Robust order backlog helps Galliford Try to bumper year

Galliford Try said pre-tax profits increased in the half year due to an increased demand, and has raised its dividend payout.

Construction group Galliford Try said pre-tax profits increased in the half year due to increased demand for its infrastructure and building experience.

This morning the construction firm told investors the figure rose by £3.9m to £15.6m year-on-year.

Revenue also shot up by 21 per cent to £819m, and the firm said 98 per cent and 83 per cent of projected revenue for 2024 and 2025 has already been secured.

Last year the firm secured a number of contracts, including a £87m deal to build over 200 build-to-rent homes in Brent Cross. 

Management has made homebuilding a key focus of the group, especially privately rented and affordable housing. It was recently appointed to the £3.2bn Communities & Housing Investment Consortium (CHIC) Newbuild Development Framework for affordable homes.

Bill Hocking, chief executive, said: “I am very pleased with the group’s performance in the first half of the financial year.

“There is strong momentum in the business and our continued excellent performance is a reflection of our disciplined strategy, committed people and long-established relationships with our supply chain and clients.

He added: “The group has delivered increased revenue and divisional operating margin, as we make accelerated progress towards our strategic objectives, and we will continue to provide long-term sustainable value for our stakeholders.”

Off the back of the strong results, Galliford Try increased its interim dividend by 33 per cent to 4.0p per share.