FINANCE: Housebuilder Galliford Try has raised its interim dividend by 47% following a buoyant first half, where sales rose to a record £1.1bn.
The £1.1bn turnover for the six months to 31 December 2014 was up by 35% compared with the same half in 2013.
During the same period pretax profit increased from £38.1m to £42.5m, while earnings per share rose by 14% to 42p.
The company has increased the interim dividend to shareholders by 47% to 22p per share.
Greg Fitzgerald, executive chairman of Galliford Try, said: “We have increased the interim dividend, reflecting our continuing confidence in the delivery of our disciplined growth strategy. We are further enhancing our dividend policy.”
Galliford Try’s landbank stands at 14,300 plots, with a strong pipeline secured: 100% of land for 2016 and 70% of land for 2017.
As a result of the strong performance, the company said its new target was double full-year 2013 pretax profit and earnings per share by 2018, with a greater increase in the dividend.
During the half-year to 31 December 2014, the group trimmed net debt from £85.9m to £35.9m in the first half of 2014.
An existing £400m unsecured bank facility was also extended to 2020 on improved terms.
