Galliford Try's share price jumps seven per cent after company announces it will meet targets

 
Helen Cahill
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Housebuilders have been hit by big falls on the FTSE since the referendum (Source: Getty)

Galliford Try's share price jumped seven per cent today after the housebuilder shrugged off Brexit woes and announced it will be meeting targets when it posts its full year results in September.

Housebuilders have been hit by some of the worst FTSE falls since the referendum - but Galliford Try has been an exception to the rule today.

Read more: This is where UK house prices are heading after the Brexit vote

The company's housebuilding business Linden Homes completed 3,078 units in the year to the end of June, up from 2,769 units last year.

12 July 2016 @ 4:00pmGalliford Try (GFRD)

A record £380m of year-end sales will be carried forward into the next trading period - an increase of 27 per cent. The company also announced that the average sales price increased by two per cent to £335,000.

The group's construction arm posted a "strong growth in revenue", and has built £3.5bn worth of orders.

Peter Truscott, Galliford Try's chief executive, said: "The group has achieved another record year, with growth across all three businesses.

Read more: Value of Nine Elms development downgraded due to fall in house prices

"Construction continues to enjoy an excellent order book and has grown revenues in the year, with good margins on newer work, although the overall result is still constrained by legacy contracts.

"Recent political events create a backdrop of uncertainty for the new financial year. It is too early to predict specific effects on our markets, but the strength of underlying demand for new homes and the continuing availability of mortgage finance and help-to-buy give grounds for confidence."

Galliford Try will report its results for the full year on 14 September 2016.

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