‘Strong financial performance’ for Henry Boot

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

Henry Boot, the Sheffield-based property investment and development specialist, has delivered a “strong financial performance” amid the challenging real estate sector.

Revenue for the year ended 31 December 2018 was recorded at £397.1 million, a decrease on the £408.5 million witnessed in 2017.

Profit before tax came in at £48.6 million, down from 2017’s £55.4 million.

However, net debt reduced from £29 million to £18.4 million.

“In 2018… we delivered yet another strong financial performance, while replenishing the longer-term property development opportunities within the business,” said Chairman Jamie Boot.

Looking ahead, he added: “We anticipate that 2019 will be a challenging year, as the UK real estate sector adapts to the marketplace following the UK’s decision to leave the EU.

“Nevertheless, I remain confident that we will achieve sector-leading results, despite the challenges we face, as we continue to build an extensive pipeline of opportunities in each of our businesses.”

CEO John Sutcliffe said: “We continue to take a long-term strategic approach to land promotion and property development while at the same time focusing on the delivery of the existing pipeline which should enable us to produce good results for the years ahead.

“2019 has started well throughout the Group and will see us delivering significant schemes across the whole spectrum of our strategic land, property investment and development, housebuilding and construction businesses.”