The Hill Group achieves unprecedented financial success over a 15-month period.
- Profits before tax reached £70.1m from substantial revenues of £1,145.9m.
- Completion of 2,886 new homes with a significant expansion in the development pipeline.
- Investment in new land totalled £155m, enhancing future development prospects.
- Net assets increased by 14%, positioning The Hill Group for further growth.
In an impressive financial performance, The Hill Group reported profits before tax of £70.1 million, achieved within an extended 15-month fiscal period ending on 31st March 2024. The revenues for this period were stated as a robust £1,145.9 million. These results were influenced by the company’s strategic decision to adjust its financial year to align with its joint venture partners, transitioning from a typical 12-month cycle to a 15-month period.
The company successfully completed 2,886 new homes during this extended period, showcasing a considerable expansion in its development pipeline. Presently, the pipeline holds detailed or outline planning permission for 12,900 homes, part of a broader scheme totalling 27,000 units. This expansion underscores the firm’s commitment to growth within a competitive housing market.
Further demonstrating its intent to secure long-term growth, The Hill Group invested £155 million in new land acquisitions throughout the reporting period. This strategic move not only increases their development potential but also solidifies their standing within the sector.
Financially, The Hill Group saw a 14% increase in net assets, rising to £368.9 million. The company also maintained a healthy financial stance with net cash at bank closing at £86.4 million, net of borrowings, as of the end of March 2024. This financial fortitude is indicative of the company’s stability and capacity for continued expansion.
Andy Hill, founder and chief executive, emphasised the resilience of the business amidst political and economic challenges, attributing the outstanding results to the dedication of its staff and supply chain partners. Hill highlighted the record revenues exceeding £1.1 billion as a pivotal achievement that sets the stage for ongoing development and success.
These results position The Hill Group for sustained growth and continued leadership in the housing industry.
