Wind behind Boots as profits soar

And, the Sheffield construction group is predicting even better things for the second half of the year.

Group turnover fell by almost 13 per cent to 47.2 million, but the value of Boot’s investment properties increased five fold increase in value from 2.6 million to 13.0 million.

Chairman John Reis said: “We recognise that current financial market turbulence may have an impact on the timing of transactions and therefore profitability in the period, however I reiterate my statement at the Annual General Meeting in May 2007 that we expect profitability for the year to be biased towards the second half year.

“I look forward to reporting on further solid progress at the time of our year end results announcement.”

The group’s confidence is built on the fact that a number of its property schemes are about to come to fruition.

It also sees opportunities to buy land as current owners respond to recent interest rate rises and a tightening of new and existing terms imposed on borrowing by banks.

Boot has submitted an application for planning permission for a five megawatt wind farm on a 180 acre site in County Durham - the first time the group has sought permission for a wind farm. It has one or two more sites in mind.