Henry Boot profits up 22%
Increased property development activity lifted Henry Boot’s turnover by 74% in 2016 and its profits by 22%.
Henry Boot made a pre-tax profit of £39.5m for the year ended 31st December 2016 (2015: £32.4m) on revenue of £306.8m (2015: £176.2m).
Highlights of the year included the start of construction of the £333m Aberdeen Exhibition & Conference Centre. It also started construction of a 110,000 sq ft head office scheme for WS Atkins in Epsom.
By the end of the year Henry Boot had also begun work at the 50-acre Airport Business Park in Southend, developed jointly with Southend Borough Council and bought a city centre office building in Bath, which it is considering turning into flats.
Pre-tax profit from construction in 2016 increased to £11.0m (2015: £9.9m) although construction revenues declined to £84.4m (2015: £90.6m).
Revenue from property investment and development, by contrast was up more than threefold to £176.5m (2015: £50.3m) and pre-tax profit in this division rose proportionately to £11.2m (2015: £3.5m).
Banner Plant also had a good year, with turnover up 4.4%, net profit up 3.6%, and net margin at 11.6%. The new power tool depot in Ossett, West Yorkshire, completed its first year of trading and the addition of another plant and tool hire depot is planned.
Chief executive John Sutcliffe said: "In my first business review since taking over as chief executive officer on 1st January 2016, I am very pleased to report that Henry Boot plc has delivered yet another strong operational performance, financial result and earnings per share growth of 23%. Our strategy and the sompany organisation remains unchanged, as do the key metrics by which we manage and monitor our business segments. 2017 has started well in all our businesses and we confidently look forward to a year of further progress."
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This article was published on 24 Mar 2017 (last updated on 24 Mar 2017).