Galliford Try profit little changed, dividend up by a third

Galliford Try said profit remained stable as momentum in housebuilding continued while its construction business held up in a sticky market.

Galliford Try said profit remained stable as momentum in housebuilding continued while its construction business held up in a sticky market.

Group revenue for the half year to December 31st fell 9% at £678.3m, in line with company expectations, after a reduction in construction activity. Pre-tax profit was little changed at £32.3m compared to £32.2m.

Net debt for the year was reduced to £58.2m from £69.8m while earnings per share rose to 31.3p from 31.1p before.

The housebuilding and construction group has increased its dividend per share to 12.0p from 9.0p a year earlier.

Chief Executive Greg Fitzgerald commented: "In a stable market we are seeing continued momentum in housebuilding particularly in the geographic regions where we operate. Underlying growth is strong given that last year's results included a contribution of £6.9m from one significant land sale."

Total completions stood at 1,364 units and 1,229 units net of joint venture partner share compared to 1,352 units and 1,216 respectively.

"Our construction business continues to deliver a robust performance against the backdrop of a difficult market. We have maintained our core skills and our focus on margin protection, thus delivering profits whilst managing our planned reduction in turnover," he added.

Galliford Try said it was encouraged by its performance since the start of the calendar year and is confident of meeting company expectations for the full year.

"Reflecting our strong first half performance and future confidence we have increased the interim dividend by 33%," the group said.

CJ

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021