Profits will be significantly above market expectations as contractor predicts record levels of housebuilding
Galliford Try has released a strong trading update for 2007, with profits 鈥渟ubstantially ahead鈥� of last year.
Full-year profits are expected to be 鈥渟ignificantly above market expectations鈥� following several high-profile acquisitions and contract wins, according to the firm.
Galliford Try鈥檚 order book is maintained at over 拢2.1bn, with recent wins including a 拢41m contract to construct the National Museum of Liverpool. Other ongoing projects include a 拢192m PFI school scheme in Northants and over 拢100m of road projects. Work is also progressing on seven major English Partnership regeneration and affordable homes projects.
Housebuilding this year will reach 'record levels' according to the firm, with completions of 1,530 units, up from 1,054 in 2006, and 拢185m worth of sales carried forward, more than double last year鈥檚 total of 拢78m.
Morrison Construction and Chartdale Homes were acquired by Galliford Try in 2006, and Linden Homes in March this year. The firm says both Morrison and Chartdale Homes have delivered 鈥渆xcellent performances鈥� and the integration of Linden Homes is progressing well.
Preliminary results are expected to be announced on 6 September.
Galliford Try's share price rose 12p to 171p this morning.
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