Housebuilder鈥檚 annual results show revenue down but order book and profits up

Hybrid construction and housebuilding group, Galliford Try has reported a 拢19.2m pre-tax profit and is on track to deliver the planned expansion of its housebuilding arm first set out in September 2009.

In its results for the year ending 30 June 2010, the company reported that revenue was 拢1.22bn, down 16% from 拢1.46bn the year before. The pre-exceptional profit before tax was up 6.5% to 拢26.1m from 拢24.5m in 2009.

Earnings per share for the period were 14.7 pence compared with a 34.4 pence loss in the year before. Excluding exceptional items, earnings per share dropped to 24.6 pence from 35.8 pence last year.

There was a 30% increase compared to 2009 in sales reserved, contracted or completed at 拢263m and the group鈥檚 order book has increased 6% to 拢1.8bn.

The results also highlighted the progress of the group鈥檚 planned housebuilding expansion plan, first set out in September 2009 at the time of a rights issue. CEO Greg Fitzgerald said: 鈥淲e have been encouraged by the level of sales and prices achieved since the start of our new financial year when set against the backdrop of the effect on consumer confidence of the current economic uncertainty. Our presence across the more resilient markets in the South, and the opportunities we continue to generate from our leading position in affordable housing and on regeneration schemes underpin our progress.

鈥淲e have maintained a quality construction order book in increasingly challenging market conditions and anticipated reductions in public sector work.

鈥淭he strength of the group鈥檚 finances and the spread of its activities leaves us, subject to economic uncertainties, well positioned to deliver our planned progress.鈥�

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