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Henry Boot upbeat for 2011

Sheffield-based contractor Henry Boot has said development opportunities are now beginning to emerge and over 2011 and 2012 is hoping to begin reinvesting resources back into the market.

In an announcement to the City, the firm said revenues for the year ended 31 December 2010 are expected to be around £128 million, with trading profits in line with expectations.

Market uncertainty during 2010 led the group to focus on tight cost control and cash generation, reducing net debt by approximately £12m over a six month period.

The firm narrowly missed out on the chance to compete for up to £4.5 billion of work over a six year period on the Procure 21+ framework in August.

The firm said: “In the short term, the board remains focused on maximising the returns from the group’s businesses whilst continuing to manage debt levels prudently.

“In the longer term, as the nascent economic recovery gathers momentum, the board believes that the group will increasingly capitalise on its store of assets and opportunities, capable of generating excellent returns as the market improves, and therefore remains optimistic about the group’s future prospects.”

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