Henry Boot in ‘good shape’ as 2021 profits beat forecasts
An uplift in industrial and logistics capital values and a strong performance from the strategic land business gave a boost to Henry Boot’s performance in 2021.
In a trading statement, it said its three key markets – industrial and logistics, residential and urban development – all performed well, with the group investing more than £66m into new projects.
It said profits were “materially ahead of market expectations” and its financial position remained intact at the end of 2021, with a robust balance sheet and net debt of £44m, comfortably within its targeted operating gearing range of 10-20%.
An uplift in industrial and logistics capital values and a strong performance from the strategic land business gave a boost to Henry Boot’s performance in 2021.
In a trading statement, it said its three key markets – industrial and logistics, residential and urban development – all performed well, with the group investing more than £66m into new projects.
It said profits were “materially ahead of market expectations” and its financial position remained intact at the end of 2021, with a robust balance sheet and net debt of £44m, comfortably within its targeted operating gearing range of 10-20%.
The company said it expects the momentum to continue in 2022. Earlier this month, one of its joint ventures in Scotland sold a 56-acre site with planning consent for 540 flats, retail and community space. It has also completed a forward land sale and development agreement for the construction of a 260,000 sq ft industrial unit in Wakefield, west Yorkshire, for a German pharmaceutical company.
Henry Boot said it is on track to deliver its short and medium-term targets despite a shortage of materials and labour in the UK and increasing build costs.
Tim Roberts, chief executive officer, said: “We have had a good year ahead of expectations, operating in strong markets and also making very encouraging progress against our recently declared medium-term strategic targets which will position the business well for successful growth.”
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve
