Galliford Try bounces back

City A.M. Reporter
UK housebuilder and construction firm Galliford Try posted a 6.5 per cent rise in full-year adjusted pre-tax profit, aided by growth in its housebuilding division, and said it was on track for expanding the unit.

The firm, whose origins can be traced back to 1908 when WS Try formed a construction business that carried out work in the west of London, declared a final dividend of 9.2 pence, taking the total dividend for the year to 12.5 per cent.

This is a 15 per cent rise on the total dividend of 10.9 pence last year, which has been restated to take account of the share consolidation and rights issue, the company 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 on consumer confidence of the current economic uncertainty," chief executive Greg Fitzgerald said in a statement.

For the year ended June 30, pretax profit before exceptional items rose to £26.1m from £24.5m.

Revenue fell 16 per cent to £1.22bn on a fall in demand for construction projects after clients curbed spending amid a credit crunch.