Galliford says housing market pickup continues

9th Jul 2009 08:00

Housebuilder and contractor Galliford Try said results for the full year are expected to be in line with company forecasts as the pickup in the UK housing market continues.The initial resurgence of activity during January has been maintained however the overall housing market remains challenging, the group said. It has already sold 30% of the homes it intends to build this financial year. Galliford Try said it built 1,769 homes in the year to 30 June, less than the 2,524 it built the same time a year earlier but said housebuilding in the second half of its financial year has been far more encouraging than the first.The group said net cash stood around £35m at 30 June 2009 compared to net debt of £2m at 30 June 2008."We are encouraged by the positive signs in housing, albeit the overall market remains challenging. In construction our concentration on the public sector, and in particular infrastructure works for the regulated utilities, provides us with a sound base for mitigating the effects of the recession and putting us in a good position to grow again when economic conditions improve," the group said n a statement.Galliford, whose public and regulated sectors account for 88% of the contracted order book, was maintained at £1.7bn.