One of only two remaining hybrid contracting-to-housebuilding groups left on the stock exchange - the other is Kier - Galliford Try pushed pre-tax profits up to £35.1 million in the 12 months to June 2011. Revenue rose to £1,284 , which was slightly below some analysts' forecast.
The biggest leap in profits was at the housebuilding division, which is in the second year of a three-year expansion plans and lifted operating profits to £31.6 million as 2,170 units were sold. The average selling price of those units reached £227,000.
Galliford Try cited 'an increased proportion of sales in the south east of England' for this rise and Glenigan - which reports on every planned and current UK construction project - shows that the main forward focus for housebuilding is the South West. In the 12 months to June 2011, the group submitted detailed planning applications to build 924 units. This total ranked Galliford Try in sixth position in this region in terms of planning activity.
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All Galliford Try's plots coming into production in the current financial year have detailed planning consent and Glenigan's data shows 27 detailed planning applications submitted in the 12 months to June 2011 proposing to build 1,837 units. Of this total, 57% of the units in the pipeline were houses and the balance apartments.
The only other regions where Galliford Try features among the top 10 housebuilders gauged by units proposed over the last year are Yorkshire & Humberside (387 units) and East Anglia (124 units).
Turnover at the construction division was broadly unchanged at £936.9 million and operating profits slipped back to £22.2 million but Glenigan's data shows that in a depressed environment, Galliford Try is still taking market share from its contracting rivals.
Galliford Try's contracting operation won 84 contracts worth a total of £1,216 million in the 12 months to August 2011 according to Glenigan. This latest total was boosted by large value projects, such as the Forth Road Crossing, where the group is one of four contractors working in joint venture on a £790 million project.
Glenigan ranks Galliford Try as the third most successful contractor in the highways' sector in the 12 months to June 2011 and this is borne out by the group's own figures, which show infrastructure as the largest source of new orders at £921 million ahead of building on £673 million. The remaining £156 million of orders comes from social housing work.
In a Glenigan league table measuring the success of the top 50 contractors in winning contractors worth £500,000 or more, this latest orders' total ranks Galliford Try in sixth place - up from thirteenth a year ago. With the group over-taking peers such as Wates, Sir Robert McAlpine, Willmott Dixon and the UK operations of French group VINCI.
Glenigan's data shows that this is producing a shift towards larger value contracts. A year ago, the average contract won by Galliford Try was £8.1 million but in the 12 months to August 2011 that figure now stands at £14.5 million.
(CD/GK)
