12th May 2016 07:05
LONDON (Alliance News) - Construction company Galliford Try PLC on Thursday said it expects to report full year results in line with management expectations and is making "good progress" against its strategy to 2018 to achieve disciplined and sustainable growth in all three of its businesses.
The FTSE 250-listed group said its housebuilder business Linden Homes has enjoyed a "very good sales rate" since the beginning of 2016 and is confident of achieving its targets for its financial year to the end of June, including a strong carry forward position at year-end.
Galliford Try said its Linden Homes business has reserved, contracted or completed GBP1.09 billion of sales, with GBP820.0 million of this to fall within its current financial year to the end of June. That is higher than at the same time a year earlier, when sales were at GBP982.0 million and the volume due to fall in the 2014 financial year was GBP778 million.
Since January 1, the Linden Homes business has been selling at a 0.72 per outlet per week rate, up from 0.68 for the same period the previous year.
Galliford Try Partnership Ltd continues to "see exciting opportunities to grow both mixed tenure and contracting", the group said, adding that it was progressing plans for regional expansion. Galliford Try noted that construction turnover growth has been slowed in the current financial year, however, due to the effect of its rent reforms put in place during the previous financial year.
In its construction business, the group has an order book of GBP3.6 billion, up from GBP3.3 billion at the end of December, with 76% of its revenue for its next financial year secured.
"The group's businesses continue to trade in accordance with plan and we anticipate reporting full year results in line with management's expectations, with all three businesses encouraged by future opportunities," said Chief Executive Peter Truscott.
Shares in Galliford Try were up 0.2% at 1,285.00 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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