Galliford Try posts record profits

Galliford Try has posted record first half pre-tax profits of £38.1m, up 18% on the year before on revenue which has also risen 18% to £803.5m.

Unveiling the results for the six months to the end of December, the company also says it has arranged a new £400m five-year unsecured bank facility with its three existing backers – HSBC, Barclays and RBS – plus newcomer Santander to help it continue investing in land.

The rise in profits and its strong cash balance has also allowed it to raise its interim dividend by 25% to 15p.

Net debt over the period has risen by £27.7m to £85.9m, but the company says this is in line with the planned “significant increase” in its land bank.

In construction, the company’s order book currently stands at £1.25bn, £50m ahead of where it was this time last year.

It retains a cash balance of £121.5m, although margins have dropped to 1.4% from 1.8% this time last year.

Chief executive Greg Fitzgerald said: “In construction we have increased our order book as our businesses continue to perform strongly in the current market. Whilst the market in the short term remains challenging we continue to see increased levels of opportunities and I am delighted with the new projects awarded during the period.”

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