Construction group says competitive tendering is taking over on publicly funded schemes

Framework agreements are increasingly giving way to competitive tendering on publicly funded projects, according to construction group Henry Boot.

In an interim management statement the firm said its financial performance had remained in line with management expectations since its half year results were published on 27 August.

Transactions concluded during the period from 1 July to 11 November 2009 had reduced debt by more than £20m to around £30m.

The company thought valuations in the property market had begun to stabilise, though at a much lower level than the peak of recent years.

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