Galliford Try in line for year

Galliford Try, the housebuilding and construction group, said since its last update the housing market has been stable and it expects full year results to be in line with market expectations.

At its housebuilding division, completions including joint ventures, soared 40% to a record 3,039 units while average private sales price rose 10% to £250,000.

Galliford also saw an 11% increase in housing sales carried forward at £273m.

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Chief executive Greg Fitzgerald said he was pleased the group had exceeded objectives for its three-year transformational housebuilding plan.

He said: "Against a background of challenging economic conditions, we have maintained a high quality construction order book and benefited from a number of contract wins."

"Our strong financial performance in the period means the group is cash positive at financial year end and, subject to economic conditions, we are well placed to deliver further margin improvement and growth in the new financial year."

Its performance in construction continued to be resilient in difficult markets with an order book stable at £1.6bn, in line with expectations.

Galliford, which has won contracts such as the £80m Kingskerswell Bypass contract, the £347m Gateshead Regeneration Programme and the £180m scheme to upgrade and extend the Liverpool Waste Water Treatment Works, said 82% of projected revenue for the new financial year secured compared to 80% last year.

The group said it had net cash of over £20m at 30 June 2012 and net debt of £70m.

CJ