Results published by Higgins Group for the year ending 31st July 2024 show a profit before tax of £320,000 on turnover up 21% to £208m (2023: £172m).
Higgins had previously posted losses in three of the previous four years, including a £25.8m loss in the year to July 2023.
However, with management of the group having transitioned from the second to the third generation of the Higgins family in August 2023, the business is now performing well, the company said
Separately, Higgins Partnerships has reported an increase in turnover of 8.5% to £204.7m (2023: £188.7m) and profit after tax increased to £10.2m (2023: £9.5m loss).
During the year, the cash-in-bank position at the increased from £8.16m to £9.39m and the overall debt was reduced by £6m and has continued to reduce into the current financial year thanks to sales across existing developments.
Spending on remediation and rectification works totalled £6.98m to comply with the latest interpretation of building regulations. The closing total of remaining provisions remains at £10m.
“Despite a difficult market, the group has demonstrated resilience and continues to evolve, responding positively to change, resulting in growth and a return to profitability,” said chief executive Declan Higgins.
“We are also pleased to report a strong robust future workload with a secured order book and development pipeline exceeding £1bn. This pipeline reflects our ability to maintain strong relationships with clients and suppliers, ensuring the company can adapt to changing market demands.”
