Galliford Try doubles divi as profits soar

Housebuilding and construction firm Galliford Try doubled its interim dividend and delivered strong profit growth.

Pre-tax profit rose to £32.2m for the half year ended 31 December 2011 from £17m the same time a year earlier. Group revenue climbed to £746.8m from £575.9m previously.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

"The group is confident that it is on track to deliver all the objectives of its three year housebuilding expansion plan during the current financial year with our southern biased business performing strongly despite the general economic uncertainty," Galliford said in a company statement.

The housebuilder said the spread of long term work in its construction business is underpinning its strength in difficult market conditions as well as its south of England bias.

In housebuilding it posted a 59% increase in total completions to a record 1,352 units. Housebuilding margins increased to 11% from 6.5%. In construction it said margins held up well at 2.2% compared to 2.5% last year despite difficult markets.

The group is recommending and interim dividend payment of 9p per share, up from 4.5p a year earlier.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.