The management of housebuilder and contractor Try has no plans for a buyout, says chief executive David Calverley, dismissing rumours that it is to delist from the stock exchange.

“We are confident that we can grow organically and stay in the public arena,” said Calverley.

Try Group reported a 52% increase in pre-tax profit to £1.85m and a 19% rise in turnover to £82.5m for the six months to 30 June 1999.

Calverley said the group had benefited from a strong housing market in the South-east. This pushed up operating profit in the housing arm by 36% to £2.1m. The average selling price fell from £242 000 to £184 000 because of the acquisition of Amey Homes, which sells lower-value houses.

Calverley welcomed the latest interest rate rise, saying: “We would not want house price inflation to continue at this rate.”

Operating profit in the contracting arm rose 13% to £306 000 on margins of 0.5% in the first half. Calverley said he expected this to rise to 1% in the full year.