Results for the year ending 31 December showed turnover had fallen from £654m to £633m.
The order book for 2004 is strong, however, with £1.5bn of work. A further £500m of PFI schemes are expected to reach financial close.
HBG said the improved results reflected the success of a drive to integrate its five main businesses. The value of schemes using two or more services grew 50%, which is 33% of turnover.
The firm's construction business increased turnover from £575m to £595m, while HBG Design brought in fees exceeding £4m.
Peter Brooks, executive chairman at HBG, attributed the improvement to the successful repositioning. He said: "This excellent performance is a result of concentration upon improving the quality of earnings, ensuring quality of delivery, while successfully repositioning the company in a changing market."