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Galliford Try upbeat after growing land bank 23%

8 Jul 10 Galliford Try has reported its house-building expansion plan is ahead of schedule in a trading statement following the end of its financial year on 30 June 2010.

Galliford Try has reported its house-building expansion plan is ahead of schedule in a trading statement following the end of its financial year on 30 June 2010.

Last September, the group raised £119m to support a three-year house-building expansion strategy, and has since expanded its land bank by 23% to 9,600 plots (2009: 7,800 plots).

Housing completions over the year totalled 1,624, net of joint venture partners' share (2009: 1,769). Average selling price increased almost 10% to £190,000 (2009: £172,000).

Housing sales carried forward totalled £201m (2009: £161m).

Of the 1,705 units completed in the year, private housebuilding represented 1,160 units and affordable and regeneration 545 units. Galliford Try has an affordable housing and regeneration contract order book of £176m (2009: £124m).

In construction, the order book was up marginally at £1.8bn (2009: £1.7bn). Of this, 37% is in the utility sector, 52% other public sector, and 11% private commercial.

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Galliford Try said it has completed the renewal of five-year framework agreements to 2015 with key water clients, and last month was selected as preferred private sector partner for the £300m South-East Hub programme, covering health and community facilities in Scotland.

Net cash was in excess of £75m at 30 June 2010, ahead of expectations (30 June 2009: £34.1m).

Greg Fitzgerald, chief executive, commented: "We are ahead of our target for delivering the transformational housebuilding expansion plan announced with the rights issue in September 2009.

“We have also maintained a quality construction order book in increasingly challenging market conditions. The strength of the group's finances and the spread of its activities mean that, subject to the economic uncertainties affecting our markets, we are well positioned to deliver our planned progress."

The group expects to announce its results for the full year on 15 September 2010.

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