Galliford Try housing transformation passes its targets
Galliford Try has beaten the targets that it set for a three-year programme to transform its housebuilding division.
In the year to 30 June 2012, housing completions were up 40% to a record 3,039 units (2011: 2,170 units).
The company has 10,500 plots in its landbank, including 100% of plots required for the new financial year's production and 87% of plots for the year to 30 June 2014.
In the construction division, major contract awards such as the £347m Gateshead Regeneration Programme, the £180m upgrade of the Liverpool Waste Water Treatment Works and the £80m Kingskerswell bypass have kept the order book steady at £1.6bn.
Chief executive Greg Fitzgerald said: "I am very pleased to report that we have exceeded the objectives of our three year transformational housebuilding plan delivering a substantial increase in profits and return on capital. Since our last update the housing market has been stable. In addition, and against a background of challenging economic conditions, we have maintained a high quality construction order book and benefited from a number of contract wins. Our strong financial performance in the period means the group is cash positive at financial year end and, subject to economic conditions, we are well placed to deliver further margin improvement and growth in the new financial year."
Galliford Try expects to announce its annual results on 19 September 2012.
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This article was published on 10 Jul 2012 (last updated on 10 Jul 2012).