Resi specialist says new legislation continues to delay starts
Family-owned contractor Higgins crept back into the black after two successive years of losses caused by delays on schemes because of second staircase rules and building remediation work.
The Essex-based firm posted a pre-tax profit of just 拢278,000 in the year to July 鈥 but a significant improvement on the near 拢26m loss it posted last time.
It said it spent close to 拢7m on 鈥渞ectification works鈥 on legacy schemes during the year and added that it had earmarked a further 拢10m for remaining repairs.
It said it completed 520 homes across eight projects during the year and started on a further 757 homes across four projects.
But in a note accompanying the accounts, the firm said jobs were continuing to take time to get off the ground.
鈥淭he requirements of the 黑洞社区 Safety Regulator coupled with a challenging planning system has created uncertainty resulting in delayed project starts, particularly in London,鈥 it said.
The firm said its year-end cash position was up 15% to 拢9.4m with turnover up 21% to 拢208m.
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