Galliford Try eyes record half-year profit

8th Jan 2014 07:11

- Anticipates record half-year profit- Strong demand from southern England- Average selling price up 16 per centHousebuilding and construction firm Galliford Try said it anticipates making a record half-year profit as housing market conditions continue to improve.The group said it was encouraged by rates of sale and prices and is confident of delivering further good growth and improved returns this year and beyond.The average selling price climbed 16% to £288,000, reflecting strong demand for its sites in southern England. The group also reported a 20% increase in total sales reserved, contracted and completed at £652m.Galliford said, despite ongoing challenging market conditions, its pipeline of opportunities continues to increase. Its order book stands at £1.75bn, up from £1.6bn in 2012.Chief Executive Greg Fitzgerald said: "It has been another strong performance for the group in the first half of the financial year with profits anticipated to be at record levels. "Housing market conditions have continued to improve and we are delighted to have secured a 16% increase in the landbank during the period, with the land market remaining positive."In Construction Galliford said it has increased the size of its order book and remains focused on margins and cash generation. "Construction is performing well in challenging markets with the prospects looking better as our pipeline of opportunities continues to increase. Across the group supply chain cost issues continue but are being well managed. "We are confident that our disciplined strategy will deliver further good growth and improved returns this year and beyond," it added.CJ