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Sun July 03 2022

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Tidy profit growth for Boot

23 Mar Henry Boot Construction grew its profits in 2021 despite a slight dip in turnover.

Jamie Boot is stepping down as chairman in May after 43 with the company
Jamie Boot is stepping down as chairman in May after 43 with the company

Operating profit for Henry Boot Construction in the year to 31st December 2021 grew 38% to £9.0m (2020: £6.5m). Turnover was down 11% at £102.6m (2020: £115.9m).

Parent company Henry Boot plc posted results showing a pre-tax profit for 2021 of £35.1m (2020: £17.1m) on revenue of £230.6m (2020: £222.4m).

The 3.7% group revenue growth was  driven by residential land sales.

Henry Boot Construction, the group's construction business, performed ahead of expectations and begins 2022 with a full order book. Most of the 2022 order book has fixed price orders placed with the supply chain or includes contractual inflation clauses with customers.

The Glass Works in Barnsley, an £89m urban development, was completed in June 2021 and opened on time. The £13m remodelling and refurbishment of Opera North in Leeds experienced delays due to the installation of Covid-resistant safety measure and other pandemic-related disruptions, but the scheme completed in October 2021.

In the first half of 2021 Henry Boot Construction started a £42m urban development scheme, Heart of the City – a seven-storey net zero carbon office building for Sheffield City Council and Queensberry Development Management. The scheme is making good progress, the company said.

Works on Henry Boot Construction's first £38.9m build-to-rent scheme, Kangaroo Works in Sheffield, also started on site in April 2021 and is progressing on schedule, with completion targeted for spring 2023.

Additionally, a £47m urban residential development, the Cocoa Works in York, started on site on the third quarter. The seven-storey 279 apartment scheme is being delivered for Latimer Developments and due for completion at the end of 2023.

At the end of 2021, Henry Boot Construction was on 10 public sector frameworks, including the newly launched four-year DfE Framework, and working on seven schemes through public sector frameworks with a combined contract value of £15m.

So far in 2022, Henry Boot Construction has secured places on a further two public frameworks, a P23 NHS Framework for projects up to £20m across Yorkshire, Humberside and East Midlands and the new regional YORbuild3 medium value framework for projects between £4m and £10m.

Banner Plant is trading ahead of pre-pandemic levels, the board reports, and is experiencing strong demand.

After 43 years with the company (nearly 30 of them as managing director/chief executive), Jamie Boot is stepping down as chairman and from the board at the end of May.

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