HG Construction has reported strong financial results for the year ending 31st December 2024, following the successful implementation of a corporate restructure and shift in strategic direction.
Despite a reduction in turnover to £387 million (down from £424 million in 2023), the company recorded a 30% increase in gross profit margin, with gross profit rising to £20.9 million (up from £16 million in 2023). The figures reflect the early success of the company’s renewed focus on operational stability and internal strengthening.
At the end of 2023, HG Construction announced a strategic pivot from its previous growth trajectory – during which turnover exceeded £400 million – towards consolidation and internal optimisation. The move was designed to ensure long-term resilience and strengthen the company’s ability to deliver high-quality projects amid a shifting regulatory landscape.
Adam Quinn, Chief Executive, HG Construction, commented:
“The construction sector faced a year of change in 2024, as the introduction of major regulatory reforms created new challenges across the industry. We 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.
“As such 2024 was a pivotal year for HG as we transitioned into a new phase of our strategic business plan, and our revised strategy is already delivering results. We are pleased to report a solid turnover of £387 million and a marked 30% increase in gross profit margin compared to 2023.
“I am incredibly proud of the results we have posted, and I would like to recognise our exceptional teams for their continued hard work and commitment. With a robust financial position and a healthy pipeline, 2025 promises to be another successful year for the business as we continue to work collaboratively with our valued client base on landmark projects throughout the UK.”
HG Construction is celebrating its 25th anniversary this year. The company was formed in 2000 following a management buyout of Hunting Gate, a Hitchin based contracting firm with a turnover of £27m at the time. Today the company delivers large scale, complex schemes across the UK, specialising in the student accommodation, residential, hotels, commercial and later living sectors. HG internally delivers key construction elements including M&E, cranes, concrete frames, piling, drylining, bathroom and utility pods, enabling it to mitigate risk and achieve cost and programme certainty on its schemes.
HG’s clients include Avanton, Dominus, Elysian Residences, Greystar, HG Living, Harrison Street, L&Q, Manner, Meadow Residential, McLaren Property/Living, Metropolitan, Scape, Studio Hive, Southern Housing, Tribe Student Housing and Workspace.
