LONDON (ShareCast) - (ShareCast News) - Henry Boot updated the market on its current trading on Friday, saying that it continued to be "very strong" across all business segments - in particular within property development and land promotion.
The London-listed company said that as a result, given the "accelerated completion" of transactions in September and October and the successful delivery of major development schemes through the second half of the year, it now anticipated that its performance for the year to 31 December would be "materially ahead" of the board's existing expectations.

It said 2017 had proven to be an "outstanding" year where almost every deal it hoped to complete had done so.

"Furthermore, we concluded several deals in 2017, earlier than we had originally anticipated, including the sale of the final 30,500 sq ft industrial unit at Thorne, the sale of an 8,150 sq ft retail park in Monmouth and 80 residential units on land in Prestonpans," Henry Boot's board said in its statement.

"In addition, the delivery of several industrial units at Markham Vale has, once again, been quicker than forecast."

Within its strategic land division Hallam Land Management, the company concluded disposals on 14 schemes so far this year year including the final phases of sites at Biddenham for 233 residential units and Marston Moretaine for 183 residential units.

In addition, it already exchanged contracts on four schemes for 2018.

Overall, the year-to-date sales represented 2,048 residential units, compared to 1,609 units in 2016.

"Within property development, the Aberdeen Exhibition Centre contract is going to plan and delivery of the project remains very much in line with our expectations.

"We have now concluded all unit sales within the Chocolate Factory at York having originally anticipated that these sales would take place between mid-2016 and mid-2019.

"Exceeding this target has increased profitability in 2017, by advancing it from 2018/19."

The company said it continued to backfill the opportunity pipeline and work on deals for 2018, replacing the deals that had been executed earlier than expected, adding that there remained a possibility that some of those may conclude before the current financial year end.

"With this in mind, together with the wider UK economic backdrop, the group's expectations for 2018 remain unchanged."

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