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Henry Boot reduces debts by £12m

Henry Boot has announced it has reduced net debt by around £12 million since the end of June.

The news follows the recent announcement of a deal between its land promotion division and Tesco over 14 acres for a new store in Sheffield. However, the firm said it is concerned about the lack of stability in the economy as Government cuts make their presence felt.

It remains cautious amid concerns over changes to the planning system - which could mean there are too few sites with consent if the market suddenly improves.

Its stock market update also cited the decline in new build housing - currently running at half its typical level - as an issue. But, with the Tesco deal in mind, the firm is optimistic that schemes already under way allowed it to make the most of land shortfalls.

The firm’s property development wing has exchanged a joint development agreement with Royal Bank of Scotland over a 26-acre site near Doncaster.

On the construction side, the firm has taken on a new contract to build a school extension with Calderdale Council.

It has also secured a deal to undertake environmental works for Barnsley Council.

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