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Sun November 29 2020

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Higgins makes a loss as turnover falls

4 Feb Essex-based Higgins Group has blamed the timing of project completions for it falling into a financial loss last year.

For the year to 31st July 2019, Higgins Group made an operating loss of £1.1m (2018: £2.2m profit) on turnover down a third to £227m (2018: £332m).

Including interest payable and expense, Higgins made a pre-tax loss of £4.0m for the year, having made a slender £579,000 profit the previous year.

The board said that the company was operating well within its banking facilities, with £47.2m of borrowings and £16.2m in the banks.

Higgins Construction, the contracting arm of the group, decreased its turnover by 42% for the year but made a slightly enlarged operating profit due to a restructuring of the business in 2018.

The private development arm of the group started the financial year with construction works under way across four sites, with a further scheme to begin later in the year. Combined, they will deliver 259 private homes by July 2021.

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