8th Jun 2016 06:55
LONDON (Alliance News) - Henry Boot PLC on Wednesday said it expects to post pretax profit for 2016 "comfortably ahead of current market expectations" in light of the high level of land sales completed since the start of the year, together with the commercial development planned for the second half.
The land and property investor and construction company said that since its trading update on May 26, it has concluded two further land sales for 275 house units, one of which was ahead of schedule.
Henry Boot said it had originally forecast that the second land sale, which was notably larger than the first, would comprise of three separate sales across the three years ending December 31, 2018. However the sale completed on Tuesday evening, with the site sold in two parts, rather than three, in 2016 and 2017, resulting in "a materially higher total profit on disposal than had been previously anticipated".
Henry Boot said this, along with commercial development work in progress through the second half of the year, and irrespective of the UK referendum on European Union membership, it now anticipates pretax profit for 2016 will be "comfortably ahead of current market expectations".
Henry Boot will post its interim results for the half ending June 30 on August 25.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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