Henry Boot hail ‘successful trading’ despite profit dip

Henry Boot hail ‘successful trading’ despite profit dip
Outgong Henry Boot CEO John Sutcliffe

Henry Boot, the Sheffield-based property investment and development company, has reported a period of “successful trading” despite a dip in profits.

In unaudited interim results for the six months to 30 June, the listed company reported an 8% fall in profit before tax to £24.1 million. Operating profit was down 5.4% to £24.7 million.

“Once again, we are very pleased to report on another period of successful trading,” said outgoing CEO John Sutcliffe.

“A deal-driven business, such as Henry Boot, always shows a degree of variability in profits and to have achieved over £24 million in profit before tax, given the uncertainties affecting the UK economy, is a very resilient result.

“Trading conditions in the first half have remained consistent with 2018 and all business streams performed well as we continued to deliver a significant number of high quality land, housing and commercial development opportunities. Hallam Land, in particular, had a strong half year.

“After the period end, we completed and handed over The Event Complex Aberdeen (TECA), concluded on two investment property sales, exchanged contracts on a further two and acquired a majority shareholding in Starfish Commercial Limited, a small partnership homes contractor in the North of England.

“Trading in the second half has started well and we remain confident in meeting expectations for the full year, albeit some uncertainty remains regarding the UK’s exit from the EU and how this may affect future trading conditions.

“However, the opportunities we have do not change and we will be carrying little or no debt, from the disposal of assets held for sale, should any competitively priced assets become available to us.”