Galliford Try delivers record housing completions
Published: 13 January, 2012
UXBRIDGE: Galliford Try is ready to ride out the downturn this year with a £1.6bn construction forward order book and a strongly growing house building business.
It has raised housing completions by 59% to a record 1,352 units for the half year, it said in a six-month trading statement.
Over the last three years, the firm has been aggressively expanding housing in the south and has increased selling outlets to 86 from 65 in 2010.
Galliford Try also secured £17m in direct funding under the government's 2011-2015 national affordable housing programme, one of the largest awards made to date to a private developer.
Greg Fitzgerald, chief executive, said: "The board has been encouraged by the progress in house building as our southern biased business performed strongly despite the general economic uncertainty.
"The spread of long term work in the group's construction business is underpinning its resilience in challenging market conditions."
He added: "The group therefore remains on track to meet its expectations for the financial year."
On the contracting side, the order book is slightly down at £1.6bn from last year's £1.75bn level, of which 41% is in the regulated sector, 45% in the public sector and 14% in the private sector.
Some 63% of the order book is now from frameworks secured on a basis other than in pure price competition.