Henry Boot profit surges 23pc in final results

Land promotion, property investment and development Henry Boot announced its results for the year to 31 December on Friday, with revenue increasing 74% to £306.8m.

The London-listed firm said profit before tax increased 22% to £39.5m, with earnings per share improving 23% to 21.5p.

Its board proposed a final dividend of 4.50p, up from 3.80p for the 2015 year, giving a total for the year of 7.00p, a 15% increase year-on-year.

Net asset value per share increased 5% to 177p, and the company maintained a conservative gearing at 14% - down from 18% - with net debt of £32.9m narrowing from £38.9m.

Its strategic land acreage now totalled 11,888 acres, up marginally from 11,061 acres in 2015.

“Each of our three business segments performed well, notwithstanding the macroeconomic concerns after the EU referendum result, and we have built a strong pipeline of schemes to be delivered over 2017-2019,” commented chairman Jamie Boot.

Chief executive officer John Sutcliffe said he was “very pleased” to report that the firm delivered a “strong operational performance”, financial result and earnings per share growth in his first review since taking the reins in January 2016.

“Our strategy and the company 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.”