Development group Henry Boot has reported a steep rise in pre-tax profits for 2021, driven by strong performance across a number of its divisions.
The Sheffield-based group told investors that pre-tax profits had increased to £35.1m, up from £17.1m - citing residential land sales, industrial development, investment property revaluation gains and returns from joint ventures.
Revenue reached £230.6m, up from £222.4m, driven by residential land sales.
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The group said demand from housebuilders replenishing portfolios meant it had sold more than 3,000 plots of land during the year at an average gross profit per plot of £7,820, a rise from £6,456 in 2020.
Its construction business saw turnover of £81.6m - 68% of which came from public sector work - with key schemes included the Glass Works in Barnsley completed and the Heart of the City for Sheffield City Council and Kangaroo Works in Sheffield both started during the year.
And the group's development pipeline, which includes joint ventures, stood at £1.4bn - 75% of which is industrial and logistics.
Tim Roberts, chief executive officer, said: "Strong demand within our three key markets of industrial and logistics, residential and urban development has helped us to achieve a good set of results.
"By continued investment in our significant pipeline of opportunities and using our strong balance sheet, we have achieved material growth in the business and secured attractive returns for our shareholders.
"Whilst there are pressures facing the economy and the industry, particularly inflation and supply restrictions, we continue to manage these effectively.
"We have also made a very good start to the year, building on the strong momentum across the group, with high levels of forward sales in land and housebuilding, further leasing of our developments and a full order book in construction."
