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Record year expected for Galliford Try

8 Jul 15 Galliford Try expects record full-year results, with profit before tax towards the upper end of analysts' range.

Greg Fitzgerald
Greg Fitzgerald

The update published by the company today covers trading for the year ended 30 June 2015; the group expects to announce its results for the full year on 16 September 2015.

Construction has seen growth in revenue and profits and the order book has risen to £3.5bn from £1.4bn at the end of June 2014. The company reports that all business units continue to experience an increase in opportunities and that 88% of revenue for the new financial year is secured.

In housebuilding, the sales rate has further improved since the general election. Since the last update, housebuilding sales rates averaged 0.71 per site per week, up 49% on the same period last year. 

Galliford Try has a record total landbank of 15,750 plots, up 13% from the 13,900 plots in 2014.

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The average Linden Homes private sales price is up 7% to £327,000 and the business has all plots secured for the new financial year's production and 87% of plots secured for FY2017.

There has been growth in revenue and profits in Galliford Try Partnerships, with a contracting order book of £825m compared to £500m in 2014. There has been significant progress in the business, according to the trading update, including opening a new office in the North West and entering into contracts on the major Silvertown Way regeneration project in London.

Executive chairman Greg Fitzgerald said: “It has been another record year for Galliford Try, and we are pleased to see that the momentum across the Group continues, supported by encouraging market trends for all three businesses. We are also delighted with the two important acquisitions of Miller Construction and Shepherd Homes, further increasing the Group's opportunities and capacity. Labour availability and cost remain challenging but we continue to manage this effectively working closely with our supply chain. Housing market conditions remain positive and the directors take further confidence from the significant increase in the Group's landbank as well as the contracting order book within Partnerships.  Following a resilient performance in Construction throughout a tough recession we are pleased to report another profitable year for the division, and are encouraged by the outlook, with opportunities growing across multiple sectors.

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