Galliford Try “encouraged by performance”

Higher margins in Galliford Try’s construction business boosted profits in the six months to 31 December 2010, the firm said in a stock exchange update this week.

The firm had a small increase in revenue to £575.9m, compared with £570m in the same period during 2009. After one-off charges, it made a pre-tax profit of £17m, compared with £13.2m a year earlier - a 29% increase.

Revenues in the construction business were £442.6m in the first half of the financial year, compared with £465.8m last year.

A focus on winning profitable work resulted in operating margins of 2.5%, up from 2.4% in 2009. Greg Fitzgerald, chief executive of Galliford Try, said: “The board is encouraged by the group’s performance.”