Galliford Try has said its plan to double the size of its housebuilding arm within three years is on track.
At its full-year results on Wednesday, the contractor and housebuilder said the plan, announced alongside a £119m rights issue last September, was progressing well despite the gloomy economic backdrop.
It said: “This [the plan] has resulted in our landbank increasing from 7,850 a year ago to a current total of 9,700 plots, 58% of which has been acquired at current market, as compared with higher historic values. We are opening offices on schedule and our management team is up to full strength. We are therefore on track with the delivery of our plan.”
The company posted a pre-tax profit of £19.2m for the year, which compared with a £27m loss in 2009. Turnover was down 16% from £1.46bn to £1.22bn.
Completions in its housebuilding arm were weighted to the second half of the year and totalled 1,705 compared with 1,825 in 2009. The average selling price was up 10% from £172,000 to £190,000.
The company admitted consumer confidence had been knocked by the “economic uncertainty”. Construction turnover fell by 20% from £1.18bn to £937m. Operating profit was £22.8m (2009: £28m).