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Annual Results

Galliford Try pre-tax profits up

21 February 2017 07:31

Galliford Try posts a strong first half with pre-tax profits rising 19% to £63.0m, earnings per share up 19% to 61.9p and interim dividend up 23% to 32.0p.

Group highlights:

- Net debt of £113.8 million (H1 2016: £95.7 million), in line with expectation. · - extended to 2022 on same terms; debt private placement of £100 million 10 year fixed-rate notes, adding flexibility and diversity of lenders.

- Strategy to 2021 targeting sustainable growth and strong returns across all three businesses. Targets include 60% growth in profit before tax to FY 2021, a five year CAGR on dividend of at least 5% and a return on net assets in FY 2021 of at least 25%.

Chief executive Peter Truscott said: "The Group delivered another strong performance in the first half.

"Our reorganised management teams have settled well and are making positive strides towards their respective operating and financial targets.

"We continue to see robust demand and pricing in residential markets, for both Linden Homes and Partnerships and Regeneration, driving good rates of sale, and the land market remains benign in all regions.

"Linden Homes continues to achieve margin improvement, including much improved overhead efficiency.

"Partnerships achieved a higher proportion of mixed tenure development revenue, resulting also in first-half margin growth.

"Construction is making steady progress in resolving legacy contracts, and the contribution from newer work is encouraging, demonstrating that the underlying business is strong.

"Whilst we remain alert to potential uncertainties in the wider economy, we continue to see opportunity in all of our markets.

"We enter the new calendar year with strong order books: both Linden Homes and Partnerships are at record levels, and whilst Construction is lower than the prior year, it remains both at a very comfortable level and, more importantly, of high quality.

"Our improved debt facilities have further strengthened the balance sheet, providing financial flexibility to underpin our strategy for growth."

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