Henry Boot hails progress of pivotal Aberdeen venue

£333m Teca to complete on time, says builder, as it reports ‘strong’ interim results

Land, construction and property firm Henry Boot, whose Scottish projects include the landmark The Event Complex Aberdeen (Teca), has reported a double-digit jump in interim profits in another “impressive performance”.

The Sheffield business, which has an office in Glasgow and was established more than 130 years ago, said revenue for the six months to 30 June remained stable at £196.2 million, up from £195.4m 12 months previously.

Pre-tax profit came in at £26.2m, marking a year-onyear jump of about 16 per cent. The board has declared a 14.3 per cent increase in the interim dividend to 3.2p, while net debt fell by nearly 60 per cent to £26m.

Chief executive John Sutcliffe said the firm is “very pleased to report another impressive performance in the first half ”.

He continued: “So long as market conditions remain stable as we transit through the political and economic uncertainties, we look to the future with confidence.

“We have a strong pipeline of land, housing and commercial development opportunities to provide our customers with the property assets they require.

“Trading in the second half of 2018 has started well and, given the level of forward contracted business, the board is confident in meeting its expectations for the full year and those for 2019 which, at this early stage, remain unchanged.”

The firm said trading activity in Henry Boot Developments, its property investment and development arm, remained “relatively buoyant” in the period, with projects already in development “progressing towards completion as planned”.

And it pointed out that the largest of those under construction is the Aberdeen conference, exhibition and entertainment venue revealed last month to have been named Teca. Fully funded by Aberdeen City Council, it “continues to progress well and is on schedule to be completed in mid-2019”, also remaining on budget, Henry Boot said.

The project has been billed as the largest-ever single investment in a venue in the UK, with facilities including a 12,500-capacity arena and conferencing for up to 5,000, as well as two on-site hotels.

Also commenting on the latest results was Nick Harris, director of Henry Boot Developments in Scotland, who said: “We are pleased to report another strong set of results at the half-year mark – our development pipeline continues to grow, alongside the delivery of the landmark Teca project; a hugely significant scheme for both Aberdeen and the wider Scottish economy.

“The results are very much testament to the ambition and talent within our team and their continued focus on delivering developments that really make a difference.”

The company has also partnered with West Dunbartonshire Council to revitalise an 8.5-acre site in Clydebank.

emma.newlands@jpress.co.uk