Construction and housebuilding Group unshaken by tricky market conditions
Galliford Try’s pre-tax profits rose by 16% to £26.3 m in the year ending 30 June 2005, with turnover reaching £718 m, up 5% on the previous year. The contractor says that despite the less than ideal market conditions, its housebuilding division made a record operating profit of £26.4 m in the 12-month period, with an improved margin of 14.1%.
Chairman Tony Palmer said: “I am delighted to report another excellent year, with record financial results. We are in very good financial shape. Our aim is to grow the business organically and by selective acquisition, and we look forward to reporting further progress in the coming year.”
Palmer said that Galliford Try had performed well in the housebuilding sector because of its strong business model. He added that working in the affordable housing sector was providing opportunities for the Group to enter into longer-term partnering arrangements for both new build and refurbishment programmes. Galliford Try is currently working with 16 affordable housing providers, and has been pre-qualified by the Housing Corporation for inclusion in the government’s £3.9 bn New Partnerships in Affordable Housing scheme.