Show of resilience sees Henry Boot begin the new year in ‘good shape’
THE PROPERTY investment and development company Henry Boot yesterday revealed it had started the year in “good shape” as it continued work on a number of Yorkshire developments.
Henry Boot said the group had ended the year materially ahead of the board’s revised expectations for 2020, due primarily to land disposals and a resilient performance from the development, construction and housebuilding businesses.
The statement added:
“During 2020 operations generated significant levels of cash which has allowed for reinvestment within the group’s focused three long-term key markets: industrial and logistics, residential and urban development.”
“In 2020, HBD completed on developments with a total gross development value (GDV) of £62m.
“The group is committed to projects with a total GDV of £313m (HBD share £85m), with the bulk of this in the significant BTR Kampus scheme in Manchester which has been forward funded.
“The rest comprising 657,000 sq ft of industrial & logistics has been 69 per cent pre-let or presold. Further opportunities have also been secured in the group’s three key markets, notably at Mabgate, Leeds (60,000 sq ft) and St John’s College in Manchester (27,000 sq ft). Both buildings add redevelopment potential in strong urban regeneration settings.
“The Glassworks scheme in Barnsley remains on time and budget and a £40m contract has been signed to deliver a BTR (build to rent) scheme, the Kangaroo Works, in the centre of Sheffield.”
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.”
Henry Boot has adjusted well to the challenges. Tim Roberts, chief executive officer of Henry Boot