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Boot builds turnover

11 Nov 13 Henry Boot, the property to plant hire group, reports steady progress in a trading update this morning.

Banner Plant is having a good year
Banner Plant is having a good year

Its construction business now expects to exceed targeted turnover marginally and is on course to hit targeted profit levels for the year.

“We are already starting to build turnover for next year and, as normal, expect to have secured approximately 60% of the budgeted turnover for 2014 by the end of this year,” the board said. “Encouragingly, we are starting to see improvements in construction activity and hope that finally, this will lead to some improvement in future pricing levels.”

Banner Plant has traded well throughout the year, the board said, and would achieve “a good result” for 2013.

Henry Boot’s land development business has benefited from improvements in the house-building market, driven by government incentive schemes, and by the streamlining of planning regulations.

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In property development, work has started on the 200-acre Markham Vale business park in Derbyshire. First buildings to go up are a 34,000 sq ft food processing unit, a petrol station and a drive-thru Starbucks. Unconditional contracts are expected to be exchanged shortly on a further 20,000 sq ft manufacturing unit, which will also start on site immediately. Construction of a further 50,000 sq ft manufacturing facility and a pub/restaurant are expected to start in early 2014.

The mixed-use development on Deansgate in Manchester city centre has taken contractors longer to complete than originally forecast, but is now nearing completion.

Among other sites, planning permission has been secured to redevelop the listed former Terry's chocolate factory in York for residential, office and leisure. Henry Boot is in detailed negotiations with a number of different operators to take the 400,000 sq ft development forward.

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