Private house builder The Hill Group has surpassed revenues of £1bn for the first time and posted record pre-tax profit of £70m, up from £66m.
The results were flattered by a 15-month reporting period to March 2024 after Hill decided to extend its reporting period to align its financial year-end with that of its many joint venture partners.
Over this period, Hill delivered 2,886 new homes and considerably expanded its development pipeline, which now stands at 12,900 homes with detailed or outline planning permission, from an overall development pipeline of some 27,000 units.
Hill’s controlled pipeline now represents £10bn of potential future revenues, up from £6.7bn in 2022.
As a consequence of the substantial growth in the period, net assets rose 14% to £369m.
Net cash fell to £86m from £132m following a £155m investment in new land.
Andy Hill, founder and group chief executive, said: “These outstanding results, recorded during a challenging political and economic market, are testament to the resilience of our business and the dedication of all our staff and supply chain partners.
“Achieving revenues in excess of £1.1bn and record profits is an important milestone for The Hill Group, which together with our strong balance sheet and impressive development pipeline positions us for further sustained growth in the years to come.”
