But firm says low gearing will help its performance, as it reduces debt by £10m
Property and construction firm Henry Boot has said it is “cautious” about public sector work ahead of the expected cuts in expenditure by the new government.
In a trading update this morning, it talked of a “patchy” recovery in the commercial property sector but said its low gearing level would help its performance. The £117m-turnover firm has reduced debt levels by about £10m since December 2009 to about £23m.
It said: “If the economic recovery establishes itself more strongly over the remainder of 2010, we are confident that we will be well placed to benefit from the improvement in market conditions.”