|2018 (£ '000)||2017 (£ '000)|
|Profit on ordinary activities before tax||579||6,561|
|Equity Shareholders' Funds||56,196||54,073|
|Number of employees||379||422|
The chairman presents his statement for the period.
"I am pleased to report a 14% increase in turnover for year to £332m and a £2.2m operating profit, an improvement from a £3.5m operating loss in the prior year. The result for this year was boosted by a £1m contribution of profit from the Myatts Field Joint Venture compared to a £12m contribution last year after all the private units had previously been sold.
Consolidated net assets are £56.2m (2017: £54.1m). Gearing at the year end stood at 37% with the Group operating comfortably within its banking facilities. All our banks, HSBC, RBS and Close Brothers, continue to support the Group in achieving its strategic objectives.
The Group continues to adopt a prudent approach to its land buying policy. A number of schemes are currently under development and have been released to the market. All schemes have been well received by potential purchasers who are looking for high quality well designed units at a sensible price.
The Government continue to be clear that social and affordable housing provision remains at the top of their housing agenda. This will be provided by a combination of Housing Associations and Local Authorities and will present excellent opportunities for Higgins Construction who has first class relationships throughout their operational area of London and the Home Counties.
Finally, I would like to this opportunity to offer my thanks for the continuing hard work and commitment shown by all employees of Higgins Group."
- R G Higgins, ACIOB, Chairman
28th November 2017
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