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Hill's turnover tops £400m

Revenue for housing regeneration specialist Hill has topped £400m as pre-tax margins hit 11.4 per cent.

Hill, which encompasses the old Hill Partnership and Hill Residential businesses, reported a 13 per cent climb in turnover for the year to 31 December 2017 to £415.6m, up from £367.3m the previous year.

Pre-tax profit grew 27 per cent from £37.2m to £47.2m, which gave the business a pre-tax margin of 11.4 per cent.

Cash reserves for the group climbed slightly from £73.1m in 2016 to £75.5m in 2017.

The majority of Hill’s business comes from its residential private housing development arm and its partnerships division, which carries out construction works for local authorities and housing associations.

Chief executive Andrew Hill said: ”The past year has seen us work more closely with local government and we believe this will enable us to achieve further outstanding growth in the coming years.

“We’re finding that many local authorities are keen to better utilise local land but require our in-house resource and expertise to deliver at scale and speed.” 

The group, which focuses on London and the South-east, delivered more than 1,400 houses in 2017, and Mr Hill said it had been the developer’s “most successful year” on record.

Earlier this month the firm announced it had secured a new five-year £200m rolling credit facility spread across RBS, Lloyds, HSBC and Santander.

Mr Hill said: “This commitment from four major high street lenders is a sign of the confidence that the banks have in our ability to build on our current success and to continue to deliver outstanding results over the next five years.

“To enable us to scale up, we’ll be recruiting an additional 20 per cent more staff this year as we seek to bolster our skills internally and deliver more distinctive, quality homes across London and the South-east.”

The company’s landbank is valued at £226m with planning permission granted or pending for 3,300 homes.

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