Record results for Galliford Try

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Housebuilding and construction group Galliford Try, which last week won two new contracts worth £38m with the University of Leed​s, announced record profits following another strong year for the business.

Profit before tax was up 20 per cent from £95.2m, the previous year, to £114m for the year ended 30 June 2015. Group revenue was up 33 per cent to £2.35bn from £1.77bn.

Greg Fitzgerald, executive chairman at Galliford, said all of its businesses were buoyed by encouraging market trends.

Mr Fitzgerald said: “In Housebuilding we have achieved progress on margins, and made strides towards further enhancement, implementing some operational restructuring and other business improvement initiatives.”

Galliford acquired Yorkshire-based Shepherd Homes for £31m earlier in the year, which Galliford said accelerates its growth in the North.

Mr Fitzgerald added: “We have achieved a significant increase in the landbank with market conditions remaining positive. We are continuing to see strong demand for our partnerships affordable housing offering.

“Our construction division has made excellent progress in closing out older contracts, and won significant new work in an improving market, strongly assisted by the timely acquisition and swift integration of Miller Construction.

“All businesses saw high levels of build cost inflation but early signs indicate the situation may be moderating.”

Off the back of these record results and continued confidence in the business the firm increased its full year dividend by 28 per cent.

Peter Truscott will become Galliford’s new chief executive on October 1, while Mr Fitzgerald will assume the role of non-executive chairman on January 1.