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Fri August 12 2022

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Fitzgerald hails Galliford Try’s ‘excellent year’

19 Nov 13 Gallliford Try has had an excellent year and it is only getting even better, according to chief executive Greg Fitzgerald.

Greg Fitzgerald
Greg Fitzgerald

House sales are up by more than a fifth on last year’s previous record numbers, the landbank is growing, construction orders are up nearly 10% and the balance sheet remains sound, he said.

Galliford Try shareholders meet for the company’s annual general meeting today. They will hear that housing sales reserved, contracted or completed has risen from last year's record £485m to £585m, of which £485m is for the current financial year to 30 June 2014, up 33% on last year.

Land acquisition has grown the landbank by 24% to a record 13,000 plots (2012: 10,500).

The construction division’s order book has risen to £1.75bn, up from £1.6bn this time last year, and the pipeline of opportunities continues to increase.

While some contractors and house-builders have issued warnings recently about cost inflation and supply chain challenges, Mr Fitzgerald said that Galliford Try was managing these issues well.

Growth in net debt to £158m, on average for the first four months of the year, up from £134m at the start of the summer, was planned and reflects the increase in the landbank.

Mr Fitzgerald said: "Following an excellent year of trading we continue to make good progress in executing our disciplined growth strategy with a clear focus on improving margins. Both our house-building and construction divisions have made an encouraging start to the financial year. On the back of an improving housing market and the excellent location of our sites, the autumn selling season has been strong. Construction continues to perform impressively in a challenging market albeit with improving levels of opportunities. Overall the group is well placed to deliver further profitable growth."

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