Galliford Try revealed strong results as the construction company saw an increase in revenue and profits, increasing its expectations for the next financial year.
The group’s revenue was up by 12.6 per cent to £1.39billion for the year to 30 June.
The firm’s statutory profit before tax almost doubled to £10.1million, up from £5.4million.
The firm’s statutory profit before tax almost doubled to £10.1million, up from £5.4million
Galliford Try shares are up by 2.17 per cent to 212p in noon trading on Wednesday.
The Leicester-based business also reported that its share buyback has returned a further £10.6million to shareholders during the year and is now over 90 per cent complete.
Bill Hocking, chief executive, of Galliford, said: ‘We are doing what we said we would do, consistently delivering increased revenue and profit, supported by our great people, a strong balance sheet, excellent order book and good supply chain and client relationships.
‘Our high quality order book provides visibility and security of future workloads. Our business is not exposed to the short term economic cycle as our sectors are critical to the UK’s future growth.’
Last week, it was revealed that house building is set to slump by a fifth this year according to a report that adds to evidence of the squeeze being caused by rising interest rates.
Figures from PwC suggest residential new-build activity will fall by 21.1 per cent in 2023 as higher mortgage costs together with the broader cost of living squeeze weaken demand.
That is on a par with the slump in the pandemic year of 2020 when output shrank by 20.8 per cent.
Hocking added: ‘Together with our excellent people and our strong balance sheet, this gives confidence in our ability to deliver our sustainable growth strategy to 2026 and beyond and continue to provide long-term sustainable value for our stakeholders.
‘We are encouraged that the momentum in the business has carried into the first quarter of the new financial year and our expectations for the full year to June 2024 have now increased’
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