Galliford Try has said its plan to double the size of its housebuilding arm within three years is on track.
At its full-year results on Wednesday, the contractor and housebuilder said the plan, announced alongside a 拢119m rights issue last September, was progressing well despite the gloomy economic backdrop.
It said: 鈥淭his [the plan] has resulted in our landbank increasing from 7,850 a year ago to a current total of 9,700 plots, 58% of which has been acquired at current market, as compared with higher historic values. We are opening offices on schedule and our management team is up to full strength. We are therefore on track with the delivery of our plan.鈥�
The company posted a pre-tax profit of 拢19.2m for the year, which compared with a 拢27m loss in 2009. Turnover was down 16% from 拢1.46bn to 拢1.22bn.
Completions in its housebuilding arm were weighted to the second half of the year and totalled 1,705 compared with 1,825 in 2009. The average selling price was up 10% from 拢172,000 to 拢190,000.
The company admitted consumer confidence had been knocked by the 鈥渆conomic uncertainty鈥�. Construction turnover fell by 20% from 拢1.18bn to 拢937m. Operating profit was 拢22.8m (2009: 拢28m).
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