Henry Boot storms ahead and will beat full year expectations

Property developer Henry Boot has reported strong trading across the group and said its full year performance should be ahead of the board's expectations.

Henry Boot completed the £44m first phase of The Glass Works, the Barnsley town centre redevelopment for Barnsley

The Sheffield-based firm said trading across the group's operations has been strong, but notably within HBD it has seen growth in both occupier and investment demand in the industrial and logistics market.

This has led to positive capital returns and the firm said its investment portfolio valuation will exceed half year forecasts.

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The group said it expects further growth in valuations by the end of its financial year due to the planned retention of several assets that are currently under construction.

The firm said strategic acquisitions in both the industrial and logistics market and urban residential market through the first half continue to support its significant development pipeline.

These are providing new opportunities for future development in its key markets, resulting in the group's financial position returning to net debt of £13m.

The firm said Henry Boot Construction continues to trade ahead of expectations on an already full order book for 2021.

It said that Banner Plant's trading levels are back to those experienced in 2019 and are now trading ahead of budget for the year. Road Link (A69) continues to benefit from an increase in traffic levels which are exceeding initial expectations.

In other areas, Hallam Land Management and Stonebridge Homes are trading in line with expectations and continue to benefit from a buoyant housing market.

Henry Boot will publish its 2021 interim results on Monday, September 13.