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Galliford Try achieves 59pc increase in housing completions

Housebuilding and construction group Galliford Try recorded a 59 per cent increase in the number of homes it built in the second half of last year compared to the same period in 2010, a company statement revealled today.

The company completed 1,352 units in the six months to 31 December 2011, compared to 851 in the latter half of 2010.

The result sets the group up to achieve its target – set in 2009 – of becoming a 3,000 unit a year business within three years.

The boom in completions was almost matched by a 42 per cent increase in total sales reserved, contracted and competed, rising form £367 million in H2 2010 to £522m in H2 2011.

This was thanks to a 36 per cent improvement in unit sales per outlet per week, up to 0.45, combined with an increase in sales outlets from 65 to 96.

Construction fared less well in the period but remained in line with group expectations.

The order book has slipped to £1.6bn compared to £1.75bn at the start of last year.

But 100 per cent of projected revenue for the financial year has been secured compared to 96 per cent this time last year, with 62 per cent secure for the year to 30 June 2013.

The good visibility of work is largely thanks to the group’s reliance on framework agreements, with a particular focus on the regulated sector which now makes up 41 per cent of the total order book.

Public sector work accounts for another 45 per cent and just 14 per cent of work comes from the private sector.

Chief executive Greg Fitzgerald said:  “The board has been encouraged by the progress in housebuilding as our southern biased business performed strongly despite the general economic uncertainty. The spread of long term work in the group’s construction business is underpinning its resilience in challenging market conditions. The group therefore remains on track to meet its expectations for the financial year.”

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