Contractor鈥檚 profit edges upwards in 鈥檚table鈥� property market

General contractor Henry Boot has announced a 拢9.1 million half-year profit before tax for the six months ending June 2011.

The results mark a marginal increase from last year鈥檚 pre-tax profits over the same period, when 拢9 million was recorded. The company鈥檚 turnover was up around 拢12 million 鈥� from 拢55m in 2010 to 拢66.8m this year 鈥� and trading profits doubled from 拢5.8m to 拢11m in 2011.

Henry Boot chairman John Brown said he felt the property market had remained 鈥渟table but continues to be challenging鈥�.

He said: 鈥淭he housebuilding sector has continued to trade at about the same level as over the last two years and indications are that over the next year activity will not increase substantially.鈥�

In February Henry Boot wiped out its debt by selling Ayr Central Shopping Centre for 拢33.8m as well as optioned land for 700 homes in Buckingham.

Brown said the impact of the sales had led to reduced borrowings over the 2011 half-year period. He said interest costs in the period were 55% lower at 拢0.5m.

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