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Sun June 20 2021

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More losses for Higgins

12 Feb Essex-based Higgins Group has posted annual results showing its second consecutive financial loss.

For the year to 31st July 2020, Higgins Group made a pre-tax loss of £3.1m on turnover down 22% at £186m.

“A combination of exceptional circumstances and one-off events including Covid-19 during the year contributed to the loss,” said chairman Richard Higgins.

The pre-tax loss was slightly better than the previous year’s £4.0m pre-tax loss. The £1.1m operating loss for 2020 was similar to the £1.1m operating loss for the previous year.

However, the company ended the year with zero gearing and operating comfortably within its banking facilities.

Higgins Partnerships, the contracting arm, decreased turnover by 48% due to the Covid-19 restrictions. Higgins Partnerships and the company’s speculative housing business, Higgins Homes, have subsequently been consolidated into a single trading entity.

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MPU

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