Galliford Try has grown its number of housing completions by 40 per cent, with overall full-year results set to be in line with market expectations.
A trading statement by the company today for the year to 30 June 2012 revealed that it had exceeded its objectives for its three year housebuilding plan, while the construction arm held up with a “resilient” performance in what weere described as difficult markets.
Galliford Try’s number of Housing completions (including joint ventures) were up to a record 3,039 units, compared to 2,170 units last year, while its average sales price increased by 10 per cent. Its total landbank is up by 250 plots to 10,500.
The comapny’s construction division reported a £1.6 billion stable order book, said to be in line with expectations, with 82 per cent of projected revenue for the 2013 financial year secured. It has net cash of more than £20 million, compared to £37m last year.
Major contract wins over the year for Galliford Try include the £347m Gateshead regeneration programme, the £180m Liverpool waste water treatment upgrade and extension and the £80m Kingskerswell Bypass contract.
Full-year results are exptected on 19 September 2012.
Galliford Try chief executive Greg Fitzgerald said: “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. Since our last update the housing market has been stable.
“In addition, and against a background of challenging economic conditions, we have maintained a high quality construction order book and benefited from a number of contract wins. Our strong financial performance in the period means the group is cash positive at financial year end and, subject to economic conditions, we are well placed to deliver further margin improvement and growth in the new financial year.”