Higgins Group plc has reported another successful financial year with profit before tax growing by 28% from £4.5 million in 2015 to £5.8 million for year ending July 31st 2016. Group turnover has also increased, rising from £226 million in 2015 to £260 million.
Richard Higgins, Chairman of Higgins Group plc said, “This year has seen political uncertainty but the immediate ‘post Brexit’ period provided good land buying opportunities as many competitors hesitated over the economic implications. As a result, we have secured a number of key sites with which to continue our programme of ‘growth with stability.’
“It is clear that all political parties support an expansion in the UK housing provisions with demand remaining highest in our key operating area of London and the Home Counties. Both our operating companies, Higgins Homes and Higgins Construction are therefore well positioned to deliver significant growth in turnover.”
Higgins Construction, the contracting arm of the Group, increased turnover by 20% in the year reflecting continued success as a “community contractor” in the key sectors of social housing and education. The order book remains strong and further growth in turnover is anticipated in the year ended July 2017.
The private development arm of the Group, Higgins Homes, continues to maximise on a sustained period of sales price growth and demand. There has been significant investment in new development sites during the year.
Richardcontinues, “It is our ambition to replicate the success of our 1,000-unit joint venture at Oval Quarter in the Myatts Field area of Lambeth. We are now in the final year of this five-year collaboration and this project is a case study of how to align the objectives of the various stakeholders in such a way that all parties are pleased with the rewards that they receive against the level of risk that they were initially prepared to take.”
Higgins Group Plc, one of the largest family-owned construction companies in South East England, was formed in 1961 by Derek Higgins and his wife when they set up building company DJ Higgins and Sons. Today, the third generation of Higgins family members, Declan Higgins, Will Higgins and Dominic Higgins, are now fully involved in business operations within the Group.