Property developer Henry Boot set for profit boost

Property developer Henry Boot is expecting pre-tax profit to be ahead of previous expectations as the firm saw string activity across all of its business segments.
By The Newsroom
Published 17th Jan 2018, 08:39 BST
Updated 17th Jan 2018, 08:40 BST
14 Dec 2017.............John Sutcliffe CEO of Henry Boot Construction with a portrait of founder Henry Boot in the background. Picture Scott Merrylees14 Dec 2017.............John Sutcliffe CEO of Henry Boot Construction with a portrait of founder Henry Boot in the background. Picture Scott Merrylees
14 Dec 2017.............John Sutcliffe CEO of Henry Boot Construction with a portrait of founder Henry Boot in the background. Picture Scott Merrylees

The Sheffield-based firm said it saw a continuation of earlier trends in the final two months of 2017 during a trading update for the year ended December 31.

Henry Boot said that activity was “buoyant” in both deal completions for 2017 and in the progression of new opportunities for 2018 and beyond.

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But valuations of the its property portfolio, despite gains on industrial properties, was below its expectations following a reduction in the values of mixed-use secondary retail properties within the portfolio.

John Sutcliffe, CEO of Henry Boot, said 2017 was “another very successful year” for the firm.

He added: “We capitalised on strong demand for our residential schemes and delivered a number of projects more rapidly than anticipated, giving rise to increased profits in 2017.

“Furthermore, with the strong level of committed and contracted activity that we expect to deliver in 2018, we anticipate a trading performance for the current year slightly ahead of management expectations.”

The company said it expects pre-tax profit and earnings per share for the year ended December 31, 2017, to be comfortably ahead of its previous expectations.

Related topics:Henry BootSheffield