Construction group Higgins has reported a record profit because of its workload in the South-east, despite a slowing housing market nationally.
Profit before tax was 拢10.5m to July, up from 拢10.1m the previous year. Turnover increased 12% to 拢231m, from 拢206m.
The construction arm reported a 拢140m turnover, a rise from 拢127.5m, while the housing arm has increased sales 14% to 拢89m.
The company has posted a profit for 13 years in a row and says this is because of the focus on the residential sector.
Paul Lewellen, the group finance director, said Higgins was 鈥渧ery optimistic鈥� given the level of work in the South-east. 鈥淲e are in the right market, in the right location,鈥� he said.
While the private market had cooled, the company was active in the social and private housing sector, where there was plenty of work, he said.
Higgins is working on a 拢21.3m development of 176 homes in Crawley, West Sussex, and the 拢110m regeneration of Silwood Estate in Bermondsey, south London.
Other projects include an 拢80m scheme to refurbish 1,200 homes in Lewisham, south-east London and a 拢90m regeneration project for 1,000 homes in Stockwell, south London.
Richard Higgins, the chairman, used this week鈥檚 results to have a crack at the planning regime, saying it was 鈥渇rustrating鈥� an orderly progress of projects.
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