Property group’s share price hits 10-year high
Shares in property group Henry Boot have reached a 10-year high after it said its performance would be “comfortably ahead” of expectations.
Shares closed up 5% at 294p – the highest since May 2007, and more than 70% above its post-referendum level last summer.
The share price rise gives the property group a market value of £390m.
Chairman Jamie Boot told shareholders at the group’s AGM in Sheffield: “Property trading and development activity levels since the beginning of 2017 have been very encouraging and the group’s three business segments; land promotion, property investment and development and construction are trading strongly.”
He added that any uncertainty created by the snap general election “is not having an impact on our business”.
The group said that its 200-acre business park at Markham Vale will once again see a number of developments delivered in 2017 with more than 650,000 sq ft of industrial and distribution space in progress.
It also expects that the remaining 76 of the original 163 apartments within the main factory building at the former Terry’s Chocolate Factory in York will be sold during 2017, at which point it will start work on the smaller Clock Tower redevelopment.
In Manchester city centre, the strip out and demolition of a jointly developed and forward funded 539-unit private rented apartment development is set for completion by mid-2017, with the main redevelopment beginning then, and its plant hire business, Banner Plant, also completed the acquisition of Premier Plant Tool Hire & Sales in Leicester for £2.8m during the year so far.