Galliford Try profit falls on challenges in construction
StockMarketWire.com - Homebuilder Galliford Try reported a fall in profit as revenue slipped amid a challenging year in its construction division.
For the year ended 30 June 2019, pre-tax profit fell to £104.7m from £143.7m a year earlier as revenue dropped to £2.9bn from £3.1bn.
The company in July said it expected pre-tax profit - after taking into account exceptional items – in the range of £112.7m to £116.4m. Construction's result for the year had been impacted by 'challenges with both legacy and some current projects and by the restructure, which is now complete,' the company said.
The homebuilder completed 3,229 homes, down from 3,442 last year, at a lower average selling price, generating revenue of £820m, down from £947m a year earlier.
A full year dividend payment of 58.0p, down from 77.0p a year earlier, was declared.
'The group continues to trade well against the backdrop of continuing political and economic uncertainty. Linden Homes has seen improving demand after the traditional quieter summer weeks, with prices and margins remaining firm,' the company said.
'Partnerships & Regeneration is achieving a good rate of unit sales and continues to see strong demand both from our Registered Provider and local authority partners. The restructuring of Construction is proving effective, and the core business is performing well.' Story provided by StockMarketWire.com