Profit up at Galliford despite difficult housing market

Galliford Try has delivered an upbeat assessment of its financial year. The housebuilder and contractor said that profit for the year ended 30 June would be well ahead of last year’s £23m and ahead of market expectations.

As a housebuilder Galliford Try said it had delivered growth despite a difficult market, and in its construction division the company said it had been able to increase margins.

The company said it was buoyed by excellent prospects in the affordable housing market in both the construction and housebuilding divisions. The current construction order book was £950m of which 78% was in public and regulated sectors.

Housebuilding completions were up 12% for the year at 853 on an average selling price of £208,000, which represented a 7% fall. Sales in hand at the end of the financial year were £65m compared to £74m in June 2004.

In the education and health sectors Galliford Try reached financial close on four schemes totalling £120m and it sold its stake in Birmingham Schools Partnerships (Holdings) for £1.8m, yielding a £1.5m profit.