Profits and revenues sink at Sheffield's Henry Boot

Profits and revenue with Sheffield-based construction giant Henry Boot both plummeted as all of its operations were impacted by Covid-19.

Revenue sunk to £108.7m from £189.0m in the six months to the end of June while profit before tax was £7.2m from £24.1m.

Henry Boot declared an interim dividend of 2.2p, down from 3.7p last year, something it said "reflects our current financial position and confidence in our long-term markets".

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Its land promotion business sold 2,000 plots across nine sites during the period and increased its land portfolio to 15,456 acres.

Glass Works site in Barnsley, a Henry Boot project

Chief Executive Officer Tim Roberts said: "The first half of the year has proved to be very challenging for all of us, but with an agile recovery plan and a robust balance sheet Henry Boot remains in a strong position. Right from the beginning of this pandemic we have focused on our stakeholders’ wellbeing and protecting the liquidity of the Group so we can come through this in the best possible way.

"While CV-19 has affected our interim results and led us to make difficult decisions to reshape and protect the business, we have seen clear improvements in our operations. As this momentum builds, we have been quick to secure selective long-term opportunities and make progress in our key markets - residential, industrial and urban development. We are prepared for uncertain times ahead but where we see good opportunities to invest, without taking undue risk, we will continue to take them.

"I would like to thank all of the Group’s employees for their dedicated hard work during this unprecedented period, whose efforts have helped keep the business viable and produced a robust set of results, which are creditable given the circumstances we are in.”

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Thank you

James Mitchinson