Valuation shifts hit pre-tax profit at Henry Boot

Henry Boot chief executive Tim Roberts

Development firm Henry Boot has told investors it will fall short of pre-tax profit forecasts despite record underlying figures for the year to the end of December, due to a reduction in investment property values.

In a trading update ahead of its full year results the group said strong sales had driven the group’s best ever financial results on an underlying profit basis, which excludes unrealised valuation movements on investment property.

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