The Hill Group surpasses £1bn in revenue and record profit
Award-winning housebuilder The Hill Group today revealed its financial accounts for 2023, representing another period of record-breaking performance during which the company surpassed revenues of £1bn for the first time.
Hill posted record profits before tax of £70.1m from revenues of £1,145.9m for a 15-month period ended 31 March 2024.
The Hill Group chose to extend its reporting period to March 31, 2024, to align its financial year-end with that of its many joint venture partners. This strategic move will strengthen collaboration and enable better coordination on shared goals with partners, both for current and future projects. Joint ventures have become a significant pillar of Hill's recent success, and this alignment will further enhance the Group’s continued growth.
A total of 2,886 new homes were delivered in the period, with considerable expansion to the company’s 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. A further £155m was invested in new land over the reporting period. As a consequence of the Group’s substantial growth in the period, net assets are up 14% to £368.9m with net cash at bank closing at £86.4m on 31st March 2024, net of borrowings.
These outstanding results, recorded during a challenging political and economic market, are testament to the resilience of our business, the high quality of our developments, and most importantly 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.
This year, we celebrate our 25th year in business and I am delighted we can mark this occasion as a dynamic, forward-thinking business achieving high standards in all that we do. With these excellent results, we are on course to surpass the targets we set ourselves for this current business cycle, and as we begin plotting new heights to reach for over the next five years, we are well positioned to continue delivering exceptional value to our stakeholders. Our commitment to innovation, sustainability, and excellence remains steadfast, and I am confident that the future holds even greater success for The Hill Group.
Hill was recognised by the industry as Housebuilder of the Year at the 2023 WhatHouse? Awards, marking the third time the company has won this prestigious accolade. Hill was also awarded Best Large Housebuilder at the awards, the first time the company has entered the category.
FINANCIAL RESULTS SUMMARY FOR 2023:
- Turnover: £1,145.9m (2022: £716.1m)
- Profit: £70.1m (2022: £65.6m)
- Homes Delivered: 2,886 (2022: 2,203)
- Net Assets: £368.9m (2022: £321.7m)
- Development pipeline: Over 27,000 homes generating potential revenue of over £10bn (2022: £4.6bn) of future revenues
- Net Cash: £86.4m (2022: £131.8m)
- Land purchases: £155m (2022: £55.5m)
- Group Contracting Pipeline: £3.7bn (2022: £2.1bn)
