Henry Boot to meet revenue expectations

The Sheffield firm's trading update, in advance of its results for the calendar year 2009, said underlying trading profit would be as expected.

"Subject to audit, the disclosed trading profit is expected to be higher than underlying profit following the release of provisions that are no longer required within the Construction division.

"The total property revaluation deficit is anticipated to be unchanged from 30 June 2009 as an improvement in investment values generally has been offset by further specific provisions against certain portfolio sites."

Henry Boot said its balance sheet remained "robust" and that its bank facilities had been renewed for three years during 2009 for three years. Gearing at the year-end was approximately 19 per cent, compared to 26 in 2008.

Its was managing its debt "prudently".

"In the longer term, we believe the group will benefit from its store of assets and opportunities that are capable of generating excellent returns as markets improve and we therefore remain optimistic about the Group's future prospects."

It will pay a second interim dividend in March in place of a final dividend in May.