Henry Boot eyes further strong growth in future

CONSTRUCTION group Henry Boot yesterday said it was seeing more positive signs of an improvement in the market as it reported a strong first-half performance.

The company saw pre-tax profits rise to £7.4 million from £5.5m in the six months to 30 June as turnover almost doubled to £81.8m.

Chairman John Brown said the company had an unprecedented number of land sites working through the planning process.

“We remain cautiously optimistic regarding the new housing market and the government initiatives intended to stimulate the growth in demand for new properties,” said Brown. “We continue to replenish and expand our acreage and trust that the government will continue planning reforms so that more land may be brought forward, ensuring a good supply of sites to match the improving demand for new homes.”

During the first half of the year the group added more than 550 acres to its portfolio, which now totals 9,565 acres, and also concluded the acquisition of the former Terry’s chocolate factory in York.

“Our balance sheet strength and ability to commit funding to land and property development is resulting in a significant number of competitively priced opportunities arising,” added Brown.