Construction Group says its 2008 performance will be in line with expectations

Developer and construction group Henry Boot has said it is confident of performing in line with market expectations in 2008 despite the credit crunch.

In a trading update, the group said it had made a strong start to the year and had reduced its gearing to below 10% from 39% at 31 December 2007.

The consensus forecast for 2008 is £48.8m pre-tax profit on turnover of £140m.

It said the downturn had provided it with opportunities in the property market. It said: “We are finding that the tougher markets are already beginning to provide competitively priced opportunities to replenish our land and development portfolio."