Firm sold business to management at end of last year

Henry Boot’s discontinued construction arm posted improved profit and turnover last year, the firm announced in annual results this morning.

Boot sold the business at the end of last year to concentrate on housebuilding and land and property development.

In its last set of results under Boot’s ownership, Henry Boot Construction saw a return to the black with operating profit of £2.7m following a £2.3m loss last time while revenue increased 11% to £55.5m.

henry boot

After selling its construction business last year, Henry Boots works in housebuilding, land and property development

Henry Boot sold the construction business, whose roots stretch back 140 years, to its management for £4m.

Meanwhile, Henry Boot said turnover last year was down 9% to £251.5m with pre-tax profit down 21% to £26m. It said profit from continuing operations was down 29% to £18m.

It said its figures were impacted by completions “significantly below our expectation” and cost overruns at Stonebridge Homes which resulted in operating loss at this business of £9.2m.

 

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