Land development and construction group Henry Boot (BHY) enjoyed a strong start to the year, thanks to a growing demand from housebuilders for plots ready to build on. Around 541 plots were sold in the first four months by the operating division, Hallam Land, while a further 558 plots received planning consent, with more approvals expected during the rest of the year.
The group also continued to replenish its land bank with further purchases and, after the latest disposals, the land bank still grew from 9,011 acres to 9,336. On the construction side, Henry Boot has maintained a healthy order book, and now has enough work to achieve its targeted profit level for the whole year. But management remains cautious about the amount of work at acceptable margins that may arise in the future.
