Galliford Try expects to outdo expectations
Galliford Try says it has been making such strong progress this year, particularly in house building, that it now expects to report a full-year profit of at least £92m, some £2.3m above market expectations.
The house builder, whose financial year ends at the end of June, says both Linden Homes and Galliford Try Partnerships, now restructured into its housebuildng division, have seen strong growth since the start of the year, with sales prices going beyond management expectations.
But its construction division’s order book currently stands at £1.3m, £50m above where it was in June last year, and the company says 80% of next year’s revenue has already been secured.
Within housebuilding a record £1.0bn in sales has been reserved, of which £790m can be accounted for in this financial year.
Net debt is expected to increase compared with the year before, but chief executive Greg Fitzgerald said this is in line with the company’s strategy of “disciplined growth across the Group’s businesses, against which we are making good progress”.