Record year for construction group

Galliford Try sees home sales return to growth

Building group Galliford Try –  which owns Scotland’s Morrison Construction – said sales rates and prices at its housing division have returned to growth following a dip after the Brexit referendum.

In an update the firm said: “After a short-term decline in visitor numbers and small increase in cancellation rates, broadly in line with normal seasonal patterns, we are encouraged to see a return to growth in sales rates and prices since the referendum.”.

The statement came as the company announced record annual profits following another strong year.

Pre-tax profits rose by 18% in the year to 30 June to £135 million. Revenue rose by 10% to £2.67 billion. The company is proposing an increase in its full year dividend of 21%.

Chief executive Peter Truscott said although the decision to leave the EU “inevitably creates a backdrop of uncertainty for the new financial year” he had been encouraged by visitor levels and sales rates at its Linden Homes housebuilding division during the summer.

“The balance of our businesses and the strength of our order books mean that we are well-placed to manage the impact of this uncertainty,” he said.

In Scotland, the company said highlights included the award of the £55m Anderson High School in the Shetland Islands, the £43.3m construction of the new Largs education campus for North Ayrshire Council and the £72m East Lothian Community Hospital.

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