Galliford Try acquires Miller Construction for £16.57m

10th Jul 2014 09:02

FTSE-250 construction group Galliford Try has acquired Miller Construction as part of its strategy to boost growth in its construction business. The acquisition, which was worth £16.57m, is expected to be earnings enhancing from June 2015.The firm said the transaction is anticipated to lift the growth in construction turnover towards £1.25bn, and increase the 2018 target to around £1.5bn. Chief Executive Officer Greg Fitzgerald said the acquisition "brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace".Last year Miller Construction generated £409m of revenue and a loss before interest and tax of £4m. Galliford announced on Wednesday that its full-year earnings are set to be at the upper end of analysts' estimates of £93m-£95m.As of 08:48 the share price had risen 0.47% to 1,169p.WS