Henry Boot Construction has reported a 40% rise in profits in its results for the year ended 31 December 2017.
With profit before tax increasing to £55.4 million (2016: £39.5m), revenue also increased 33% to £408.5m (2016: £306.8m) while the firm stated 2018 "with the healthiest order book seen in recent years".
Chairman Jamie Boot said 2017 delivered a record financial performance for the company, "primarily due to development schemes being delivered more quickly than we initially anticipated".
"As a result, profit before tax and earnings per share increased by 40% and 49% respectively, and we were able to more than replenish our portfolio of future opportunities during the year," he said.
"Notwithstanding any potential impact from the decision to leave the EU, our business model and strategic aims remain unchanged, and 2018 has started well across all our business streams."
With revenue now more than double that achieved in 2015, key projects for Henry Boot include the new Aberdeen Exhibition and Conference Centre, the residential conversion of the former Terry's Chocolate Factory and the extension of our Markham Vale industrial scheme.
Mr Boot said: "We also sold 15 strategic land sites, delivered over £60m of construction work, £17m of plant hire sales and almost £25m of new house sales through our joint venture house builder, Stonebridge Homes.
"We were also successful in adding future opportunities into the Group's divisions, with the estimated value of the longer term, commercial development scheme pipeline now exceeding £1.0bn for the first time. Our strategic land acreage increased by over 10% to more than 13,000 acres, after taking account of the acreage sold during the year.
"We also added some 2,200 plots to our inventory of plots to sell, having obtained planning permission on some 4,500 plots during the year. The scale and number of these sites and schemes, held as inventory, are once again at record levels, giving us confidence that we can continue to deliver sustainable returns to our stakeholders well into the future."
Continuing, Mr Boot said the company has made a good start to the 2018 financial year, having already concluded a number of land sales.
"In addition, we have a strong pipeline of construction work, commercial development projects and strategic land sites working through the marketing process, on which to capitalise through the year," he said.
"Our focus consequently continues to be on the profitable delivery of these schemes and the value they will create for all our stakeholders. I look forward to reporting on our success in doing this through 2018 and beyond."
(LM)
Construction News
23/03/2018
Henry Boot Reports Record Rise In Profits And Revenue


04/07/2025
JV North has announced the list of contractors and consultants appointed to its £500 million social housebuilding framework, which aims to deliver around 3,000 homes across the North West over the next four years.
The housing consortium, which includes 14 members, launched the procurement process i

04/07/2025
Work has officially started on preparing Eston Precinct for demolition, marking the first step in a major regeneration project led by Redcar & Cleveland Borough Council.
Esh Construction has been appointed to deliver the scheme, which will begin with the safe removal of asbestos and the soft strip

04/07/2025
The Secretary of State for Energy Security and Net Zero hasgranted development consent for the Mona Offshore Wind Farm.
The scheme, located in the Irish Sea, will deliver approximately 1,500MW of clean energy capacity and forms part of the Round 4 Offshore Wind Licensing Arrangements. The applicati

04/07/2025
The restoration of Chatham’s iconic Brook Theatre is officially underway, with the appointment of contractors to carry out the £21 million transformation of the 125-year-old building.
Originally opened in 1899 as Chatham Town Hall, the Grade II listed Renaissance-style landmark has served the commu

04/07/2025
Work to upgrade a flood-prone section of Stockbridge Road in Timsbury is set to begin later this month, as part of a joint project between the Environment Agency and Hampshire County Council to improve local flood defences.
Starting on 28 July, the five-week scheme will deliver vital improvements a

04/07/2025
Oldham's town centre regeneration has taken a major step forward, with planning consent now granted for all six sites earmarked for transformation through the partnership between Muse and Oldham Council.
The approval represents a significant milestone in the long-term vision to create a vibrant, in

04/07/2025
As temperatures soared during this week's heatwave, euroloo's innovative EcoWelfare units proved to be a game-changer on construction and outdoor sites across the country.
Designed with comfort and sustainability in mind, these multi-functional welfare units offer everything teams need to stay pro

04/07/2025
Atlas Site Engineering, a trusted name in precision setting out and site engineering services, continues to support the construction industry with expert solutions ranging from small residential extensions to multi-storey high-rise developments.
With a reputation for accuracy and reliability, Atlas

03/07/2025
Associated British Ports (ABP) has submitted a reserved matters application for 103,000 sq ft of speculative industrial and logistics space at Helm @ Immingham.
This marks the first phase of development at the 227-acre site.
The scheme will deliver a range of purpose-built units from 4,820 sq ft

03/07/2025
First Choice Homes Oldham (FCHO) is set to begin a major new phase of energy efficiency upgrades this month, with a £6.1 million investment aimed at improving 645 homes across the borough.
Starting 14 July, properties in Abbey Hills, Roundthorn, Shaw, and several estates in Chadderton will receive