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Property investment and development company Henry Boot cut its dividend and reported a fall in first-half profit that was slightly ahead of its revised expectations owing to the performance of its land promotion business.
For the six months ended 30 June 2020, pre-tax profit fell to a better-than-feared $7.2m from $24.1m on-year, and revenue slipped to £108.7m from £189.0m on-year.
Operations were impacted by the Covid-19 pandemic, though the performance of its land promotion business, which saw revenue improve 7.7%, helped soften the blow.
The company declared an interim dividend of 2.2p, down from 3.7p a share.
'We are prepared for uncertain times ahead but where we see good opportunities to invest, without taking undue risk, we will continue to take them,' the company said.