10th Jul 2014 08:25
LONDON (Alliance News) - Housebuilding and construction company Galliford Try PLC Thursday said it has acquired of Miller Construction from Miller Group Holdings Ltd for GBP16.6 million, which it said it expects to be earnings enhancing in the year ending June 30, 2015.
Galliford said the deal will accelerate growth in group construction revenue towards GBP1.25 billion and increases the 2018 target to around GBP1.5 billion. The acquired order book of GBP1.4 billion doubles the group's order book to GBP2.8 billion.
In calendar 2013, Miller Construction generated GBP409 million of revenue and reported a pretax loss of GBP4 million. Last year, Miller restructured and exited a number of mainly loss-making contracts, and Galliford said the business is expected to return to profitability in the current year.
Miller Construction had gross assets of GBP232 million at the end of December.
Galliford Try said it expects to incur GBP4 million in on-off restructuring costs, mainly during the year ending June 2015 as a result of the deal.
Galliford Try shares were quoted up 1.2% at 1,179.48 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Galliford Try