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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
