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Galliford Try 'on track' to hit financial plans despite 'difficult' market

Galliford Try is on track to meet its financial plans despite the “difficult” construction market, it has said in an interim management statement.

The firm’s housebuilding division has 97 per cent of sales for the current financial year in hand and 100 per cent of plots secured for 2013.

In total, £774 million of sales are reserved, contracted or completed, of which £625m is for the year to 30 June 2012. This compares with £530m and £371m last financial year.

The statement said: “There has been some evidence of improving mortgage availability and we are encouraged by recent government initiatives to further help the market.”

The construction division’s order book is stable at £1.6 billion and 80 per cent of next year’s revenue is secured. This is in line with expectations. The statement said: “In the context of what continues to be a difficult market, our construction division is performing well.”

In line with strategy, the division is focusing on projects that provide acceptable returns, maintaining robust risk management and developing opportunities with key clients and within established frameworks, it said.

Significant projects won include financial close on the £347m Gateshead Regeneration programme, £117m of projects for Anglian Water, Scottish Water and Yorkshire Water, £56m of Partnerships development contracts and £49m in the commercial building sector.

The company said it was also “pursuing a number of significant infrastructure projects in our chosen markets”.

The group is expected to be cash positive at the end of this financial year.

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