Contractor reports 拢500m jump in its order book
Galliford Try has seen a surge in new work in its construction business, with new orders up by 拢500m over the past year.
In a trading update to the City, the contractor said its order book for construction work has risen to 拢3.7bn in an improving market, up from 拢3.2bn in 2014.
The firm also revealed it has secured 98% of its projected revenue for its construction business for the current financial year, with 66% already secured for the year to 30 June 2017.
It added that Linden Homes and Galliford Try partnerships 鈥� the firm鈥檚 housebuilding divisions 鈥� were also trading well and in line with expectations.
The total homes completed by both businesses was up to 1,603 in 2015 from 1,529 the previous year, while total reserved, contracted or completed sales stood at a record 拢740m, up 拢95m on the previous year.
Galliford Try also revealed its net debt has increased to 拢95m, up from 拢35.9m in 2014, after investment in Linden Homes and partnerships.
Galliford Try chief executive Peter Truscott said: 鈥淢arket conditions have remained positive, with build cost increases stabilised to a manageable level.
鈥淚n Linden Homes we have improved our margins and increased outlet numbers and unit sales per outlet.
鈥淚n partnerships we continue to make progress in line with our strategy, and are considering whether we can expedite that growth.
鈥淚n construction our order book remains strong, with good visibility on projected revenue for the rest of this year and next.鈥�
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