AGM Statement

Galliford Try PLC
01 November 2002





1 November 2002





ANNUAL GENERAL MEETING STATEMENT



Tony Palmer, Chairman of Galliford Try plc, will make the following comments at
the Annual General Meeting to be held at noon today:



'The Group's housebuilding business continues to perform well, particularly in
the south west and eastern counties, and it has already secured over 50% of its
target sales for this financial year.  As we commented when we announced our
full year results to 30 June 2002, the rate of house price growth is showing
signs of slowing down, most noticeably at the top end of the London market which
we have deliberately avoided.  We concentrate on smaller well located sites in
the mainstream markets where demand remains strong and overall affordability
remains positive with interest rates continuing at low levels.



In the construction division the Group continues to reposition the business to
concentrate on key long-term framework agreements and the infrastructure and
public sector markets where sustainable future profits can be earned.  The
construction order book has been maintained at £600 million, 70% of which is now
in these sectors.



However, the anticipated recovery in our maintenance business has not occurred
and further delays in the completion of a small number of traditional building
contracts has led to a disappointing performance in the first quarter of the
financial year.  The Board has therefore decided that further action is needed
to complete the restructuring of the division to ensure that it has the most
cost effective structure going forward.  As we announced earlier today George
Marsh has resigned as Deputy Chief Executive and a director of the company with
immediate effect.  David Calverley, Chief Executive, will take direct
responsibility for the Group's construction division pending a permanent
appointment.



Although it is early in this financial year, the construction division's results
are now expected to be broadly in line with last year, with housebuilding
performing as planned.  The costs of the construction restructuring, to be taken
in this financial year, will be in the order of £4 million.  The Board is
confident that the actions it is taking will lead to improved margins and
greater profitability in the future.'



Enquiries to:



David Calverley - Chief Executive                                01895 855219

Frank Nelson - Finance Director                                  01895 855219

Ann-marie Wilkinson, Beattie Financial:                          020 7398 3300






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