For the year ended 31st July 2023, Higgins Group made a pre-tax loss of ₤ 25.8 m on turnover down 20% to ₤ 171.9 m (2022: ₤ 215.9 m).
The FY 2023 loss follows pre-tax losses of ₤ 5.4 m in 2022, ₤ 3.1 m in 2020 and ₤ 4.0 m in 2019. Just in FY 2021 has it just recently earned a profit, when it made ₤ 203,000 before tax.
The current monetary report associates the fall in turnover to a mix of the intro of secondary stair cores for skyscrapers triggering hold-ups to plan starting and Higgins Homes having a ‘develop year’.
Success was affected by develop expense inflation, which in turn has actually resulted in job hold-ups and following more disintegration of margins. Overall operating loss for the year before exceptionals was ₤ 9.01 m.
Extraordinary products amounting to ₤ 14.7 m have actually been taken into the 2023 accounts, consisting of ₤ 13.5 m of arrangements for removal work to previous task to abide by modifications in post-Grenfell structure guidelines.
Because completion of the last fiscal year, management of Higgins Group has actually transitioned from the 2nd to the 3rd generation of the Higgins household. [See previous report here.]
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