Henry Boot (BOOT)

[Dod101]

In the last few years I have held Henry Boot, M J Gleeson and until they were taken over A & J Mucklow. All small family run companies in the building/property sectors. As I said Mucklow was sold to Londonmetric but the other two sail on. Both have been badly affected by Covid 19 but both are now up and running again. No doubt the trading this year will be affected by the virus.

The reason for posting is not to recommend them but I find them a useful diversification in a sector I do not really think much of. The results for 2019 have just been posted today by Henry Boot. They ended the year with net cash and produced good results for last year. Somewhat to my surprise they are paying a final dividend for the year albeit much reduced so that it will be 56% of the dividend for 2018. However the real point is that having done that, they have reduced already announced bonuses to Executives to 50% of the previously announced ones and reduced salaries of executives and Directors' fees by 20%. This is a very responsible and conservative company with great culture.

Gleeson behaved just as conservatively, and raised some cash via a placing and cancelled their final dividend but both are nice little companies and I have no intention of selling either.

Good places for some of my money.

Dod