Henry Boot appoints first non-family boss as pretax profits rise

Property developer Henry Boot appointed its first non-family member to chief executive amid a raft of management changes.

Current group finance director John Sutcliffe has moved into the top job, to replace Jamie Boot at the end of the year.

Henry Boot said Jamie Boot would replace chairman John Brown who intended to retire after nine years’ service.

Sutcliffe, who was finance director for nine years, would be replaced by current group financial controller Darren Littlewood.

Three independent directors; Joanne Lake, Peter Mawson and Gerald Jennings would be brought in from October to help with the handover period.

The management shake-up followed the developer posting its first half results in line with expectations.

First half pre-tax profit was up by 4.5% to £14m from £13.4m, off revenues up 20% to £79.2m from £65.8m.

Revenues were lifted by higher land sales, and increased construction and plant hire, Henry Boot said.

Earnings per share were up to 7.8p up from 7.4p.

Chairman John Brown said the firm’s portfolio was delivering profitability in line with appraisal forecasts.

“The economic conditions across all our trading segments are good and our trading performance in these conditions gives great confidence for the year,” Brown said.

Investec held a ‘buy’ rating and price target and raised its price target to 292p from 282p.

Analysts at the bank said all divisions were performing well, supported by favourable market conditions.

WH Ireland also reiterated a ‘buy’ rating and said the business was “well balanced”.