Group revenue rose to £1,504m (2011: £1,284m) and profit before tax climbed to £63.1m (2011: £35.1m).
Chief executive Greg Fitzgerald said: "Against a background of challenging and uncertain economic conditions 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. In addition, we have maintained a high quality construction order book. We have a strong balance sheet and a disciplined growth strategy with a clear focus on improving margins that positions us well to deliver further profitable growth in the new financial year and beyond."
In September 2009, Galliford Try raised £125.6m from a rights issue to double the size of its housebuilding division by 2012, with the target of £60m pre-tax profits. The plan was to create a business that could deliver 3,000 units a year, focussing on the south of England. In the past financial year, it delivered 3,039 completions and also passed its profit target, accompanied by a significant improvement in return on capital.
Construction revenues, by contrast, were down marginally although margins were held at 2.0% (2011: 2.4%). Infrastructure work including the Forth Replacement Crossing and water treatment works helped to prop up the company’s construction operations.
Results by division
|
Housebuilding |
2012 |
2011 |
|
Revenue (£m) |
636.7 |
388.5 |
|
Profit from operations (£m) |
75.1 |
31.6 |
|
Operating profit margin (%) |
11.8 |
8.1 |
|
Completions |
3,039 |
2,170 |
|
Construction |
2012 |
2011 |
|
Revenue (£m) |
924.8 |
936.9 |
|
Profit from operations (£m) |
18.9 |
22.2 |
|
Operating profit margin (%) |
2.0 |
2.4 |
|
Order book (£bn) |
1.65 |
1.75 |
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