Financial Information
| 2011 (£ '000) | 2010 (£ '000) | |
| Turnover | 185,507 | 182,652 |
| Profit on ordinary activities before tax | 2,252 | 1,476 |
| Equity Shareholders' Funds | 51,294 | 51,609 |
| Number | Number | |
| Number of employees | 382 | 376 |
Extract from the Chairmen’s Statement:
"I am pleased to report an increase of £0.95 million in pre tax profit to £2.98 million. Turnover increased by 2% to £185.5 million.
This year we celebrate the 50th anniversary since my father founded the Higgins Group in 1961. We have grown into a renowned regional contractor/developer that employs over 380 people. I am pleased to say that the initial values on which the Company was based – providing a product that is value for money and of high quality - remain at the core of the business today.
In very competitive conditions both principal operating subsidiaries continue to perform strongly with a firm focus on generating cashflow. The Group maintains very strong liquidity and was ungeared at 31 July 2011 (overall £4 million net cash) - with cash deposits of £26.8 million. The Group’s private housing arm, Higgins Homes PLC, increased turnover by 56% from the sale of 193 private homes (2010: 144). Our ability to grow sales provides evidence that there is a demand for high quality and sensibly priced new homes in carefully selected locations – despite continued concerns over customer confidence and mortgage availability.
In an ever increasingly competitive market Higgins Construction PLC performed well and has a strong order book of secured work for future years. The level of traditional grant funding available for social housing is limited and we are committed to working with our Registered Social Landlord clients and supply chain to provide innovative funding solutions.
Work is now under way on the construction of a new £18 million secondary school in Epping. We are selffunding this project and will, once complete, receive transfer of the redundant school land for private housing. This is an illustration of how, as a combined contractor / developer with a strong financial base, we are able to unlock potential during times of government cutbacks.
I would like to take this opportunity to offer my thanks for the continuing hard work and commitment shown by all employees of Higgins Group PLC as we enter the next 50 years of the Group’s history."
- R G Higgins, ACIOB,
Chairman
25th October 2011
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