Galliford Try plc, the housebuilding and construction group, has issued its interim management statement for the period 1 January 2011 to 4 May 2011.
The Group has seen a 3% increase in its construction order book during the period to £1.8 billion (31 December 2010: £1.75 billion). This includes the £790 million Forth Road Crossing project recently secured by a Galliford Try consortium. Cash balances are continuing to be better than forecast and 72% of the next financial year's revenues are already secured (2010 68%).
Current water order book of £450 million-plus
The Group said it had been successful during the period in securing a number of significant projects, specifically in sectors and for projects where price criteria alone do not determine selection. Galliford Try said that its position as the leading contractor to the water industry provides opportunities to secure additional work over and above the frameworks it has with its five year AMP 5 clients, with the current order book in water standing at over £450 million.
Greg Fitzgerald, Chief Executive, commented:
"Against a background of challenging economic conditions in both the housebuilding and construction sectors, the housing market has exceeded our expectations throughout the spring selling season and we have continued to benefit from the strong southern bias of our expansion plan."
"Construction has also benefited from encouraging contract awards in the period and strong cash balances that lead us to expect the Group's gearing will be minimal at the financial year end. We therefore now expect full year results to be significantly ahead of the current range of market estimates and remain confident in delivering the objectives of our expansion plan during the next financial year."
Galliford Try's recent appeal against the level of the fine imposed by the Office of Fair Trading for three instances of cover pricing between 2001 and 2004 was successful, with the Competition Appeal Tribunal deciding in March to reduce the fine from £8.33 million to £1.4 million.
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