Boot shines with strong property sales

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Group sales rose around 4% to £230m, with gearing remaining low at around 12% on net debt of £43.5m.

Tim Roberts, Chief Executive Officer, said: “The strong demand in our three key markets of industry & logistics, housing and urban development has helped us to achieve good results.

“By continuing to invest in our extensive pipeline of opportunities and leveraging our strong balance sheet, we have delivered significant growth in the business and secured attractive returns for our shareholders.

“While the economy and industry are under pressure, particularly inflation and supply restrictions, we continue to manage these effectively.

“We’ve also had a very good start to the year, building on strong momentum across the group, with strong forward sales in land and residential development, further leasing of our developments and a full order book in construction.”

The construction business beat expectations with sales down 11% to £103m but with a 100% secured order book for 2022.

Roberts said the majority of this year’s order book now featured fixed price orders with the supply chain or, where that wasn’t possible, included contractual inflation clauses with customers.

The business generated an operating profit of £9m compared to £6.5m previously.

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