Galliford Try posts record full-year profit on improving margins

Full-year pre-tax profits at construction firm Galliford Try rose 20% to a record £114m on revenues of £2.43bn, and increase of 31%.

Shareholders will receive a final dividend of 46p, making a full year dividend of 68p covered at 1.7x pre-exceptional items.

Chief executive Greg Fitzgerald said the company's housebuilding division achieved progress on margins, and “made strides towards further enhancement, implementing some operational restructuring and other business improvement initiatives”.

“We have achieved a significant increase in the landbank with market conditions remaining positive. We are continuing to see strong demand for our Partnerships affordable housing offering.”

“Our construction division has made excellent progress in closing out older contracts, and won significant new work in an improving market, strongly assisted by the timely acquisition and swift integration of Miller Construction. “

"All businesses saw high levels of build cost inflation but early signs indicate the situation may be moderating."