Galliford Try posts strong first half for housebuilding division
GALLIFORD TRY yesterday said a robust first half for its housebuilding division helped offset a tough construction market, with a record number of homes sold in the period.
The group yesterday said it completed 1,364 homes in the six months to 31 December, up from 1,352 the same time last year and ahead of expectations.
Average selling prices increased by 6.4 per cent to £216,000 while housebuilding net margins improved to 12.1 per cent.
“We will retain our focus on the more robust southern market, where we currently have around 75 per cent of our landbank and where we continue to see good opportunities to acquire new land at attractive prices,” Greg Fitzgerald, chief executive said.
In construction, the group said markets remained difficult, with revenues falling 12 per cent to £439.8m compared with £499.9m in the first half of last year.
This dragged down overall group revenues, which fell nine per cent to £678.3m. Pre-tax profits were flat at £32.3m.
Margins also slipped from 2.2 per cent last year to 1.9 per cent as competition for contracts put pressure on the business.