{"id":851926,"date":"2025-05-29T09:12:05","date_gmt":"2025-05-29T14:12:05","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/05\/29\/profit-up-at-hg-construction-as-consolidation-pays-off\/"},"modified":"2025-05-29T09:12:05","modified_gmt":"2025-05-29T14:12:05","slug":"profit-up-at-hg-construction-as-consolidation-pays-off","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/05\/29\/profit-up-at-hg-construction-as-consolidation-pays-off\/","title":{"rendered":"Profit up at HG Construction as consolidation pays off"},"content":{"rendered":"
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\"HG-Construction_Manchester.png\"<\/p>\n

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Profits have surged by almost 50 per cent at HG Construction following a major corporate restructure and a strategic turnaround to prioritise consolidation over growth.<\/p>\n

Pre-tax profit at the Hertfordshire-based contractor rose from \u00a36.4m to \u00a39.5m last year, while turnover dipped from a record \u00a3424m to \u00a3387m, according to the firm\u2019s latest financial results.<\/p>\n

Its annual report and financial statements for the year ending 31 December 2024 showed the shift in direction starting to bear fruit as the firm sought to bolster its long-term resilience in the face of regulatory upheaval.<\/p>\n

The implementation of the Building Safety Act was a particular cause of strain, it said, with the legislation causing \u201csignificant disruption and complexity\u201d in its initial stages as the industry was left to grapple with the new approvals process and compliance requirements.<\/p>\n

\u201cThis challenge was compounded by the resourcing constraints faced by the newly appointed regulatory bodies, leading to widespread delays and heightened uncertainty,\u201d said chief executive Adam Quinn.<\/p>\n

\u201cConsequently, commencement of new projects slowed noticeably, raising concerns about future revenue stability across the sector.\u201d<\/p>\n

However, he said the firm achieved a robust financial position and healthy pipeline despite the challenges posed by regulatory reform.<\/p>\n

\u201cWe viewed this evolving environment as the ideal opportunity to strengthen our internal foundations to ensure that the business is well-positioned for sustainable delivery and continued excellence in project execution,\u201d he said.<\/p>\n

\u201cWith our previous growth targets successfully met, we redirected our efforts towards
stabilising turnover and strengthening our internal structures and capabilities to build long-term resilience and sustain high performance.”<\/p>\n

That decision resulted in a modest reduction in turnover but a significant improvement in profitability, Quinn said.<\/p>\n

During the period the company\u2019s wage bill rose from\u00a0<\/strong>18,304 to 20,976 and it saw its number of employees increase by a third to 292.<\/p>\n

It also had \u00a334,041 cash in hand.<\/p>\n

Last year saw the creation of an operational board to drive up efficiency as well as a string of new appointments across the firm\u2019s construction, preconstruction and commercial teams and the addition of dedicated regional directors.<\/p>\n

It completed its top-tier shake-up with the appointment of Greg Purkiss as managing director<\/a> earlier this year.<\/p>\n

HG Construction, which climbed to number 47 in last year\u2019s CN100<\/a>, was established in 2000 following a management buyout of Hunting Gate, a Hitchin-based contracting firm with a turnover at the time of \u00a327m.<\/p>\n

Among its contract wins have been a\u00a037-storey student accommodation scheme<\/a> in Manchester (pictured) and a \u00a369m build-to-rent scheme on a former car park in Leeds<\/a>.<\/p>\n<\/div>\n

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At CN Intelligence you can view and filter seven years\u2019 worth of detailed financial information on the top UK construction firms via our interactive dashboards. Access in-depth written analysis of the numbers along with targeted data and analysis on specialist contractors.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Related Article<\/h3>\n<\/p>\n<\/section>\n<\/div>\n

Read More<\/a>
\n Kerry Lorimer<\/p>\n","protected":false},"excerpt":{"rendered":"

Profits have surged by almost 50 per cent at HG Construction following a major corporate restructure and a strategic turnaround to prioritise consolidation over growth. Pre-tax profit at the Hertfordshire-based contractor rose from \u00a36.4m to \u00a39.5m last year, while turnover dipped from a record \u00a3424m to \u00a3387m, according to the firm\u2019s latest financial results. Its<\/p>\n","protected":false},"author":1,"featured_media":851927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2808,23002],"tags":[],"class_list":{"0":"post-851926","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"category-profit"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/851926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=851926"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/851926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/851927"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=851926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=851926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=851926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}