8th Jul 2015 06:38
LONDON (Alliance News) - Galliford Try PLC on Wednesday said it expects its pretax profit to come in at the top end of market expectations for the financial year to the end of June, following a robust performance in both its housebuilding and construction divisions.
According to Morningstar, brokers had expected the FTSE 250 company to report pretax profit of GBP115.9 million for the year.
In its Linden Homes housebuilding arm, Galliford said its sales rate has improved since the UK General Election, and it expects total completion for the year to be 3,177 units, up from 3,107 a year earlier, including the contribution from its joint ventures.
Its landbank stands at 15,750 plots, up 13% year-on-year, while the average private selling price for Linden Homes units was GBP327,000, up from GBP305,000 a year earlier.
Linden has all plots secured for its 2016 financial year production and has 87% of plots secured for the following year.
In the construction business, Galliford expects growth in revenue and profit for the year and said it has closed the year with its order book at GBP3.5 billion, up from GBP1.4 billion at the end of its 2014 financial year. It has 88% of its expected revenue for the 2016 financial year secured.
"It has been another record year for Galliford Try, and we are pleased to see that the momentum across the group continues, supported by encouraging market trends for all three businesses," said Executive Chairman Greg Fitzgerald.
By Sam Unsted; [email protected]; @SamUAtAlliance
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