Henry Boot has reported a “robust” balance sheet and a “strong financial position” for 2020, bucking the coronavirus crisis.
The Sheffield-headquartered construction company has ended the year materially ahead of the Board’s revised expectations for 2020, due primarily to land disposals and a resilient performance from the development, construction and house building businesses.
For the year ended 31 December, the group posted net cash of £27 million, the same as the previous year.
During 2020 operations generated significant levels of cash which has allowed for reinvestment within the Group’s focused three long-term key markets: industrial & logistics, residential and urban development.
Despite the ongoing challenges of a global pandemic, the Group saw a steady increase in activity as the year progressed resulting in an outcome ahead of revised expectations.
Since the beginning of 2021, the Government has confirmed that construction and housebuilding activities should continue during the latest COVID-19 lockdown, allowing Henry Boot to carry on, in line with COVID-secure guidelines, delivering a high-quality service to its customers and the communities in which it operates.
“Henry Boot has adjusted well to the unprecedented challenges that have faced everyone in 2020, but with a continued strong financial position, and engaged teams, we have managed the business to focus successfully on our key long term markets which are today, as relevant as ever,” said CEO Tim Roberts.
“Whilst the latest lockdown shows that significant uncertainties remain, with strong forward sales and a growing store of opportunities, we start the year in good shape.”