Land developer and builder Henry Boot increased its pre-tax profits by 54% to £28.3m in 2014, with its net asset value rising 3% to 152p per share.
The company’s land development division’s profits rose 18% to £13.1m as land in some regions recovered value. The division increased its sales from £37.7m to more than £39m over the full year.
Henry Boot disposed of more than 1,100 plots across the country and acquired a further 16 sites, taking its year-end land portfolio to 9,985 acres.
The property investment division performed best, despite a fall in revenues of £11.8m to £26m over 2014.
The division completed on eight schemes and began 15 projects in 2014, turning a profit of £4.8m in the year following a loss of £2.3m in 2013.
It also disposed of three assets, including a 50,000 sq ft B&Q unit to F&C Investment Management.
Meanwhile, the firm’s construction division increased its profits by 13% to £10.1m.
The group reduced the gearing on its holdings from 19% in 2013 to 18% in 2014 as values increased. However, net debt increased slightly, from £36.1m to £36.4m.
