The facilities management arm would grow to bolster the firm's PFI firepower, but would continue to focus on non-PFI public sector work.
May said that the group turnover had been reduced by 7% to £654.4m from £706.3m in 2002, reflecting the realignment of the business away from the commercial market.
However, he added that he did not believe the commercial slowdown would affect core business in the short term.
HBG reported that pre-tax profits were up 3% to £14.8m, from £14.3m for the year ending December 2002.
HBG also said there had been a 30% reduction in accidents on its sites over the last year.