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Profit and revenue jump at Henry Boot

Contractor and developer Henry Boot has reported double-digit growth in both revenue and profit.

The Sheffield-based firm saw revenue rise to £306.8m for the 12 months to 31 December 2016, up 74 per cent from the prior year.

Pre-tax profit jumped by 22 per cent to £39.5m.

The firm said its construction division had exceeded profit targets for the year after posting a pre-tax profit of £10.9m on revenue of £84.4m.

Major contracts won in the year included a place on the £2bn Yorbuild2 framework and a £36m deal for the first phase of Barnsley town centre’s redevelopment.

The firm also won a deal to revamp Manchester’s Piccadilly Gardens, the firm’s first job under the North-west Construction Hub.

Henry Boot’s property investment and development business also saw major increases in revenue and profit.

Revenue in the division grew to £176.5m – up from £50.3m a year earlier.

Pre-tax profit from the development business more than trebled to reach £11.2m.

Major developments for the firm included the £333m, 800,000 sq ft Aberdeen Conference Centre complex, which is being built by Robertson.

It is also developing a £250m PRS scheme on Aytoun Street on Manchester, which will be built by Mount Anvil.

Chief executive John Sutcliffe, who took over the role from Jamie Boot in 2015, said: ”2017 has started well in all our businesses and we confidently look forward to a year of further progress.

“Our strategy and the company organisation remains unchanged, as do the key metrics by which we manage and monitor our business segments.”

He added the firm remained cautious over the potential impact of the UK’s vote to leave the EU and noted increased price pressures on imported materials in particular.

“However, the business has a good blend of both private and public sector clients across a wide range of building and civil engineering sectors, giving us a good base to weather this market uncertainty,” he said.

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