Galliford Try plc, the housebuilding and construction group, said it is now working with water sector clients in the early stages of AMP6 procurement for 2015-2020 in its Interim Management Statement issued this morning for the period from 1 July 2012 to 8 November 2012.
The firm said that more opportunities are apparent in the UK construction sector, although pricing levels remain competitive.
Galliford Try’s total construction order book has remained stable at £1.6 billion in line with expectations (2011: £1.6 billion), with a number of key projects wins in the period in both the private and public sector. 57% has been secured in frameworks highlighting our position as a key partner to the utility sector.
The firm said that as a leading contractor in the water sector, it is continuing to work through the final phase of the sector's five year asset management programme (AMP5). The company is also actively participating with its clients in the early stages of procuring the next AMP6 phase. Galliford Try's current utility clients include Anglian Water, Thames Water and Yorkshire Water.
New business wins during the period include selection as part of a consortium as preferred bidder for a new hub framework to deliver over £500 million of public sector infrastructure projects across the south west of Scotland. It has also won a £20 million flood alleviation contract at Forres in northern Scotland.
Galliford Try has secured 92% of its projected construction revenues for financial year to 30 June 2013, with 55% for the year to 30 June 2014 (2011: 95% and 58% respectively).
Greg Fitzgerald, Chief Executive, commented:
"Building upon the success of our three year transformational plan we have set out a disciplined growth strategy with a clear focus on improving margins. Whilst the economic outlook continues to remain uncertain both our Housebuilding and Construction divisions have made a good start to the financial year. The autumn selling season was encouraging and our Construction business won a number of key projects during the period. Overall the Group is well positioned to deliver further profitable growth in the current financial year and beyond."
Looking ahead, Galliford Try said it is now building upon the success of its three year transformational plan and has set out a disciplined growth strategy with a clear focus on improving margins. Although the economic outlook continues to remain uncertain, both the Housebuilding and Construction divisions have made a good start to the financial year. In the Group’s housebuilding division, total sales reserved, contracted or completed are up by 7% from a year ago, standing at £460 million.
The firm said it was continuing with its strategy of focussing on margins and cash by only pursuing work where it can earn an acceptable return, against a backdrop of current difficult market conditions. In September 2012 Galliford Try was admitted to the FTSE4Good Index recognising the Group's commitment to environmental, social and governance matters.
Overall the Group said it is well positioned to deliver further profitable growth in the current financial year and beyond.
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