Henry Boot boosts profit with Kampus on track
Developer and contractor Henry Boot, the company working alongside Capital & Centric on Manchester’s Kampus project, has reported a 16% increase in pre-tax profit in its half-year results.
The Sheffield-based company is working on major projects across the North West both through its development and construction arms, and posted a pre-tax profit of £26.2m for the six months to 30 June 2018, up from £22.6m a year earlier.
Revenue for the period was £196.2m, up from £195.4m, while net debt dropped by 58%, falling from £62.2m to £26m.
The group said it was on course to complete the £200m Kampus development, which features 540 build-to-rent apartments along with 30,000 sq ft of retail in leisure, in 2020. Henry Boot Developments is working in a joint venture with Capital & Centric to deliver the scheme.
Elsewhere in the city, the company is acting as the Greater Manchester Property Venture Fund’s development partner for the Island Site, a 90,000 sq ft new-build office just off John Dalton Street.
Outside Manchester, the company this month secured planning permission alongside joint venture partner Barnfield for a major mixed-use site off Junction 6 of the M62 in Huyton, set to feature an Aldi food store, nearly 85,000 sq ft of employment space, and a pub.
Adam Brady, director and head of Henry Boot Developments’ Manchester office, said: “The half-year figures show a very positive start to 2018 and build a picture of the strength of the business.
“UK-wide we are now working with a commercial development pipeline of over £1bn, comprising listed mills, prized heritage assets through to logistics space and large-scale regeneration projects – a varied portfolio that very much reflects our developments in Manchester, including Kampus, Equitable Building and the Island Site; each very different, but all game-changing projects that illustrate our commitment to investing in the city.”
In its latest full-year results, covering the year to 31 December 2017, the group reported a 40% increase in pre-tax profit and a 33% rise in revenue.