Sign up to our Editors Choice newsletter now! Click here

Housebuilder's profits soar 93%

Accessibility Menu

Menu Search

24dash - The UK's most up-to-date social housing and public sector news website

Housebuilder's profits soar 93%

24DASH.COM Logo

Published by Max Salsbury for 24dash.com in Housing and also in Development, Finance

Housebuilder's profits soar 93% Housebuilder's profits soar 93%

A housebuilder has seen its pre-tax profits almost double, up 93% to £14 million annually.

It is the first time since developer Hill's inception in 1999 that turnover has exceeded £200m, rising by 30% on last year, with over £90m attributed to private sale activities.

The firm's cash balance is also "very strong", rising by 60% on last year to £25.7m.

Hill now has a land bank of over £63m, with planning consent on 623 dwellings and a further 300 dwellings awaiting consent.

Chief executive Andy Hill said: “Our highly skilled and dedicated staff members are the driving force behind these results and all of our work is also underpinned by our focus upon serving our customers, building communities where people want to live and building strong relationships with clients and development partners.

"I am immensely proud of the company’s performance last year and we are now in a very strong position to continue to grow and become a major force within the housebuilding sector. As a result of this planned growth, we remain on target to increase our turnover to £450m by 2016, with profits doubling to £30m, whilst continuing our journey to becoming a top 10 housebuilder.”

Last year, Hill secured a record amount of work and a series of joint ventures, including a development of 441 apartments in Alperton with Network Housing Group.

The average sale price of a Hill property increased to £375,000 last year and is anticipated to top £500,000 in 2014.

Comments

Login and comment using one of your accounts...