Housebuilder also recorded record profit in 15-month period
An extended reporting period and improving cost picture in the capital helped Hill Group to break the 拢1bn turnover barrier for the first time in its history.
In its annual results, published today, the housebuilder revealed it had taken in 拢1.15bn in the 15-month period to 31 March this year.
The group chose to extend its reporting period to this date to align its financial year-end with that of its many joint venture partners.
Revenue for the period compared favourably with the 拢716.1m recorded in the 12 months to 31 December 2022, even taking into account the additional period.
The report said this reflected reduced cost pressures, particularly in its London a Special Projects regions which operate largely within the M25.
鈥淎ctivity levels across the capital have fallen generally, resulting in increased demand for work from our supply chain,鈥� it said.
鈥淭his has also allowed these regions to increase output volumes, enhanced further by the additional three-month activity from the extended financial reporting period鈥�.
Andy Hill, founder and group chief executive of Hill Group and who this year re-entered the Sunday Times Rich List with an estimated fortune of 拢520m, said: 鈥淭hese outstanding results, recorded during a challenging political and economic market, are testament to the resilience of our business, the high quality of our developments, and most importantly the dedication of all our staff and supply chain partners.
鈥淎chieving revenues in excess of 拢1.1bn and record profits is an important milestone for The Hill Group, which together with our strong balance sheet and impressive development pipeline positions us for further sustained growth in the years to come.鈥�
Hill Group recorded pre-tax profit of 拢70.1m, 6.9% higher than the 拢65.6m recorded in the shorter 2022 period.
It also delivered 2,886 new homes in the 15-month period, which it ended with 12,900 homes with detailed or outline planning permission within an overall development pipeline of 27,000 units.
This represents around 拢10bn of potential future revenues, according to the firm.
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