Sheffield’s Henry Boot construction reports 49% revenue increase
Sheffield-based constuction firm Henry Boot has reported a revenue increase of 49% to £153.8m.
They have also reported profit before tax of 37% to £18.4m (2012: £13.4m). Operating profit increased 34% to £19.0m (2012: £14.2m)
They have been behind the selling of the Terry’s Chocolate Factory site in York to Barratt Homes, and have received planning permission for residential developments in Leeds and Ripley.
Commenting on the results, Chairman John Brown said: “Henry Boot has performed very well in 2013 and I am really pleased to report on another year of strong progress across the businesses within the Group.
“Our business model looks to parts of our business to generate relatively stable, recurring income flows (property investment and construction segment) and parts (land promotion and property development) that are cyclical, deal driven businesses which potentially offer increased returns for higher risk.
“We have invested more heavily in these higher risk businesses over the last three years with the result that, as we move into 2014, we have an unprecedented number of profitable land and property development sites to work on.
“The new financial year has started well and house builders reporting so far in 2014 are painting an encouraging picture of increasing activity, good land availability and slowly rising prices.
“Add to that a stronger market for new property development and improving construction and plant activity levels and, provided that these trends continue, we remain confident that we can perform well in 2014 and beyond.”