|2012 (£ '000)||2011 (£ '000)|
|Profit on ordinary activities before tax||2,433||2,978|
|Equity Shareholders' Funds||48,687||51,294|
|Number of employees||390||382|
Extract from the Chairmen’s Statement:
"The Higgins Group continues to demonstrate the benefit of having a balanced portfolio between contracting and housebuilding in the current economic climate.
As margins in contracting come under severe pressure the demand for high quality private housing has stabilised. Whilst the mix of profit streams has therefore changed the Group is still able to report a satisfactory profit before taxation of £2.4 million (2011: 3.0 million).
During the year we achieved financial close on the major regeneration scheme at Myatts Field North in the London Borough of Lambeth. This will involve the Group acting as main contractor to deliver new build housing and infrastructure works to a value of £150 million. In addition the Group is a 50% partner in a joint venture to market more than 350 new build private apartments. This will provide the Group with a strong profit stream for the next five years.
Work continues apace at St Johns School, Epping where the Group has contracted to build a new secondary school in return for the subsequent transfer of the redundant school site on which to build new houses and apartments.
These two significant projects demonstrate the financial strength of the Group and our ability to provide creative funding solutions where lack of Treasury investment would otherwise cause schemes to flounder. We enjoy the strong support of our banks – with whom we have been doing business for over 50 years.
We have also, through attention to detail and quality, created a brand that is highly regarded throughout the private and social housing markets. We do not underestimate the importance of delivering a product on time and on budget – particularly in times such as these when competition is intense.
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."
- R G Higgins, ACIOB,
30th October 2012
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