Henry Boot, the Sheffield-based property investment and development company, has made “good strategic progress” against an uncertain political and economic backdrop.
In a trading update for the year ended 31 December 2019, released ahead of preliminary statement of results later this year, the listed company said that it is “well positioned”.
Overall Group performance for 2019 was marginally lower than original expectations, driven by the successful disposal of the majority of its retail investments during the second half of the year, which reduced rental income.
However, these sales, together with other Group activities, mean it ended 2019 in a strategically strong position, with higher than expected net cash of circa £30 million (2018: net debt £18m) and with several opportunities identified to re-invest in during 2020.
“We had a good year making strategic progress through investing in both our people and our future pipeline, whilst growing NAV,” said CEO Tim Roberts.
“Looking forward, we have made a good start to the year with a strong balance sheet and further opportunities to add to our property development pipeline and strategic land bank, plus a healthy construction order book.”