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AECC construction firm pre-tax profits up 40%

AECC
AECC

The property and construction group behind the development of the new Aberdeen Exhibition and Conference Centre (AECC) has reported record financial results, with turnover exceeding £400million.

Henry Boot yesterday said pre-tax profits were up 40% for the year ending December 31 and said 2018 had also started well with a strong pipeline of work in place.

The listed company reported turnover of £408.5million, up 33% from £306.8million in 2016.

Pre-tax profits also grew to £55.4million from £39.5million the year before.

The firm is currently working on projects including the new AECC, the residential conversion of the former Terry’s chocolate factory in York and the extension of its Markham Vale industrial scheme in Derbyshire.

During 2017, the group also sold 15 strategic land sites, and completed more than £60million of construction work, £17million of plant hire sales and almost £25million of new house sales, through house building joint venture Stonebridge Homes.

It also opened an office in Birmingham in 2017.

Chief executive John Sutcliffe said: “2017 delivered a record financial performance, primarily due to development schemes being delivered more quickly than we initially anticipated.

“As a result, profit before tax and earnings per share increased by 40% and 49% respectively, and we were able to more than replenish our portfolio of future opportunities during the year.

“Notwithstanding any potential impact from the decision to leave the EU, our business model and strategic aims remain unchanged, and 2018 has started well across all our business streams.”

Chairman Jamie Boot added: “We have made a good start to the 2018 financial year, having already concluded a number of land sales.

“In addition, we have a strong pipeline of construction work, commercial development projects and strategic land sites working through the marketing process, on which to capitalise through the year.

“Our focus consequently continues to be on the profitable delivery of these schemes and the value they will create for all our stakeholders.”

The £333million AECC is due to open in 2019.

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