Galliford Try is back in the black after reporting a 拢6.4m profit for the six months to 31 December 2009, compared to a loss of 拢37.5m for the same period the previous year.
The figure would have been higher but for an 拢8.3m exceptional provision for its OFT fine following the bid-rigging investigation. Galliford Try was able revalue its landbank upward by 拢1.5m.
The group鈥檚 turnover dropped to 拢570m (H1 2008: 拢774) as revenues fell across both housebuilding and construction divisions.
In housing, Gallford Try reported low activity, while in construction, the firm said it is taking a more 鈥渟elective鈥� approach to new work, and several long-term contracts, notably in the water sector, have now wound down.
The order book is up slightly at 拢1.8bn, compared to 拢1.7bn a year ago.
The group said it was making 鈥渆xcellent progress鈥� with its planned investment in the housing market, after raising 拢119m from investors last year.
Galliford Try chief executive Greg Fitzgerald said: 鈥淎gainst the backdrop of a more stable housing market we have made excellent progress with the first stage of our transformational housebuilding strategy for our southern based business, bringing land acquisition opportunities with attractive potential returns to fruition.
鈥淭he market for construction is challenging but our quality order book and the spread and depth of our industry leading business across its market sectors continue to be key strengths that will enable us to respond quickly to a market upturn once it occurs.鈥�
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