Construction, property and housebuilding group Higgs & Hill increased profits to £12.2m from £10.8m based on turnover increased to £238.8m from £206.2m.
The directors are recommending a final dividend of 9.5p — bringing the year’s total to 15p — as well as a one-for-one scrip issue.
According to chairman Brian Hill’s statement in the preliminary results, the figures include nine months of profit from the Southend Estates Group which was acquired in August.
If the £562,000 earned by Southend Estates between April 1986 were excluded, the adjusted profit for the group would be £11.626m — 35.5% up on the previous year — he states.
Brian Hill says that acquiring Southend was an important strategic step for H&H doubling the size and geographical spread of its housebuilding operation and adding to its property investment portfolio. However, the real benefits of the acquisition are expected to flow in the current year.
The property division had a good year, which included sales of joint developments in St Mary Axe, EC3, and Chiswell Street — the latter is its joint scheme with Helical Bar, sold to BP for a rumoured £39m.
