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Housebuilder and contractor Hill Group is the latest to benefit from the economic recovery, with the Essex-based firm reporting a doubling in pre-tax profit for the 2013 calendar year as turnover broke the 拢200m mark.

The firm reported pre-tax profit of 拢14.1m, up from 拢7.3m, while turnover rose from 拢154m to 拢201m.

The results represent the fruits of the company鈥檚 decision in 2012 to shift its business from being primarily a social housing contractor, to prioritise developing homes for private sale on its own land.

These figures show we bought wisely and shrewdly in the recession

Andy Hill, Hill

In 2013 the residential development business accounted for nearly half of turnover, at 拢92m, compared to just 拢38m in 2012. Andy Hill, chief executive of Hill Group, said that with housing schemes already in the pipeline development turnover was set to rise by a further 拢20m this year before hitting 拢160m in 2015.

Overall he said the firm was still on course to hit its target of becoming a 拢450m turnover business by 2016. The firm has a pipeline of 600 homes in Cambridge after buying land in the city during the downturn.

Hill said the results had been obtained without taking advantage of the government鈥檚 Help to Buy programme. 鈥淭hese figures reflect our change of business strategy, and shows that we bought wisely and shrewdly in 2009 and 2010 in the recession,鈥� he said.

He added that the business had become 鈥渕ore selective鈥� in taking on social housing construction work due to the difficulty of delivering schemes in the current market. 鈥淭ender prices have been rising exceptionally quickly, because the whole cost base is rising very, very fast.

鈥淟abour-only trades have risen 30-40% in some cases. I wouldn鈥檛 like to be living off a contracting business in this market.鈥�

In further evidence of the impact of the housing boom on the availability of materials, Hill added that the shortage of bricks had led to the firm taking down half-built homes on 鈥渁 couple of jobs鈥� after being told by the project鈥檚 brick supplier that it couldn鈥檛 fulfil an order.

The supplier of the specified brick said it wouldn鈥檛 be able to supply it for 30-40 weeks.