好色先生TV

Galliford Try has been hit by 拢98m of costs on problem jobs, the firm admitted in a trading update.

The contractor said it had reappraised costs on two undisclosed legacy infrastructure joint venture projects contracted in or before 2014 and found both were performing worse than expected.

The firm said 80% of the 拢98m writedown related to the two undisclosed projects 鈥� one will finish on site this summer, while the other is scheduled to complete midway through 2018.

Peter Truscott, chief executive at Galliford Try, said the impact of the two legacy infrastructure projects was 鈥渞egrettable鈥�, but he said the firm was 鈥渘o longer undertaking large infrastructure jobs on fixed price contracts鈥�.

He added: 鈥淭here are no other similarly procured major projects in our current portfolio and we are encouraged by the performance of the underlying portfolio of newer work.鈥�

Galliford Try shares fell 10% to 拢13.11 on the day of the announcement (3 May), down from the previous day鈥檚 close of 拢14.59.

The firm said its underlying construction business was otherwise 鈥減erforming well鈥�, while its Linden Homes and Partnerships divisions were making 鈥渟trong progress鈥�.

At housebuilding division Linden Homes, sales since the start of the year were up on 2016, while its landbank reduced to 11,300 plots, down from 12,400, as part of a strategy to 鈥渉old a shorter landbank鈥� equivalent to 3.5 years of supply.

At regeneration arm Partnerships, the order book was up 6% to 拢980m, boosted by large contracts including the division鈥檚 biggest ever win, 拢128m Great Eastern Quays in London鈥檚 Docklands.

Galliford Try hit the headlines in recent weeks with its 拢1.2bn bid for troubled housebuilder Bovis Homes - however this was rejected at the start of April, with Bovis instead opting for independence under its suitor鈥檚 former chairman and chief executive Greg Fitzgerald.