Firm says move being carried out to safeguard division鈥檚 future
Henry Boot is restructuring its construction business, the firm said in its annual results this morning.
The company, which also works in property development and land promotion, said revenue at the construction business last year was down 19% to 拢80.5m with operating profit down a quarter to 拢4.9m.
It said it had taken 鈥渢he difficult decision鈥� to restructure both its construction and Banner Plant businesses, adding: 鈥淲hile this is regrettable, it is being carried out to protect the long term future of [both].鈥�
It said it had a recruited a new management team for the construction business which is now being led by former GMI boss Lee Powell.
It added: 鈥淗enry Boot Construction has started 2025 in a better position, with 55% of its order book contracted and a further 16% secured at the time of the group trading update on 28 January.鈥�
Meanwhile, group revenue at the Sheffield-based business was down 9% to 拢328m with pre-tax profit falling 18% to 拢31m.
Its land promotion business, which gets land ready to sell on to others such as housebuilders, saw revenue rise 13% to 拢78m with operating profit up 14% to 拢24m. Its biggest business remains property investment and development with a revenue of 拢170m, although this was down 11% on last time.
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