13th Nov 2014 11:17
LONDON (Alliance News) - Construction company Henry Boot PLC Thursday said trading in the second half has been good so far, with all subsidiaries performing well, and reiterated its guidance for the year.
The company said the solid performance in its subsidiaries, in what it described as "reasonably buoyant end marketplaces", reaffirmed its confidence in meeting its expectations for the year.
It didn't detail what those expectations are. Back in August when it reported its interim results, it had said it expected trading profits including revaluation gains to exceed the board's initial expectations for the year.
The group Thursday said it has seen an improvement in its property investment and development division, following difficult market conditions in recent years.
In its construction arm, the company said its expects to secure around 70% of its 2015 budgeted revenue by the end of the year, slightly ahead of its expectations. It is also seeing an improvement in construction activity and the size of the opportunities coming to market.
It said there are signs this will drive an improvement in pricing next year, but said the recovery in the construction industry does appear fragile at present.
Shares in the company were down 2.9% to 178.75 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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