Galliford Try Plc, the Uxbridge-based housebuilder and contractor, today reported ahead of releasing its FY results that trading for the year to June 30th will meet market expectations, the firm having completed 3039 houses during the year, 40% more than the previous year.
Like its peers, GT has raised selling prices 10% from an average of £225K to £250K which will have a very positive impact on profits.
The construction side of the firm provides very small margins on large contracts, as it turns over around £2 billion each year, and this year was no exception.
Greg Fitzgerald, Chief Executive, said:
"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. Since our last update the housing market has been stable. In addition, and against a background of challenging economic conditions, we have maintained a high quality construction order book and benefited from a number of contract wins. Our strong financial performance in the period means the group is cash positive at financial year end and, subject to economic conditions, we are well placed to deliver further margin improvement and growth in the new financial year."
Shares in the firm closed at 646.5p last night, valuing the firm at £529 million.