Galliford Try Expects FY10 Results At Top End Of Market Views

8th Jul 2010 07:39

LONDON (Dow Jones)--U.K. housebuilding and construction group Galliford Try PLC (GFRD.LN) Thursday said it expects its fiscal 2010 results to be in line with the upper end of market expectations, adding that its housebuilding expansion plan is ahead of target. The firm said the range of market expectations for fiscal 2010 adjusted pretax profit is GBP23 million to 25.5 million. In an update on trading for the year ended June 30, Galliford, which completed a rights issue in September, said it is ahead of target on its housebuilding expansion plan and has increased its total land bank 23% to 9,600 plots in the past year. Galliford said it is anticipating cuts to public sector work, but that there is still some uncertainty as it waits to see the effect of the June budget cuts and the outcome of the government's autumn spending review on both its housebuilding and construction activities. The company said its order book currently stands at around GBP1.8 billion and that 77% of forecast revenue for the fiscal 2011 has been secured, up from 67% this time last year. Galliford said it had over GBP75 million of net cash at the end of the fiscal 2010, up from GBP34.1 million a year earlier. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 08, 2010 02:39 ET (06:39 GMT)