Shares in Henry Boot (BHY) rose nearly 4 per cent after the land management group revealed that pre-tax profit for 2014 will be comfortably ahead of current market expectations. Accordingly, analysts at Numis are upgrading their forecasts for the third time in a year to pre-tax profit of £28.2m and EPS of 15.3p. Through its core Hallam Land management business, the group buys land, pushes it through the planning process and sells it 'oven ready' to hungry housebuilders.
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Trading at the start of the current year shows a continuing strong trend, with seven land sales progressing well to a successful conclusion. Significantly, the group's construction and jointly-owned housebuilder business has also performed well.