Higgins Group has announced a return to profit in its latest financial results, following a business restructure.
Turnover for the year ended 31 July 2024 was £208.2 million, up from £171.9 million the year prior, generating a pre-tax profit of £278,000 (FY2023: £25.8 million loss).
“Following the successful implementation of the succession plan and group-wide restructure, the business has performed well,” said Higgins Group.
“Through the robust management of working capital, the cash-in-bank position at the year end increased […] overall debt reduced by £6 million and will continue to reduce into the new financial year as the business achieves sales across existing developments.”
Higgins Group is a family-owned and operated company founded in 1961 by the late Derek Higgins OBE.
The group consists of Higgins Group Services, Higgins Investments, Higgins Homes, and Higgins Partnerships.
At the year end, Higgins’ balance sheet had net assets and total equity of £21.7 million, up slightly from £21.4 million recorded the year before, with cash reserves of £9.3 million (FY2023: £8.1 million).
The Essex-headquartered business turned in an operating profit of £2.2 million, compared to a £28.5 million loss in the previous year.
Higgins posted profit for the year of £315,000, up from a £25.9 million loss recorded the year prior.
Was this interesting? Try: London skyscraper same height as The Shard approved
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.