Galliford Try plc, the housebuilding and construction group, has reported an “exceptional" order book of £3.2 billion (2013: £1.75 billion) in its latest trading update for the half year ended 31 December 2014.published this morning.
The Board said its enlarged construction business is benefiting from high quality clients and diverse future revenues with 21% of its order book in the regulated sector, 59% in public and 20% in private (2013: 19%, 52% and 29% respectively). Galliford Try said it had seen a number of major project wins in the period and had further visibility of an excellent pipeline of opportunities
The Group is continuing to prioritise risk management and margin protection in an improving market. However, it added that “margins continue to be constrained due to the completion of historical projects.”
In the construction division, 98% of projected revenue for the current financial year is now secured with 72% for the year 30 June 2016 (31 December 2013: 98% and 62% respectively).
The Board said this morning that the Group is continuing to trade well and in line with expectations. Net debt is now below £40 million (31 December 2013: £85.9 million) despite the increase in the landbank which now stands at a record 14,050 plots with the land market with 98% of the Group’s land secured for 2016.
The Group expects to announce its results for the half year on 18 February 2015. Last month the Group was reclassified into the FTSE Home Construction sub sector.
Greg Fitzgerald, Executive Chairman, commented:
"It has been another strong performance for the Group in the first half of the financial year with our housebuilding and construction businesses both performing in line with our expectations. We remain confident in the delivery of our strategy of strong and disciplined growth across all of our businesses."
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