HG Construction increases turnover by 38%

The firm’s turnover increased by 38% to £336 million according to its 2022 financials.

Tier 2 design and build contractor, HG Construction, has increased its turnover by 38% to £336 million, compared to £243 million in 2021. 

This came with a decrease in pre-tax profit from £24.9 million to £15.3 million, and operating profit margin from 10.2% to 4.6%, according to Construction News.

The firm has had a turbulent year, with a rise in energy and material prices. 

Impact 

HG credits its growth to its self-delivery capabilities, and strong supplier and client relationships. 

To combat market hostility, the firm has strengthened its risk management protocols toward  price stability, tender validity, inflation risk and project timelines. 

“We are working through challenging times, but the investment decisions we have made in the past five years place us in a strong position to successfully navigate this turbulent period,” said group CEO, Adam Quinn.  

“We continue to invest in our people, processes and capabilities to ensure an excellent level of service for our clients.”

If you liked this article, we recommend £21m less Levelling Up funding for the North.