Pre-tax profits at Sheffield-based Henry Boot increased 8% to £9.4m from £8.7m in the year to the end of December, despite turnover continuing to fall.
The construction division remained under pressure, but an “exceptional” performance from the property development division boosted the bottomline.
“Trading strategy decisions taken in earlier years have started to contribute significant returns and with further projects in the pipeline we look towards continuing success in this area,” said chairman John Reis.
House completions were up on the previous year with average selling prices higher, while the land management company had another good year building the land bank and selling sites where planning consents have been secured at a profit.
Net assets per share increased 8%, or £4.3m, to 214p and net earnings per share were 25.1p (23.6p). The final dividend will be 5.9p, taking the annual payout to 8p, up from last year’s 7.5p per ordinary share.
EGi News 22/04/97
