Construction group Galliford Try has reported an 80% rise in pre-tax profit on a 17% increase in revenue for the year to 30 June 2012.
Profit before tax leapt to £63.1 million (2011: £35.1 million) and revenue grew to £1.5 billion (2011: £1.28 billion).
The company said it has exceeded the objectives of a three-year transformational plan by delivering “substantial increase in profits and return on capital.”
The firm’s construction division revenue was marginally down but maintained a 2% margin “despite difficult markets” (2011: 2.4%).
The current order book stood at £1.65 billion (2011: £1.7 billion) with a continued focus on contracts with acceptable returns, the company said.
Galliford Try’s infrastructure division, which operates in the UK water sector, reported profit from operations of £8.8 million (2011:£9.9m) on revenue of £470.9 million (including joint ventures) (2011: £376.5m), which represents a margin of 1.9%, slightly down on the 2011 margin of 2.6%.
New work secured by the division included a £35 million contract in partnership with Imtech Process to construct two anaerobic digestion plants for Anglian Water; £17 million for Scottish Water in joint venture with Black & Veatch at Meadowhead and Stevenston; and £15 million for Yorkshire Water, in joint venture with AECOM Design Build, in Sheffield.
The order book currently stands at £811 million, compared to £921 million last year.
Greg Fitzgerald, Chief Executive, commented:
"Against a background of challenging and uncertain economic conditions I am very pleased to report that we have exceeded the objectives of our three year transformational housebuilding plan, delivering a substantial increase in profits and return on capital.
"In addition, we have maintained a high quality construction order book. We have a strong balance sheet and a disciplined growth strategy with a clear focus on improving margins that positions us well to deliver further profitable growth in the new financial year and beyond.”
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