Better than expected trading at construction group
Construction business Henry Boot says that as a result of strong trading across the Group, performance for the full year is now expected to be ahead of the Board’s expectations.
Trading across the listed Sheffield-headquartered Group’s operations has been strong, but notably within its property development arm – HBD.
This continues to see growth in both occupier and investment demand within the industrial and logistics market, leading to positive capital returns and resulting in the Group’s investment portfolio valuation exceeding half-year forecasts.
Henry Boot adds it expects further growth in valuations by the end of its financial year due to the planned retention of several assets that are currently under construction.
Strategic acquisitions in both the industrial and logistics market and urban residential market through half one continue to support the company’s significant development pipeline.
These are providing new opportunities for future development in its key markets, resulting in the Group’s financial position returning to net debt of about £13m.
Henry Boot Construction also continues to trade ahead of expectations on an already full orderbook for 2021.
Banner Plant’s trading levels are back to those experienced in 2019 and are now trading ahead of budget for the year.
And Hallam Land Management and Stonebridge Homes are trading in line and continue to benefit from a buoyant housing market.
Henry Boot says it will publish its 2021 Interim Results on Monday 13 September 2021.