Galliford Try raises forecasts

HOUSEBUILDING and construction company Galliford Try yesterday upgraded its profit forecasts for the year as it saw a rebound in housing demand and an improvement in mortgage availability, sending its shares to a 20-month high.

The company said it expected results for the year ending June to be significantly ahead of current market estimates on a better-than-expected spring selling season.

“Improvement in the mortgage market and the shortage of supply is getting worse as we go forward,” said chief executive Greg Fitzgerald.

Shares gained seven per cent to close at 441p.