In a year-end trading statement this morning Boot said it ended the year materially ahead of the board’s revised expectations for 2020.
This was due primarily to land disposals and a resilient performance from the development, construction and house building businesses, in Henry Boot’s target industrial and residential markets.
Tim Roberts, chief executive officer, said: “Henry Boot has adjusted well to the unprecedented challenges that have faced everyone in 2020, but with a continued strong financial position, and engaged teams, we have managed the business to focus successfully on our key long term markets which are today, as relevant as ever.
“While the latest lockdown shows that significant uncertainties remain, with strong forward sales and a growing store of opportunities, we start the year in good shape.”
In the second half, Henry Boot Construction’s productivity increased on sites to 95% of planned activity with growing existing public sector work leading to a strong order book for 2021.
Its Glassworks scheme in Barnsley remains on time and budget and a £40m contract has been signed to deliver a BTR scheme, the Kangaroo Works, in the centre of Sheffield.
Banner Plant has also seen a similar increase in activity levels to 93%.
Roberts said Boot’s financial position remained strong, with a robust balance sheet and net cash of c.£27m (2019: £27m).