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Galliford Try has posted a 17% hike in pre-tax profit, largely driven by an improved margin in the firm鈥檚 housing business, as the construction business held steady amid difficult market conditions.

Reporting its results for the year to 30 June 2013, Galliford Try posted group revenue of 拢1.47bn, down 2% on 拢1.5bn last year, though pre-tax profit rose 17.4% to 拢74.1m (2012: 拢63.1m), a rise primarily driven by an improved margin in the housebuilding business.

The housing business posted revenue of 拢639.6m, a slight increase on the previous year (2012: 拢636.7m), with an operating profit of 拢83.5m, up from 拢75.1m last year.

This gave the housing business an operating margin of 13.1% (2012: 11.8%).

The firm said it had seen an uplift in market confidence and reservations since the introduction of the government鈥檚 Help to Buy scheme in April, with about 31% of buyers using the scheme.

Galliford Try chief executive Greg Fitzgerald said: 鈥淗ousebuilding has delivered another very strong year of trading. This has been achieved in a disciplined manner following a doubling in size of the business in the preceding three years.

鈥淥ur deliberate investment in high return land opportunities, particularly in the South and South East, together with a greater focus on margin performance and efficiency gains and an improving market means we are well placed to deliver further good growth.鈥�

The construction business, which comprises building, infrastructure and partnerships divisions, reported revenue of 拢912.7m, down 1.3% on 拢924.8m last year, with an operating profit of 拢15.1m, down from 拢18.9m.

This gave the construction business an operating margin of 1.7%, down slightly on 2% last year.

The firm said the fall in revenue was in line with expectations.

The firm鈥檚 construction order book remained stable at 拢1.7bn (2012: 拢1.65bn).

Within the construction business, the firm鈥檚 building division posted increased revenue of 拢406.4m, up 12% on 拢363.5m last year, though operating profit slipped from 拢8.4m to 拢6.5m, with the operating margin falling from 2.3% last year to 1.6%.

The firm said its most successful market in the building division remained in southern England.

Within the construction business the infrastructure division posted revenue of 拢416.3m, down 12% on 拢470.9m last year, with an operating profit of 拢6.4m (2012: 拢8.8m). The margin in the infrastructure division fell from 1.9% last year to 1.5%.

The partnerships division posted revenue of 拢90m (2012: 90.4m), with an operating profit of 拢2.2m (2012: 拢1.7m).

Fitzgerald said: 鈥淐onstruction has achieved another impressive performance against the background of a market that remains challenging, by focusing on its principles of disciplined contract selection, protecting margin and prioritising cash management. 

鈥淭here are encouraging signs of an improving market on which we are well positioned to capitalise.鈥�