Interim Management Statement

RNS Number : 3357T

Galliford Try PLC

19 November 2013

 



GALLIFORD TRY PLC

INTERIM MANAGEMENT STATEMENT AND ANNUAL GENERAL MEETING

TUESDAY 19 NOVEMBER 2013

Galliford Try plc, the housebuilding and construction group, is holding its Annual General Meeting today, Tuesday 19 November, and is issuing its Interim Management Statement for the period from 1 July 2013 to 18 November 2013.

Housebuilding

·      Following a strong autumn selling season our in hand position of sales reserved, contracted or completed has risen, from last year's record position, by 21% to £585 million (2012:  £485 million) of which £485 million is for the current financial year to 30 June 2014, up 33% on last year.

·      Sales prices up by between one and three per cent since start of the financial year, with variations between regions.  Cancellation rates stable at 17%. 

·      Excellent period of land acquisition with landbank increasing by 24% to a record 13,000 plots (2012: 10,500).  95% of land secured for financial year to 30 June 2015.  We continue to see good opportunities to acquire land which meet our defined return and hurdle rates.

Construction

·      Robust order book at £1.75 billion (2012: £1.6 billion).

·      Pipeline of opportunities continues to increase.

·      Continuing strong cash management and margin protection, both in line with expectations.

·      93% of projected revenues for financial year to 30 June 2014 secured with 55% for year to 30 June 2015 (2012: 92% and 55% respectively).

Group

·      Build cost inflation and supply chain challenges being well managed in both housebuilding and construction.

·      The balance sheet remains solid providing a strong platform for continued growth.  Average net debt for the first four months of the year increased, as planned, to £158 million (full year to 30 June 2013: £134 million), reflecting the increase in the landbank.

Greg Fitzgerald, Chief Executive, commented:

"Following an excellent year of trading we continue to make good progress in executing our disciplined growth strategy with a clear focus on improving margins.  Both our housebuilding and construction divisions have made an encouraging start to the financial year.  On the back of an improving housing market and the excellent location of our sites, the autumn selling season has been strong.  Construction continues to perform impressively in a challenging market albeit with improving levels of opportunities.  Overall the Group is well placed to deliver further profitable growth."

For further enquiries please contact:

Galliford Try -                             Greg Fitzgerald, Chief Executive                          01895 855001

                                                Graham Prothero, Finance Director                     

Tulchan Communications -          Christian Cowley / James Macey White               020 7353 4200

Galliford Try's Annual General Meeting will be held today, Tuesday 19 November, at the RBS Conference Centre, 250 Bishopsgate, EC2M 4AA.  The meeting will commence at 11.00 am.

 

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