Henry Boot sees profits and revenues decline

14 Dec 2017...........John Sutcliffe CEO and Jamie Boot Chairman of Henry Boot Construction with a portrait of founder Henry Boot in the background. Picture Scott Merrylees
14 Dec 2017...........John Sutcliffe CEO and Jamie Boot Chairman of Henry Boot Construction with a portrait of founder Henry Boot in the background. Picture Scott Merrylees
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Revenues and profits with Sheffield construction firm Henry Boot both dipped during 2018.

Revenue stood at £397.1m, down from 2017’s £408.5m while profit before tax was £48.6m, as compared with 2017’s £55.4m.

Earnings per share fell to 28.3p and the firm’s net debt declined to £18.4m.

Chairman, Jamie Boot said: “The key strategic ethos of Henry Boot is to create long term value and sustainable growth for our stakeholders by financially empowering and commercially developing our people.

“In 2018 we continued this journey as we delivered yet another strong financial performance, while replenishing the longer-term property development opportunities within the business.

“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.”

Chief Executive Officer, 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.”

Analysts at WHIreland hailed the results saying: “Results this morning from BOOT are just ahead of the expectations raised in May ’18, reflecting the consistent quality of this business, a market leader in land development across the UK which also brings forward sites which it may retain for a longer period.”