|2017 (£ '000)||2016 (£ '000)|
|Profit on ordinary activities before tax||6,561||5,809|
|Equity Shareholders' Funds||54,073||47,510|
|Number of employees||422||402|
The chairman presents his statement for the period.
"I am pleased to report on a further year of consolidation for the Higgins Group. Turnover has increased by 12% to £291 million and profit before taxation has increased by 11% to £6.6 million.
Consolidated net assets have increased by 12% to £54 million. Gearing at the end of the year stood at 28% with the Group operating comfortably within its banking facilities. Both our principal bankers, HSBC and RBS, continue to support the Group in achieving its strategic objectives and a further bank, Close Brothers, has started to provide development finance during the year.
The Group made some significant land acquisitions for private housing schemes during the year – all of which are already under development and which will benefit from the continued high demand for design, quality and value for money created by Higgins Homes.
The Government continue to be clear that social and affordable housing provision remains at the top of their agenda. This will be provided by a combination of Housing Associations and Local Authorities and will present excellent opportunities for Higgins Construction who have first class relationships throughout their operational area of London and the Home Counties.
Finally, 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
28th November 2017
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