Housebuilder Galliford Try saw pre-tax profits jump by 80% to £63.1bn for the year ending June 30, despite a challenging housing market.
The company had a particularly active year in terms of completions, which rose by 40% to 3,039 units.
Although the UK housing market remained sluggish, Galliford Try benefitted from relatively robust growth in the South East, where 79% of completions during the period took place.
Galliford Try ended the year with a strong balance sheet, with net cash of £23m.
The company was successful in expanding its business during the year, securing several new contracts, including the £91m Resorts World at the NEC, a leisure and retail development in Birmingham, from Genting UK, and the £13.5m Warwickshire Shopping Park development, from Aviva Investors and Citycourt Estates.
Chief executive Greg Fitzgerald said: “Against a background of challenging and uncertain economic conditions, 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. In addition, we have maintained a high quality construction order book.
“We have a strong balance sheet and a disciplined growth strategy, with a clear focus on improving margins that positions us well to deliver further profitable growth in the new financial year and beyond.”
sophia.furber@estatesgazette.com
