Hill builds war chest for south west push

Aaron Morby 2 years ago
Share

The country’s third largest private house builder, Hill Group, is pressing ahead with plans to expand into the south west.

Chief executive Andy Hill says the firm has built up net assets of nearly £200m and holds £63m of net cash to get through coronavirus crisis
Chief executive Andy Hill says the firm has built up net assets of nearly £200m and holds £63m of net cash to get through coronavirus crisis

Like other developers, Hill has shutdown most of its sites across it main operating regions in the South East and Eastern England.

But the firm, which today reported robust results for 2019, said it was still planning to establish a regional office in Bristol to head up its south west ambitions.

Andy Hill, CEO of the Hill Group, said: “Yet again the business has delivered a very strong financial performance, leaving us extremely well placed to see further growth and profitability over the medium term.

“While the full impact of the coronavirus pandemic on the wider economy is not yet known, we have successfully stress-tested the financial resilience of the business in multiple scenarios and we are well capitalised with a robust balance sheet which is demonstrated by our auditors signing off our accounts during these uncertain times.

“As a privately owned business we are not subject to the pressures and fluctuations of the stock market, so we can take a long term view at times like this and seize opportunities to build our pipeline and invest in growth areas.

“We are very much open for business, with several exciting partnerships in the pipeline and we are currently sourcing, and transacting on, new land opportunities.”

Started by the former Willmott Dixon director 21 years ago, his family-owned business posted a record turnover last year up 16% to £583m.

Planning delays saw profit slip 12% to £423m, but ahead of budgeted predictions at the start of the year.

Hill has built up a strong balance sheet with net assets approaching £200m and £63m of net cash.

He said the firm’s firm footing was also supported by £270m of secured undrawn banking facilities.

The house builder completed 1,800 new homes in the year, up 16% year on year of which 1,120 were delivered from private sales and joint venture activities.

The secured pipeline of 6,500 homes includes new joint venture partnerships with local authorities, housing associations and private companies as well as developments within the new south west region.

 

 

Latest news

SMEs dominate £650m northern housing upkeep framework

37 firms picked for En Procure social housing upkeep deal
4 hours ago

Government plan to ban poorly performing firms advances

Firms with a track record of poor delivery, fraud or corruption will be blocked from winning public contracts
12 hours ago

Construction output shows fastest rise in four months

Commercial sector leads the way as buyers report strong industry rebound in November
15 hours ago

Energy prices to drive second wave of materials cost hikes

Arcadis predicts further brick, glass, cement and concrete price hikes in 2022
19 hours ago

Go-ahead for £180m Milton Keynes tower scheme

Work set to start next year on central Milton Keynes landmark scheme
19 hours ago

Fit-out firm BW forecasts return to growth next year

South east contractor predicts workload recovery next year
17 hours ago

Builder jailed after demolishing wall on colleague

Court imposes prison sentence for gross negligence manslaughter
19 hours ago

Union officials face new probe into blacklist collusion

Unite gathering evidence for QC-led inquiry
18 hours ago

University to offer courses in concrete road repairs

New generation needed as 60% of concrete specialists set to retire in next ten years
18 hours ago

HS2 launches first Midlands TBM

BBV launches Dorothy on first one-mile long bore in Warwickshire
4 days ago

Construction slavery gang busted – five convicted

Romanian victims were promised £50 a day to work on site but were saddled with false debts
5 days ago

New chief named for O’Connor Utilities group

Michael Hughes was formely chief financial officer at Issa brothers owned EG Group
4 days ago

Multiplex aims for woman-led teams at one in 10 projects

Social equity manifesto to tackle lack of female leadership, excessive hours and slow payments
4 days ago

Trio shortlisted for third £115m A9 dualling project

Balfour, Graham and Wills Bros in chase for 9.6km Tomatin to Moy dualling
4 days ago

Plan for £2bn Edinburgh West Town

7,000 homes plan for 200-acre site in West Edinburgh
5 days ago

Morgan Sindall starts £31m Leeds resi scheme

Work starts on 16-storey stepped Springwell Gardens apartment block
5 days ago

Race starts for £200m M5 Junction 10 Improvements

Cheltenham junction upgrade will see new roundabout built above the motorway
5 days ago

New boss at Balfour Beatty Kilpatrick

Will Smith joins from consultant Cummins
5 days ago

Contractors battle Storm Arwen to replace rail bridge

BAM Nuttall, Atkins WSP Joint Venture successfully completes marathon 78-hour installation
5 days ago

Bids called for £835m South London council estate upgrade

London Borough of Southwark is on the hunt for four firms to deliver housing estate upgrades
5 days ago

Willmott Dixon to build £21m net zero Preston school

Tarleton Academy will be net zero in operation
5 days ago

Veteran pair leave Currie & Brown

End of an era as David Broomer and Euan McEwan retire
5 days ago

Balfour Beatty launches neurodiverse site cabins

Cabins adapted for visually impaired and light-sensitive builders will become standard on Balfour sites
6 days ago

26 firms win £7bn schools framework – full list

B&K, Willmott Dixon, BAM, Kier and Wates chalk up both northern and southern major project lots
6 days ago

French specialist Matière to install HS2 cut and cover tunnels

Stanton Precast wins pre-cast segment deal for 'green tunnels'
6 days ago

Scottish house builder buys rival for £56m

Springfield buys Tulloch Homes to expand presence in the Highlands
6 days ago

Wates wins contract for underground houses

Construction to start next year on earth sheltered homes in Battle, East Sussex
6 days ago

VAT dodging electrician banned for five years

Company director barred after Insolvency Service probe
7 days ago

£11m in extra brownfield grants awarded – list

Twenty-three sites receive brownfield funding in second tranche of grants
7 days ago

GMI lands £30m helicopter logistic hub

Building work starts on Yeovil hub for manufacturer Leonardo
7 days ago

Contractor services