星空传媒

Profit went up by nearly a third at Hill Group as the residential builder once again recorded more than 拢1bn in turnover.

Hill broke through mark in its annual results last year, posting revenue of 拢1.15bn, albeit for an extended reporting period of 15 months.

But in results for the year ended to March, published this morning, the housebuilder revealed another increase in turnover 鈥� this time for the typical reporting period of 12 months.

Hill鈥檚 income for the period, including its share of joint venture income, stood at 拢1.16bn, while pre-tax profit was up 29% to 拢90.5m.

The number of homes built in the year was marginally down from 2,886 to 2,811.

Andy Hill, founder and chief executive of Hill Group, said: 鈥淭hese results reflect the outstanding work of our people and partners in what remains a challenging market.鈥�

The report said that the firm鈥檚 affordable housing business, Hill Partnerships, 鈥渙utperformed expectations鈥� in the year, particularly in London.

Hill also entered the build-to-rent market for the first time and exchanged contracts on two forward-funded agreements in Stevenage, Hertfordshire, and in joint venture with Peabody, in Dagenham, Essex.

The builder has a development pipeline of 32,000 units, with 10,200 having planning and a further 1,500 in the short-term pipeline subject to planning.

The group spent 拢78m on new land and strategic options during the year and ended the year with net cash at 拢118m.