The Sheffield based firm said the property market “continues to be challenging” however development projects were becoming more attractive.
Revenue increased to £66.9m from £55.1m in 2010 after higher land sales during the period. Trading profit increased 90% to £11.0m, helped by the sale of its Buckingham site and offset by lower income within the construction division.
“On the whole, the property market has remained stable,” it said.
Looking ahead Henry Boot outlined expectations for its three main divisions. In its land division it said the house building sector has continued to trade at about the same level as over the last two years.
Chairman John Brown said: “Whilst profitable property development remains a challenging business in the current environment, the stabilisation of market conditions, combined with the more realistic expectations of landowners and prospective occupiers, has resulted in development projects becoming more attractive.”
Prospects remained good at the construction division even in the face of spending cuts.
He said: “We are still seeing opportunities within both the private and public sectors, although it is anticipated that margins will have to be competitive to win this type of work.
“The newly-formed renewable energy operation is beginning to identify good opportunities and is starting to secure new work.”
- Markham Vale – a good level of occupier demand at the 200 acre business park, located on the M1 motorway near Chesterfield, resulted in a contract exchange for a design and build project of 41,000 sq ft and agreed terms to pre-let 100,000 sq ft of warehousing. These developments are targeted to complete in 2012.
- Richmond-upon-Thames – Town centre development site has secured planning permission for 20,000 sq ft of office. As a result of an agreed pre-let to a budget hotel operator a detailed planning application will be submitted within the next few months to start on site in 2012.
- Malvern – Secured a pre-let for a 67 bed budget hotel on part of our 1.17 acre development site.
- Thorne, Doncaster – Planning permission secured for a mixed use scheme, including a 45,000 sq ft supermarket, restaurants, hotel, public house and a range of industrial and office units. Following this rapid planning progress, terms are being finalised with a food store operator and other occupiers for the site.
- Warminster – Work on 25,000 sq ft Waitrose supermarket to begin, with anticipated completion in early 2012.
- Calderdale & Huddersfield NHS Foundation Trust – The initial planning phase of the joint venture development for approximately 50,000 sq ft of additional office and clinical accommodation is progressing well. Workto start on site next year.
- Watford – Henry Boot Developments has been selected as preferred development partner by Watford Borough Council to undertake the redevelopment of Charter Place shopping centre, located in the town centre. A preliminary agreement has been exchanged and work is now progressing on the scheme design.
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