Yorkshire development company Henry Boot has seen profits more than triple in the first half of the year as demand increased in its key markets.
The Sheffield firm - which has divisions in land promotion, construction and property investment - said revenue had increased 10% to £129m while profits went from £7.2m last year to £22.3m.
The profit figure was ahead of board expectations, the company said, and was driven by strong performance in the industrial property market, returns from a joint venture and capital returns from selling investment property.
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Henry Boot said it was also benefitting from buoyant markets in both logistics and housing, with its Stonebridge Homes division having secured 85% of its annual sales target in the first half of the year.
Chief executive officer Tim Roberts said: “The business has performed well, responding to growing demand within our key markets.
“Whilst we expect profit to be weighted to the first half, the cadence of our activity will remain high, so we will continue to make excellent progress on our clear strategic targets. This will position us well for sustainable growth in the future.”
In the release, Henry Boot said that its construction division had a full order book for the next 18 months having taken “more than our fair share of the growth in the construction industry”.
The company announced an interim dividend of 2.42p a share, up 10% on last year, and said it had made “excellent progress in our evolved strategy and towards our medium-term growth and return targets”.