Property company hails resilient performance after tough start to the year

Henry Boot, has highlighted its “rock-solid” balance sheet, the prospect of recovering markets and an easier planning environment in its unaudited results for the year ended 31 December 2024.

The Sheffield-headquartered property developer and investor reports total land and property sales of £347m, revenues of £328.4m (2023: £359.4m) and pre-tax profits of £30.7m (2023: £37.3m).

Tim Roberts, chief executive officer, said: “As anticipated, after a challenging start to the year we delivered a strong second half which allowed us to report results in line with expectations.

“In particular, demand for our high quality land, prime development and premium homes has remained resilient.

“This led to us successfully completing almost £350m in land and property sales and continuing to lease up space, including setting a record office rent in Manchester at our Island development.

“Our investment portfolio also recorded another period of outperformance, with a total return of almost 10 per cent for the year, meaning it has returned more than double the index over the last five years.”

Henry Boot also exchanged contracts (initial completion in 2025) to take full ownership of regional housebuilder Stonebridge Homes through the acquisition of the 50 per cent it did not already own, across three tranches over the next five years.

The business adds the significantly stronger second half of the year was supported by gradual improvements across its three key markets, though notes this was not helped by the uncertainty caused by the Autumn budget and the consequential rise in long-term interest rates.

In its outlook statement, the company says it has seen improved market sentiment after recent cuts in interest rates.

With expectations of a continued downward trajectory throughout this year, it anticipates that lower interest rates will stimulate demand within both the residential and commercial markets, particularly in the industrial sector.