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Monday, 10 November 2014 08:17

Galliford Try order book climbs to £3.1bn

Housebuilding and construction group Galliford Try order book has almost doubled, with the business generating “exceptional levels of cash.”according to its Interim Management Statement.

The Group has reported a “transformed” order book of £3.1 billion for the period from 1 July 2014 to 6 November 2014 compared with£1.75 billion in 2013 and said it is continuing to experience an improving pipeline of opportunities, with the enlarged business continuing to generate “exceptional levels of cash.”

 The statement said the integration of Miller Construction in its construction division is proceeding on plan with restructuring costs likely to be lower than initial estimates whilst still in line to deliver the planned savings.     

The enlarged Building business has been geographically reorganised and benefiting from strengthened management team and national coverage. The firm is continuing to focus on risk management and margin protection;

“We continue to pro-actively manage the tight supply chain conditions in both divisions with early signs of material availability starting to improve.”

Galliford Try has also secured 94% of projected revenues for the financial year to 30 June 2015 with 56% for the year to 30 June 2016 (2013: 93% and 55% respectively).

Greg Fitzgerald, Executive Chairman, commented:

"Steadily improving confidence in the economy supports the planned disciplined growth in both our Housebuilding and Construction divisions.  Housing market growth rates have steadied to a more sustainable level and, supported by improved mortgage availability, Linden Homes is on target to meet our expectations.  Our Partnerships business continues to enjoy exceptional growth opportunities in the affordable market.”

 “Construction, bolstered by the acquisition of Miller Construction in July, is benefiting from an improving market and the stronger presence created by the combination.  I am delighted both with the efficient integration process and by the strong contribution already evident from the incoming team.  The Group is encouraged by the prospects of delivering further growth in line with our strategy."

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