Henry Boot revenue slips to £397m amid ‘uncertainty’

Sheffield-based construction group Henry Boot plc said on Friday its 2018 revenue slipped 3% to £397.1 million and profit before tax fell 12% to £48.6 million in what its chairman called “a year that was typified by higher levels of economic uncertainty and global political tension.”

Nonetheless, 2018 produced the firm’s second-best financial result in its 133-year history.

A proposed final dividend of 5.8p gives a total for the year of 9p, a 13% increase.

Henry Boot chairman Jamie Boot said: “The key strategic ethos of Henry Boot is to create long term value and sustainable growth for our stakeholders by financially empowering and commercially developing our people.

“In 2018 we continued this journey as we delivered yet another strong financial performance, while replenishing the longer-term property development opportunities within the business.

”We anticipate that 2019 will be a challenging year, as the UK real estate sector adapts to the marketplace following the UK’s decision to leave the EU.

“Nevertheless, I remain confident that we will achieve sector-leading results, despite the challenges we face, as we continue to build an extensive pipeline of opportunities in each of our businesses.”

Henry Boot CEO John Sutcliffe said: “We continue to take a long-term strategic approach to land promotion and property development while at the same time focusing on the delivery of the existing pipeline which should enable us to produce good results for the years ahead.

“2019 has started well throughout the group and will see us delivering significant schemes across the whole spectrum of our strategic land, property investment and development, housebuilding and construction businesses.”