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South East and London housebuilder Hill sees profits jump to £31m

Housebuilders Hill has announced a big jump in profits, fuelled by a number of joint venture projects in the South East and London.

The firm, who were founded in 1999, saw their pretax profits grow to £31m last year, a 69% jump on the previous year, and matched by a sizeable increase in the firm’s net work, which also increased to £74m.

Hill’s growth has been driven by the construction of 1,500 new homes in London and the South East, including schemes in Clapton Common, Walthamstow and West Kensington.

Joint ventures with the likes of the London Borough of Waltham Forest and Tower Hamlets Community Housing have proven particularly successful, with plans afoot for more of what the housebuilder has termed ‘innovative joint ventures’ in the future.

Also in its announcement today, the property firm outlined that it has grown its housing pipeline to 2,600 new homes which it claims will bring in sales revenue of around £1.1bn

Andy Hill, Chief Executive at Hill, said: “It’s been another phenomenal year of growth for us. We’re now recognised as a major player with a track record of success in producing distinctive, high quality homes, and we have a growing reputation as the partner of choice for joint venture projects.

He added: “It is a testament to the hard work of all of our staff that we have been able to achieve these results. Across the business there is a real sense of momentum as we look towards 2020 and implementing our new five year strategy for growth, which will see a significant increase in capacity through recruitment to meet our growing pipeline.”