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Strong start for Galliford Try

14 May 14 Galliford Try reports that it has made a strong start to 2014 and has raised profit expectations.

Chief executive Greg Fitzgerald
Chief executive Greg Fitzgerald

With six weeks to the company’s financial year-end, chief executive Greg Fitzgerald said that Galliford Try would make a pre-tax profit “above the current analysts' consensus of £89.7m and not less than £92.0m” for the year ending 30 June 2014.

He said that the company was facing the same problems of labour and material constraints as the rest of the industry – “however, these conditions are stabilising and we continue to manage them proactively”.

The construction division has grown its order book since the start of the year, from £1.25bn to £1.3bn and has seen an increase in opportunities across all business units.

Mr Fitzgerald said: "The group has made strong progress since the start of the year particularly in housebuilding where market conditions continue to improve.

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“During the spring selling season Linden Homes experienced strong levels of reservations with sales prices improving above management expectations. Our margin enhancement programme is also progressing on plan, and the division has made further progress at the operating margin level. Galliford Try Partnerships, realigned from 1 January 2014 into the Housebuilding Division, is also experiencing strong demand for both contracting and mixed tenure projects. We continue to buy land at our increased hurdle rate of 22% and together Linden Homes and Galliford Try Partnerships have a record housing landbank of 13,750 plots.

“In construction we have grown our order book and are seeing increased levels of opportunities across the business. The division is winning work with appropriate margin and inflation protection and continues its focus on risk management and cash, which have been robust in the period.

 “Year-end net debt is expected to increase compared to June 2013 reflecting planned higher investment in land. This is in line with our strategy, announced in February, of disciplined growth across the group's businesses, against which we are making good progress."

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