The group saw revenue rise to £176.1m for the year to 31 December 2015, up from £147.2m in its previous results, while group profit before tax rose to £32.4m, up from £28.3m over the same period.
Land development was the firm’s strongest performing division, posting a pre-tax profit of £19m on a revenue of £47m. In its previous results, the division had posted a pre-tax profit of £13m and a revenue of £39m.
During the year the company sold sites at Biddenham, Chellaston, Cranbrook, Edinburgh, Frome, Haddington, Nuneaton, Pontefract and Repton. A total of 1,763 plots were sold, representing a 59 per cent increase on the 1,107 sales recorded in 2014.
The company has sold 180 plots in Alton during 2016 to date and 2.8 ha of employment land have been unconditionally exchanged in Lutterworth.
The group’s property investment arm saw a pre-tax profit of £3.5m, down from £4.6m a year earlier, which it blamed on “revaluation losses” on a number of retail sites.
“The retail sector was more subdued with little demand for new retail space, particularly from the large foodstore operators, giving rise to property revaluation losses on a number of sites,” the company said.
“We found that it took longer than expected to contract with retailers on two retail warehouse developments in Belper, Derbyshire, and Livingston, Scotland, even after agreement of terms.”
Major schemes in the property investment arm included a £300m development of an exhibition arena and conference centre complex, which is pre-let to Aberdeen City Council.
The scheme received detailed planning approval at the end of 2015 and is on target to proceed with a construction partner in mid-2016.
Henry Boot’s construction business posted a revenue of £79.5m for 2015, down slightly from the £82.4m reported a year earlier. Consequently, pre-tax profit slipped to £9.9m, down from £10.1m in its previous results.
The firm said it “still remains cautious regarding labour and supply chain price pressures”, but added that it was carrying a “strong order book” into 2016.
Chairman Jamie Boot, who stepped down from his role as chief executive last year, said: “I have taken over as chairman with the business in excellent shape and with our people energised to deliver significant growth in activity. I look forward to reporting on progress through 2016 and beyond.”
Recent contract wins for the firm include the £36m revamp of Barnsley town centre.
