Henry Boot, the London-listed construction and property development company, has reported a solid performance for the year 2023, primarily driven by strong sales in its land development business. The company expects its pretax profit for the year to reach market forecasts of £37.2 million ($47.3 million), according to a consensus compiled by the company.
The construction and property sectors have faced challenges due to an overall slowing economy and higher interest rates, resulting in decreased activity in key markets, particularly in the housebuilding sector. However, Henry Boot managed to offset these challenges with sustained demand in its land business, which focuses on strategic sites in premium locations. The performance of its land development business exceeded expectations.
Despite the current economic conditions, Henry Boot remains optimistic about the future. The company believes it is well-positioned to take advantage of market recovery and is confident in the long-term growth potential of these markets.
Looking ahead to 2024, Henry Boot expects its pretax profit to remain flat compared to the previous year, aligning with market expectations.
