Partnerships lift Hill Group to record revenue
Andy Hill, chief executive officer, said that with pretax profit up 47% to £65m, the group had successfully evolved into a highly-productive and resilient organisation primed for continued growth.
Hill said the house builder was on track to meet its target to increase the size of turnover to £1.2bn by 2025.
The firm revealed it had signed the Government pledge on building fire safety improvements and expected to spend a further £13m on future remediation works in addition to £2.7m already spent.
The accounts for 2021 show Hill enjoyed a strong balance sheet showing £163m of net cash, with net assets having grown to £273m.
During the year Hill completed 2,318 homes, and built up a healthy development pipeline of 8,300 homes.
Partnerships revenue jumped 25% to £431m, while profits doubled to £16m, both at the highest ever level for the business.
Hills said: “All regional operations continued to perform remarkably well during 2021 despite the many labour and material issues faced by the industry.
“Performance has once again been strong in our core business, bringing high-quality housing to market, either as a private developer, joint venture partner, or as a partner to various residential providers.
“This year has also seen us bidding for, winning, and delivering more extensive and ambitious projects – especially widescale regeneration schemes – which will assist in driving our planned growth.”
Hill’s Bristol-based team is now on site mobilising its first projects, and the house builder plans to continue expansion with a further regional operation being set up in the Midlands over the coming months.
Residential sales have continued to exceed expectations across the whole portfolio, with exceptional results achieved in Cambridge at both Knights Park and Marleigh developments where demand has outstripped supply.