Profit increases 63% to £53m as acquisitions perform ahead of expectations

Recent buys Morrison, Chardale and Linden Homes have boosted Galliford Try’s pre-tax profit by 63% for the year ended 30 June 2007.

Greg Fitzgerald
Fitzgerald: We have had an excellent year

The construction and housebuilding group said that the performance of Morrison Construction and Chartdale was ahead of expectations and that synergies with Linden Homes were exceeding forecasts.

Revenue for the period was up 65% to £1,410m.

On the housing side there were 1,526 completions during the period and the landbank stood at 11,200 plots. The construction order book at the end of the period was £2.1bn.

Chief Executive Greg Fitzgerald said: “Galliford Try has had an excellent year. We have delivered significant profit growth across all our businesses, with the acquisitions we made in the prior year and Linden Homes, acquired in March 2007, performing ahead of expectations.”

Fitzgerald said that a rapidly growing affordable housing and regeneration business would help deliver sustainable growth in the future.

The group said that construction was expected to continue at buoyant levels for the foreseeable future.