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Galliford Try forecasts signs of private sector-led recovery
Galliford Try has stated that they have seen the first signs of a private sector recovery in construction work, which helped to offset sharp falls in the public sector. Whilst, the firm warned that pressure on construction margins remained intense, it’s said growth in commercial and hospitality work had helped its construction business to ride out the worst effects of public spending cuts.
Across the group Galliford Try reported pre-tax profits more than doubled at £41.7m, driven by strong growth in housing and a one-off £6.6m payment after the OFT slashed its cover pricing fine. Turnover grew 5% to £1.3bn as house building grew sharply with new sites coming on stream and completions passed the 2,000 mark.
Greg Fitzgerald, chief executive, said that the firm was on course to achieve its ambition of strong volume growth to become a top five house builder, producing 4,000 homes a year.
Over the year Examples of work secured are £9 million of work for Moto Hospitality on the M40, a £39 million commercial and apartments scheme in Wandsworth for Fraser Projects and a £16 million hotel in Birmingham for Hotel de la Tour.
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