Financial Information

2013 (£ '000) 2012 (£ '000)
Turnover 180,609 202,966
Profit on ordinary activities before tax 2,269 2,433
Equity Shareholders' Funds 51,628 48,687
  Number Number
Number of employees 343 390

Extract from the Chairmen’s Statement:

"I am pleased to report that the Higgins Group has remained profitable throughout the recession. With the first signs of a sustained recovery in view, we are well placed to take advantage of the upturn as a major hybrid “contractor/developer”.

For the year ended 31 July 2013 the Group is reporting a profit of £2.27 million from sales of £179 million, balance sheet worth of £52 million and gearing of just 20%.

With less than 50% of our development facilities currently being used we have plenty of capacity to undertake large scale development financing programmes. For example, the construction of a new £18 million school in Epping (funded from our own reserves) is now complete and we have taken possession of the redundant school which will be demolished to make way for 149 new homes.

Our collaboration at Myatts Field North involving a PFI consortium and joint venture with Pinnacle Regeneration Group is well on track and almost all private unit production has been forward sold until December 2014.

We are actively promoting the breadth of services that the Higgins Group can offer – design, construction, finance, marketing and sales. Our clients and landowners can select any or all of these services in deciding whether to participate in a collaborative venture or in a simple land sale or construction contract. We see this ability to adapt as a key strength in meeting client expectations.

I would like to take this opportunity to offer my thanks for the continuing hard work and commitment shown by all employees of the Higgins Group."

- R G Higgins, ACIOB, Chairman
31th October 2013


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