Record turnover but inflation hits profits at HG Construction

Design and build contractor HG Construction saw its turnover hit a record of  £424m last year after expanding into new sectors and regions.
But “turbulent trading conditions” and legacy fixed price contracts hit the bottom line as margins and pre-tax profits tumbled.
Latest results for year to December 31 2023 show pre-tax profits down to £6.4m from £15.3m last time as turnover surged to £424 from £336m.Adam Quinn, CEO, HG Construction, said: &ldquo