In the six months to June 30, the company posted turnover of £119.3m, compared to £47.1m in the same period last year.

The Sheffiield-based company's chairman John Reis said: "I am delighted to report on another good set of results for the half year to June 30 2008 which have been achieved in what is acknowledged as the most difficult market the property industry has faced for many years."

Mr Reis said the firm's trading profits after interest were significantly higher at £30.2m, compared to £10m in the same period in 2007.

Profit before tax was £20.4m, down from £21.9m in the first half of 2007.

The company said current trading remained robust, underpinned by public sector spending on social housing, prisons and local authority frameworks.

Mr Reis added: "We are seeing some slowdown in the number of general private sector contracts although we are securing a satisfactory level of work. Our PFI project Road Link A69 continues to perform well and we are confident of improving the return this asset provides into the longer term. Our plant hire business is currently trading in line with expectations, however, it is likely to see weaker demand for general plant until the new build housing market improves."

"The directors set out the key risks that could have a material impact on the group in the annual report and financial statements 2007. Since then, the impact of the banking sector credit crunch, higher raw material and energy costs and higher unemployment have led to a decline in consumer confidence, recessionary pressures and talk of stagflation.

"These factors have impacted on the property and construction industries in general and housebuilders in particular. In the short term we will maximise our returns from the work we have in hand while carefully managing both cash and the net asset position.

"In the longer term, Henry Boot has a good mix of property related businesses, which are well funded and possess a portfolio of opportunities that are capable of generating excellent profits as our markets improve."