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Thursday, 13 January 2011 09:33

Galliford Try trading update – AMP5 projects coming on stream

Galliford Try plc, the housebuilding and construction group, has published its latest update on trading for the half year ended 31 December 2010.  Highlights include AMP5 projects in the water sector starting to come on-stream.

The Group has maintained a £1.75 billion order book (2009: £1.75 billion),  with 40% in the regulated sector, 49% in the public sector and the remaining 11% in the private sector. For the current financial year, 96% of projected revenue has already been secured, with 58% for year to 30 June 2012 (31 December 2009: 92% and 54% respectively).

Greg Fitzgerald, Chief Executive, commented:

"While the economic outlook is still uncertain, the board continues to be encouraged by the progress being made in housebuilding and by the resilience of the Group's construction business.  While remaining cautious in the short term, the Group is confident in its strategy for delivering the objectives of its expansion plan."

In its construction division, Galliford Try said its focus had been on maintaining the quality and sector spread of the order book during challenging market conditions. In water, the AMP5 five year framework programmes secured last year are now building up revenue levels well as projects start to come on stream.  The firm said it was also benefitting from its ability to secure extra work on top of the frameworks, such as the £60 million Beckton Waste Water treatment works for Thames Water which added to the £280 million already secured by a construction joint venture.

The Board said that while the economic outlook was still uncertain, it continued to be encouraged by the progress being made in housebuilding and by the resilience of the Group's construction business.  While remaining cautious in the short term, the Group said it was  confident in its strategy for delivering the objectives of its expansion plan.

The group expects to announce its results for the half year on 23 February 2011.

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