Henry Boot warned that full-year profits would be significantly below market expectations as land sales slowed sharply and its housebuilding arm faced weaker demand and higher costs. Hallam Land plot sales more than halved in the first half, with builders delaying purchases and many seeking deferred terms, while Stonebridge Homes is expected to incur an operating loss in 2026 due to higher mortgage rates and planning delays. Management cited elevated macroeconomic and political uncertainty, including the Middle East conflict, as dampening consumer and business confidence and weighing on transaction activity. The group's HBD arm showed resilience with strong occupier demand for industrial and logistics space, and its Origin joint venture is now around 75% let or under offer. Net debt rose to about £133m mid-year, prompting covenant discussions with lenders, but the group still expects debt to fall as transactions complete and progress on projects such as the £95m Golden Valley scheme continues. Looking ahead, Henry Boot reiterated a focus on cash generation and long-term value, targeting continued planning activity and about 10,000 plot submissions for the year despite near-term weakness.