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Henry Boot gets off to strong start

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    Date: Wednesday 07 May 2008

    LONDON (ShareCast) - Land developer Henry Boot expects 2008 to go as planned following a strong first quarter which met management forecasts.

    The company says its share of the sale of a 355 acre site at Milton Keynes will top £50m and underpin its financial performance for the current year.

    Gearing is now below 10% from 39% at the end of 2007, it added, while the construction business is holding a record, full order book for 2008.

    Looking ahead, the group said: “Market conditions in the property sector as a whole are challenging and are likely to remain so for some time to come.”

    “However, the group has made a very satisfactory start to the financial year and we are finding that the tougher markets are already beginning to provide competitively priced opportunities to replenish our land and development portfolio for the future.”

    “We remain confident that the group will perform in line with market expectations for the current year,” it added.

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