Building optimism at property group
The chief executive of property group Henry Boot has hailed a “good year ahead of expectations” as the business provided a trading update for the year ended 31 December.
Tim Roberts
Tim Roberts, CEO at the Sheffield-based business noted that the group was operating within strong markets but had also made “encouraging” progress against its medium term strategic targets.
Roberts explained the performance which he expects will see profits before tax materially ahead of market expectations, was buoyed by the continued uplift in industrial and logistics capital values as well as a strong performance within its strategic land business.
Over the course of the year the business has invested £66m into opportunities within its three key markets – industrial & logistics, residential and urban development.
The investments included HBD the property arm of the group announced a new joint venture with international tech campus developer Factory in August to target the growing tech sector, as well as a £5.8m acquisition in Manchester city centre.
The trading update added that the strategic land division – Hallam Land Management’s success was driven by strong demand from housebuilders, with the division currently having sites with the potential to deliver over 92,500 plots having added 1,000 acres over the last year.
the residential demand also fuelled growth at its Stonebridge Homes division which completed 120 homes and has a landbank which provides almost six years of supply. The division has also secured 68% of its annual delivery target for 2022 at the beginning of the year.
Looking ahead the business was described as being in “good shape” entering 2022 and the business is confident of further progress through the year having already completed the sale of a 56-acre site through one of HBD’s joint ventures in Scotland.
