Henry Boot has completed two of its nine previously announced land sales, helping the company’s results to be “materially ahead of expectations”.
The company announced in November that it was in advanced negotiations to sell nine land sites, following four land disposals at Marston Moretaine, Winsford, Oulton and Hailsham.
Two sales were announced in a trading update today, and the company said that its trading result for the year “will be materially ahead of current consensus expectations”.
A spokesperson for the group said one site was “near Derby” and the other is “in the South-west”. The value of the sites is not being disclosed, but further details will be revealed as part of a trading update in January.
The two sales bring the total land sales in the second half of 2014 to six, and up to 11 for the whole of 2014, compared with nine in 2013 and three in 2012.
Analyst Investec has now updated its EBIT for Henry Boot’s strategic land business, Hallam Land, by 39 per cent following the sales.
EBIT will now stand at £12.5m, according to Investec, up from £11.9m in 2013.
In August, Henry Boot posted an 81 per cent pre-tax profit leap for the six months ending 30 June.
The contractor and developer saw an increase in its profit before tax to £13.4m, from £7.4m for the same period the previous year.
Operating profit also rocketed 79 per cent in H1 to £14m, from £7.8m in H1 2013.