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Revenue and profit are down at Henry Boot, despite strong land and property sales.

Interim results for the six months to 30 June showed the development and construction firm completed and exchanged on total property sales of 拢150.8m, up from 拢129.3m in the equivalent period the year prior.

But revenue dropped to 拢106m, from 拢180m last time, while pre-tax profit was substantially down, from 拢25m to 拢3.7m.

Tim Roberts, chief executive officer at Henry Boot, said the firm had 鈥渟tarted to see an improvement in our markets鈥� during the first half of the year, which had helped it achieve 鈥渞elatively strong property sales鈥�.

鈥淭he lower forward sales with which we started the year has affected our first half financial performance and as flagged at the time of our 2023 results, we expect 2024 to be heavily weighted towards the second half,鈥� he said.

Roberts added that the business was on track to perform in line with market expectations for the full year and that there was 鈥減lenty of opportunity to grow in order to meet our stated medium term targets鈥�.

Andy Murphy, director of content for industrials at investment research firm Edison Group, said the half-year results presented a 鈥渕ixed鈥� performance, contrasting the strong land and property sales with declines in revenue and profit.

鈥淭his decline largely stems from a lower starting forward sales position,鈥� he said. 

鈥淗owever, the company has completed or reserved 81% of its budgeted sales for 2024, showing positive momentum for the future.鈥�