Henry Boot will post pre-tax profit slightly below expectations due to a fall in the value of its investment properties, it has said.

In a trading update today, the construction, housebuilding and land assembly firm said its pre-tax profit for the 2022 calendar year will be below the average of £48.1m previously forecast for the firm by analysts.

This is despite unspecified “record levels” of underlying profit excluding property valuation, Henry Boot said. The value of the group’s investment portfolio fell from £126m to £106m due to sales and property valuation losses, it said.