Henry Boot, the Sheffield-based developer and land dealer, reported pre-tax profits down 15% at £16.1 million from last year, on turnover down 13% to £114.6 million.
Henry Boot was forced to make write-downs on development sites, including Tamworth, Rotherham, Burnley and Rochdale, of £1.9 million reflecting continued weakness in the occupier markets applicable to those sites. Commercial property revaluation movements and profits on asset sales together amounted to a net loss of £3.9 million compared with a gain of £3.0 million in 2010.
HB deals in building land through it's Hallam Land management subsidiary, which holds 8051 acres of which 1800 acres is either allocated for development or has planning permission.
As HB has little debt, and during much of 2011 was cash positive, it ended the year with £2.3 million net debt. Net asset value fell during the year by 2% to 142p per share from 145p in 2010. Shares in the firm closed last night at 123p valuing the firm at £161 million.