Henry Boot points finger at standards for downturn
Property and construction group Henry Boot says IFRS is the reason for a drop in profits
Henry Boot, the property and construction company, said that a drop in
pre-tax profit from £8.87m to £7.72m for the first half was caused by IFRS.
The company, which despite the fall in pre-tax earnings reported an increase
in turnover from £26.4m to £42.4m, said that after restating its interims for
last year as required by IFRS, it had undertaken an unusually large revaluation
of its of its properties.
Henry Boot said the revaluation was the reason for the drop in reported
profits. The group’s shares rose by 11.5p to 590p.