Turnover up 153% with construction division thriving, but tough market knocks 7% off profit
Developer and construction group Henry Boot has posted a 7% fall in pre-tax profit from 拢21.9m to 拢20.4m after making land writedowns of 拢8.2m.
The fall came in the six months to 30 June 2008, despite a 153% rise in turnover from 拢47.1m to 拢119.3m.
John Reis, chairman of the group, said: 鈥淚 am delighted to report on another good set of results for the half year to 30 June 2008 which have been achieved in what is acknowledged as the most difficult market the property industry has faced for many years.鈥�
Turnover at the construction division increased 59%, from 拢32.2m to 拢51.1m, growth that the group said was underpinned by public-sector and social housing projects.
The firm has slowed its land-buying activity due to the credit crunch but said that its well-located good-quality portfolio means it is well positioned to ride out the economic downturn.
Henry Boot has net borrowings of 拢38m on facilities of 拢105.6m.
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