25th Feb 2016 08:11
LONDON (Alliance News) - Housebuilding and construction group Galliford Try PLC on Thursday said Chief Operating Officer Ken Gillespie will retire from the company in February 2017, as it reported growth in profit in the first half of its financial year.
Galliford's Managing Director of Construction, Bill Hocking, will become chief executive of Construction & Investments from August 1, while Gillespie's remaining responsibilities will be transferred over the coming year.
"I will leave the business in a strong position and, having appointed Bill Hocking in September 2015, I know the business is in excellent hands to continue its success," Gillespie said in a statement.
Separately, Galliford Try reported growth in pretax profit in the six months ended December 31 to GBP52.9 million from GBP42.5 million in the same period the prior year, as revenue rose by 12% to GBP1.26 billion from GBP1.12 billion.
It said growth was primarily driven by a good performance in its Linden Homes and Construction divisions. The former posted revenue growth to GBP362.7 million from GBP346.1 million, while the latter achieved growth to GBP738.6 million from GBP604.8 million.
Galliford Try will pay an interim dividend of 26.0 pence, an 18% increase on the 22.0p paid in the first half of the prior year.
"Looking forward, we are encouraged by the start we have made to the second half of the year. Market conditions for Linden Homes have improved further since the turn of the year, and the pipeline for our Partnerships business continues to grow, while our Construction business has good visibility on revenue for the next financial year," Chief Executive Peter Truscott said in a statement.
Shares in Galliford Try were trading up 0.6% at 1,391.00 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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