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Henry Boot margin hits 11% as turnover rockets

Henry Boot has reported a healthy jump in half-year turnover and said it is on track to meet full-year expectations as margin hit 11.6 per cent.

The Sheffield-based contractor and developer, which was the highest climber in this year’s CN100, said revenue rose 81 per cent to £195.4m in the six months to 30 June. 

Pre-tax profit in the period increased 8.7 per cent to £22.6m, the publicly listed firm said, leaving the group with a pre-tax profit margin of 11.6 per cent.

Property development remained the group’s largest business by turnover at £112.6m, while construction stood at £42.6m and land development reported revenue of £40.2m. 

Projects the group is working on as developer include the £250m Kampus scheme in Manchester, a 450,000 sq ft residential and commercial project being delivered in a joint venture with Capital & Centric, with Mount Anvil as main contractor.

The group is also developing a new hotel in nearby Spinningfields, and has purchased a retail building on the city’s St Ann’s Square to convert into residential use.

Schemes the company has completed in the past six months in its construction arm include enabling works for the £35m Better Barnsley scheme (pictured), now known as Glass Works Barnsley.

The group is also acting as main contractor on the development’s second phase.

Chief executive John Sutcliffe said: “Momentum has continued into the second half of the year and we are seeing high levels of activity across our operations.

“While we remain mindful of a continued degree of economic and political uncertainty, sentiment among our customers and clients remains positive and we have a strong pipeline of profitable opportunities.

“The group continues to trade well and in line with the board’s expectations for the full year.”

In its previous full-year results for the 12 months to 31 December 2016, the group reported a revenue of £306.8m, up from £176.2m.

These results catapulted the company up 29 places in this year’s CN100

In mid-moring trading, shares in Henry Boot edged up to 305p. 

 

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