Housebuilding and construction group Galliford Try plc has said it expects to outperform current analysts' predictions on profit for the full year ending 30th June with the publication this morning of its latest Interim Management Statement.
The Group’s construction division has seen its order book for the period 1 January to 13 May 2014 improve at £1.3 billion (31 December 2013: £1.25 billion). It also has 80% of next year's revenue secured (2013: 79%).
The firm is a leading Tier 1 contractor in the water industry, working with many of the UK’s regulated water companies. Clients include Anglian Water, Northumbrian Water, Thames Water, United Utilities and Yorkshire Water.
The statement says all of Galliford Try’s business units are experiencing an increase in opportunities. Galliford Try said it has a continuing focus on risk management and margin, with cash performance continuing to be strong.
Greg Fitzgerald, Chief Executive, commented:
"The Group has made strong progress since the start of the year particularly in housebuilding where market conditions continue to improve. With six weeks to the year end, the Group expects to report a profit before tax for the full year ending 30 June 2014 above the current analysts' consensus of £89.7 million and not less than £92.0 million. “
“ In construction we have grown our order book and are seeing increased levels of opportunities across the business. The division is winning work with appropriate margin and inflation protection and continues its focus on risk management and cash, which have been robust in the period. “
“All of our businesses, in common with the industry, continue to experience challenging production conditions, with supply of both labour and materials constrained by strong demand; however these conditions are stabilising and we continue to manage them proactively.”
At the end of the last financial year to 30 June 2013, the Group generated total revenues of £1.5 billion.
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