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Tue April 20 2021

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Galliford Try flies high on back of acquisitions

16 Sep 15 Galliford Try has reported a 31% rise in revenues for the year to 30th June 2015, reaching a new high for the company of £2,431m (2014: £1,851m).

Greg Fitzgerald moves upstairs in the new year
Greg Fitzgerald moves upstairs in the new year

Pre-tax profit rose 20% to £114.0m (2014: £95.2m).

The results were boosted by the acquisitions of Miller Construction and Shepherd Homes.

Across the group, revenue was generated broadly equally from house-building and construction.

Housebuilding revenue increased 11% to £1,108m from £1,002m. 

Construction revenue increased by 55% to £1,293.2m (2014: £832.9m) benefiting from the new contract wins and the contribution of £400m from Miller Construction.

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Construction profit margins were up at 1.2% compared with 1.0% in 2014, with 1.5% for the second half of the financial year.

Executive chairman Greg Fitzgerald said: "I am delighted to announce another record year at Galliford Try with all of our businesses buoyed by encouraging market trends. In Housebuilding we have achieved progress on margins, and made strides towards further enhancement, implementing some operational restructuring and other business improvement initiatives.  We are very pleased to have acquired the Shepherd Homes business, which will accelerate our growth in the north. We have achieved a significant increase in the landbank with market conditions remaining positive.  We are continuing to see strong demand for our Partnerships affordable housing offering.

“Our Construction division has made excellent progress in closing out older contracts, and won significant new work in an improving market, strongly assisted by the timely acquisition and swift integration of Miller Construction.

“All businesses saw high levels of build cost inflation but early signs indicate the situation may be moderating.

Peter Truscott takes over as group chief executive from 1st October 2015, joining from Taylor Wimpey.  After a three-month handover, Greg Fitzgerald will take up the role of non-executive chairman from 1st January 2016.

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