Galliford made good progress in the second half of 1998, reporting a 44% jump in pre-tax profit to 拢1.1m on turnover up 48% to 拢108m.
Galliford chief executive George Marsh said he expected the market to remain stable in the coming year: "We are in relatively unusual territory in that we see the market continuing to be stable for some time. It's probably a brave thing to say in construction but we are reasonably confident. I think it's good for the industry." Galliford's construction division more than doubled its operating profit from 拢263 000 in 1997 to 拢563 000 in the six months to 31 December 1998. The division's turnover was up 46% from 拢64m to 拢94m.
The construction arm is close to finalising its first large public-private partnership deal with Birmingham City Council. Under the 拢70m scheme, Galliford will finance, build and maintain 10 schools for the council.
Galliford's Stamford Homes and Midas Homes businesses reported 190 completions. Housebuilding turnover reached 拢13.8m, with the division making an operating profit of 拢944 000.
