Galliford Try eyes strong FY

5th May 2011 08:13

Housebuilder and construction firm Galliford Try said it expects full year results to be 'significantly ahead' of market estimates and remains confident in its expansion plans during the next financial year.The London based group said it continues to benefit from the strong southern bias of its expansion plan."Despite the background of challenging economic conditions in both the housebuilding and construction sectors, the housing market has exceeded our expectations throughout the spring selling season, chief executive Greg Fitzgerald said in a statement. Galliford noted that improved market conditions had continued through the spring selling season, with sales rates substantially up on the first half and sales prices remaining stable.Sales reserved, contracted or completed, rose to £532m of which £363m is for the current financial year to 30 June 2011. This compares to £443m and £308m in 2010.The cancellation rate reduced to 16%, below historic average.In Construction the group saw a 3% increase in order book during the period to £1.8bn.CJ