Award-winning housebuilder The Hill Group today revealed its financial report and accounts for 2022, marking another year of significant performance across all areas of its business. Hill posted record profits of £65.6m from revenues of £716m as the company continues to make progress towards its vision of doubling the size of its business by 2025 while growing headline turnover to £1.25bn.
In 2022, The Hill Group delivered 2,203 new homes and continued to enhance its development pipeline, which now comprises around 8,500 homes. Hill’s accounts show a £315m land bank of over 12,300 homes, representing £4.6bn of future income, and a balance sheet of £322m together with net cash of £132m. Hill’s strong cash position combined with its £220m development funding facility with four high street banks, which remains untouched, puts the business in an excellent position to take advantage of future market opportunities and pursue further strategic investments to add to its development pipeline.
Andy Hill, Group Chief Executive Officer of The Hill Group comments: “I am most grateful for the performance of my leadership team and our employees for their hard work and dedication over the past year. The impressive results we have achieved, coupled with significant investments and the structural improvements we have made against a backdrop of various economic and sector-specific challenges, demonstrates The Hill Group’s resilience and position for sustained long-term success.
As the UK’s second largest privately owned housebuilder, the company’s expertise and operations span a range of key sectors. This diversified approach is one of its major strengths, and the past year has seen Hill reinforce all areas of its business model. Particular progress has been made in the company’s joint-venture partnerships with Housing Associations, Local Authorities, and private landowners to deliver large-scale redevelopment and complex Estate Regeneration projects, transforming deprived areas into thriving communities.
In London, construction started on a landmark 10-year regeneration programme at the DBP Estate in Colindale, to deliver over 750 new homes for existing residents and local people. In Brentford, West London, we commenced construction of 441 new homes at Kew Bridge Rise, a substantial project to revitalise the former Citroen garage site located at the heart of the Brentford regeneration area.
The Hill Group has made remarkable progress in its expansion into Bristol and the South West region during the past year, with two live developments progressing well and several more development projects in the pipeline. In addition, Hill has secured a significant city centre regeneration scheme in the centre of Coventry which comprises 1,500 homes of mixed tenure, with up to 215,000sqft of commercial space for food, beverage, retail, and leisure uses.
Hill reinforced its commitment to sustainability and released its first full ESG report in 2022 setting out a number of bold targets for the future, including an ambition to reach net-zero carbon in Scope 1 and 2 business operations and net-zero operational carbon in all homes built by 2030. Hill’s excellent performance in this field was recognised in the 2022 NextGeneration benchmarking report, in which the company moved up a place to fifth position overall, and ranks as the highest placed privately-held company in the league table.
Andy Hill, comments: “Our strong performance over many years has been built on a mission to be the UK’s most trusted housebuilder, creating exceptional homes and sustainable communities. I am confident this outlook will continue to bring us success in the years to come. Our diversified business model and strong development pipeline, along with our resilience to short-term economic impacts, means we are well-positioned to maintain a positive trajectory and achieve our five-year business targets.”
Hill was recognised with several industry awards throughout the year, including Medium Housebuilder of the Year at the Housebuilder Awards and Best Family Home at the Evening Standard Awards for the Cavendish Villas at Knights Park, Hill’s exemplar development renowned for its state-of-the-art sustainable design. Hill also continued its success with the HBF as a five-star home builder for the sixth consecutive year. The company’s founder and Chief Executive, Andy Hill, was recognised in the 2023 New Year Honours List with an OBE for services to affordable housing in the UK.
FINANCIAL RESULTS SUMMARY FOR 2022:
- Revenues of £716m
- £65.6m profit
- 2,203 new homes delivered in 2022
- 18% increase in net assets from previous year to £322m
- Land bank of 12,300 homes generating £4.6bn of future gross income
- Net cash of £132m at year end
- On track to double turnover and profitability by 2025
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