Henry Boot looking to new boss to boost construction

Grant Prior 2 months ago
Share

Incoming new Henry Boot Construction managing director Lee Powell will be expected to restore and grow the division’s orderbook following a drop in turnover.

Latest results for the group’s construction arm for the six months to June 30 2024 show revenue fell to £43m from £55.6m last time generating a pre-tax profit of £2.9m.

The company said: “Henry Boot Construction (HBC) is behind schedule in winning work for this year, with a secured orderbook of 61% at H1 24, against a medium term target of 65% secured at the start of the year. As a result, turnover is expected to be lower this year.

In July 2024, it was announced that Lee Powell, currently CEO of GMI Construction, will assume the role of Managing Director of HBC, joining the business in January 2025. Lee’s immediate focus will be to restore and grow the orderbook.

“Looking ahead, HBC has a healthy pipeline of opportunities, and is actively pursuing £54m of Pre-Construction Services Agreements across urban development and residential schemes.”

Powell’s 28-year career to date has included senior positions at Wates Construction and Caddick Construction.

More recently he has spearheaded the growth of the GMI Construction business in the north of England and the Midlands, delivering large-scale projects for clients such as Siemens, Bruntwood and Muse.

Across the whole land promotion, property investment and development and construction business group turnover for the half year was £106m from £179m with pre-tax profit at £3.7m from £24.9m.

Tim Roberts, Chief Executive Officer, said:”During the first half of the year we have started to see an improvement in our markets and this together with our focus on prime land and development, plus premium homes has helped us to achieve relatively strong property sales.

“The lower forward sales with which we started the year has affected our first half financial performance and as flagged at the time of our 2023 results, we expect 2024 to be heavily weighted towards the second half.

“With 81% of budgeted sales already completed, exchanged or reserved, we remain on track to perform in line with market expectations for the full year.

“Furthermore, we remain confident in our key markets, and have significant latent value in our development and land portfolio which is held at cost, as well as plenty of opportunity to grow in order to meet our stated medium term targets. This together with our rock solid balance sheet underpins our decision to raise the interim dividend by 5%.”

Latest news

Ridge buys rival consultant Jubb

Acquisition will see 100 new staff join Ridge
1 hour ago

Enabling works to start £130m Huyton town centre regen

Phase one includes a new council HQ, hotel and 72 flats
2 hours ago

Grainger build to rent pipeline rises to £1.4bn

Rental specialist buys sites in Sheffield and Cardiff to build 600 rental homes
2 hours ago

Kier wins Cambridgeshire County council estate upkeep

Firm will provide building and M&E services to 106 buildings across the county
1 hour ago

Louvres and solar shading specialist files for administration

Hampshire based ALPS lodges court notice after 25 years in business
2 hours ago

Speedy Hire posts a loss in latest results

Hire giant confident of better performance in next six months
2 hours ago

Esh to lead next phase of Riverside Sunderland regeneration

Infrastructure work will allow further development of Sheepfolds area
1 hour ago

Green light for £1.3bn Edinburgh coastal town revamp

First phase of Granton Waterfront scheme will see Cruden Homes create a new community
19 hours ago

Vistry chief operating officer steps down

Earl Sibley exits as his COO role axed for more direct reporting to CEO
1 day ago

House builder Camstead goes into administration

Work stopped on three current sites
2 days ago

Death of piling legend Roger Bullivant

Industry innovator dies after long illness aged 85
1 day ago

ESS Modular went down owing suppliers £7m

Modular specialist owned by ISG owner Cathexis
1 day ago

Builders back farmers in inheritance tax protest

"A rethink is desperately needed" say National Federation of Builders
1 day ago

Willmott Dixon wins £36m leisure centre upgrade

Work to start on historic Westminster 1930s Grade II listed Seymour Centre
1 day ago

Graham wins £100m Cardiff Crossrail phase 1

Work on route to Cardiff Bay to start before end of next year
2 days ago

Laing O’Rourke appoints new European MD

Peter Lyons to take-up new role in February
3 days ago

Profits dip at Stepnell ahead of demerger

Turnover and secured workloads up ahead of restructure
3 days ago

HS2 green bridge deck takes shape

100m-wide wildlife bridge to carry hedgerows and country lane over HS2
2 days ago

1,000-home Wolverhampton city centre scheme in for planning

ECF and council advance City Centre West build to rent scheme
3 days ago

Sisk clinches £54m North London council HQ revamp

Haringey's iconic Grade II listed civic centre to be brought back into use
3 days ago

Ofgem approves £2.5bn Eastern Green Link 1

Work to start next Spring on cable project from Scotland to the north of England
3 days ago

Anglian Water hunts for £1bn delivery partner

Programme delivery partner wil integrate with client team over 15-year plan
3 days ago

Hadden collapse costs supply chain £6.7m

"Highly unlikely" subcontractors will receive anything for their unpaid invoices
3 days ago

Management buyout at M&E specialist

£25m turnover Kimpton in second MBO in its 60-year history
3 days ago

BAM finalises £71m deal to replace first major RAAC school

Work to start on new St Leonards Catholic School in Durham
3 days ago

Scaffolder hit by two tonne weight at nuclear plant

Court hands out £633,000 in fines after Dungeness B decommissioning incident
3 days ago

Go-ahead for 860,000 sq ft East London medical campus

Whitechapel Road scheme of six new and repurposed buildings
3 days ago

Site labour rates hit record high as cost inflation returns

Industry's biggest payroll firm says rates rose nearly 5% last month in London
6 days ago

Morris & Spottiswood acquires part of ISG fit-out division

ISG Cathedral acquisition saves 111 jobs and expands presence across England
7 days ago

New work drives Q3 construction output uplift

Third quarter activity up 0.8% despite slowdown in September
6 days ago

Contractor services