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Galliford Try on track for good year

9 May 12 Galliford Try has issued an upbeat trading update for the first four months of 2012, saying that housing sales are strong and its construction division is doing well " ‘in context’.

Chief executive Greg Fitzgerald
Chief executive Greg Fitzgerald

On its construction operations, the company said: “ In the context of what continues to be a difficult market, our construction division is performing well.  In line with strategy, the division is focusing on projects that provide acceptable returns, maintaining robust risk management and developing opportunities with key clients and within established frameworks.” The order book is steady at £1.6bn, with 80% secured for 2013.

So far in 2012 Galliford Try has reached financial close on the £347m Gateshead Regeneration programme and won £117m of water industry projects, £56m of partnerships development contracts and £49m in the commercial building sector. 

The housing business has sales reserved, contracted or completed at £774m (2011: £540m) of which £625m (2011: £371m) is for the current financial year to 30 June 2012.

Chief executive Greg Fitzgerald said: "The housebuilding division, with its southern focus, continues to perform well with strong sales in the year to date. Although construction markets remain difficult we have won a number of important contracts in our chosen markets.  The group is confident of delivering its housebuilding expansion plan as set out three years ago and we remain on track to meet our expectations for the financial year.  The strong financial performance in the period means the group is expected to be cash positive at financial year end.  Our disciplined growth plans and focus on margin improvement should continue to create shareholder value and support our progressive dividend policy."

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