For the year to 31st July 2019, Higgins Group made an operating loss of 拢1.1m (2018: 拢2.2m profit) on turnover down a third to 拢227m (2018: 拢332m).
Including interest payable and expense, Higgins made a pre-tax loss of 拢4.0m for the year, having made a slender 拢579,000 profit the previous year.
The board said that the company was operating well within its banking facilities, with 拢47.2m of borrowings and 拢16.2m in the banks.
Higgins Construction, the contracting arm of the group, decreased its turnover by 42% for the year but made a slightly enlarged operating profit due to a restructuring of the business in 2018.
The private development arm of the group started the financial year with construction works under way across four sites, with a further scheme to begin later in the year. Combined, they will deliver 259 private homes by July 2021.
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