Galliford Try posts 16% drop in revenues

Housebuilder Galliford Try has reported a 16% dip in revenues to £1.2bn for the first six months of 2010.

This compared with a turnover of £1.5bn in 2009.

Pretax profit during the period increased, however, up 6.5% to £26.1m.

The group also reported a steady increase in its land bank and level of sales.

Its land bank has increased from 7,850 plots a year ago to 9,700 plots at 30 June 2010.

Galliford Try added that it had seen a 30% increase in sales currently reserved, contracted or completed to £263m.

At the year end, the group had a net cash position of £76.5m, compared with £34.1m in 2009.

Its banking facilities, with HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group, stood at £390m at the end of the year. They are due to mature in 2012.

Chief executive Greg Fitzgerald said: “We have been encouraged by the level of sales and prices achieved since the start of our new financial year when set against the backdrop of the effect of consumer confidence of the current economic uncertainty.”

He added: “We adopt an appropriate level of prudence in our land buying and continue to manage closely the increased investment in house building required to deliver our plan.”

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