Henry Boot forecasts pre-tax profits to be ahead of expectations

HENRY Boot is expecting its pre-tax profits to be around 10% ahead of  expectations in its 2013 full year results.

In a trading update for the year ended December 31 2013, the South Yorkshire-based construction and development group today said that having concluded certain land sales late in December 2013, which had previously been expected to complete after the year end, it anticipates that group profit before tax will be approximately 10% ahead of management’s expectations. It said despite completing these sales ahead of forecast, it remains comfortable with expectations for the year ending December 31 2014.
 
Henry Boot reported revenues for the year ended at approximately £150m, with some £20m related to one-off property sales.

The group said its balance sheet remains robust with gearing at the year end at approximately 20% (2012: 12%) though this has reduced in January 2014 after deferred payments for land sales were received as due, it said.
 
Henry Boot’s land management, property development and construction businesses have strong opportunity portfolios for 2014, it said. 

The business’s 2013 full year results will be announced next month.