
substantial investment property portfolio and an expanding, jointly
owned, housebuilding business. It has a construction specialism in
both the public and private sectors, a plant hire business, and
generates strong cash flows from its PFI contract, Road Link (A69)
Limited.
www.henryboot.co.uk
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END
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