Sheffield-based property investment and construction group Henry Boot plc reported a 24.5% increase in revenue to £179.8 million in the six months to June 30, 2023, driven by land disposals and housing completions.

However, the firm said underlying profit before tax fell to £23.3 million from £37.8 million.

Henry Boot plc CEO Tim Roberts said: “The first half of the year has seen our markets slow as interest rates have continued to rise, but, as these results show, our focus on prime strategic sites, high quality development and premium homes has provided us with a degree of resilience. 

“This has helped us to report a very respectable underlying profit before tax of £23.3m, an increase in NAV of 3%, plus the confidence to grow our interim dividend by 10%.

“Whilst uncertainty in our markets has increased, we believe we have enough momentum to carry us through the year, although the outlook for 2024 for the time being is not so clear.

“However, we have conviction in our three markets which are driven by structural trends and I am pleased to report that we remain on track to hit our strategic growth and return targets over the medium term.”