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Higgins returns to profit after restructure

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Higgins returns to profit after restructure

While revenue at the group continued to slide falling 10% to £151m, the firm recorded a £203,000 pre-tax profit in the year to July 2021, back from a 3m loss the year before.

Higgins Partnerships, the contracting arm, raised revenue by 43% in the year to £125m, after several Covid delayed schemes broke ground.

Underlying profit at the contracting business was largely unchanged at £356,000.

Higgins Group chairman Richard Higgins said: “The group is reaping the benefits of steps taken in the previous financial year to position itself more suitably for the future.

“A restructuring of the business has led to more resource being allocated to winning more and better contracting opportunities and as a result the order book is strong and growing.

“Turnover and gross margins have increased and will continue to do so for the year ending July 2022.”

The development arm Higgins Homes saw revenue more than halve to £41m, but generate £1.6m pre-tax profit, compared to a breakeven position the year before.

Higgins said: “The directors are committed to the two trading arms Higgins Homes and Higgins Partnershps collaborating to deliver a range of options to registered social landlords and local authorities, who are looking to share the risk of large-scale private housing and mixed-tenure schemes.

“Negotiations are at an advanced stage on a number of these joint ventures and the directors expected pre-construction activities to commence on some of these over coming months.

Source : ConstructionEnquirer

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