Galliford Try construction order book rises by £500m

Aaron Morby 1 year ago
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Galliford Try has enjoyed a surge in new work lifting construction orders by £500m to £3.7bn, compared to last year.

In an upbeat half-year trading statement, the firm revealed it had now secured 98% of targeted construction workload for the year with 66% for the year 30 June 2017.

Peter Truscott, chief executive, said that the construction business had continued to make progress in concluding legacy contracts while seeing improved margins on new work.

He added that Linden Homes and the housing partnerships arm were also trading well in positive market conditions.

Total homes completed by both businesses edged up 5% to 1,603 in the first six months, with total reserved and completed sales standing at a record £740m, as the firm started 2016.

Net debt jumped to £95m from £36m, after additional investment in Linden Homes and Partnerships.

Truscott said:  “Market conditions have remained positive, with build cost increases stabilised to a manageable level.

“In Linden Homes we have improved our margins and increased outlet numbers and unit sales per outlet.

“In partnerships we continue to make progress in line with our strategy, and are considering whether we can expedite that growth.

“In construction our order book remains strong, with good visibility on projected revenue for the rest of this year and next.”

 

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