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Henry Boot: turnover up, profit down

The contracting, land and property group Henry Boot saw profits before tax slip £1.5 million today despite a huge increase in turnover.

The company more than doubled its turnover to £119.3 million in the six months to June 30, compared to £47.1 million in the same period last year, but its profit before tax was £20.4 million, down from £21.9m in the first half of 2007

The Sheffield-based company's chairman John Reis said: "I am delighted to report on another good set of results for the half year to June 30 2008 which have been achieved in what is acknowledged as the most difficult market the property industry has faced for many years."

The company said current trading remained robust, underpinned by public sector spending on social housing, prisons and local authority frameworks, although it was seeing a slowdown in the number general private sector contracts.

Henry Boot said its plant hire business was trading in line with expectations, but it was likely to see weaker demand plant until the new build housing market improved.