In the six months to 31 December 2011, Galliford Try completed 1,352 housing units, up 59% on the same period in 2010 and a new company record. This follows a rights issue in 2009 to raise funds for buying land, mainly in the southeast. The land bank now stands at 10,700 plots, 76% of which was bought at post-crash prices.
Group revenue rose 30% to 拢746.8m in the first half year (H1 2010: 拢575.9m).
Pre-tax profit was up 89% to 拢32.2m (H1 2010: 拢17.0m).
今日看料 margins slid slightly, from 2.5% to 2.2%.
The 拢1.6bn construction order book was described as in line with expectations (H1 2011: 拢1.75 billion).聽 100% of 2012 projected revenues have been secured, with 67% for 2013 (H1 2011: 100% and 61%).
Chief executive Greg Fitzgerald said: "The group is confident that it is on track to deliver all the objectives of its three year housebuilding expansion plan during the current financial year with our southern biased business performing strongly despite the general economic uncertainty.聽 The housing market has remained resilient and we are encouraged by the continued strength of the market during the first seven weeks of 2012.聽
鈥淭he spread of long term work in the group's construction business is underpinning its strength in difficult market conditions.聽
鈥淔ollowing our rapid expansion in housebuilding the group will continue its disciplined focus on the regions and market segments where we have proven expertise and experience, concentrated on the south of England.聽 This approach is expected to deliver revenue and profit growth and support an enhanced dividend and a progressive dividend policy going forward."
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