Galliford scores in struggling house sector
Housebuilding and civil engineering group, Galliford Try, bucked the gloom in the construction sector by posting a small increase in annual profits and maintaining its dividend at 3p.
On the up: Galliford has posted a small profit increase
The group, which is building the retractable roof above Wimbledon's historic Centre Court, reported a pre-tax profit of £60.3m, up from £60.2m last year.
Galliford chief Greg Fitzgerald said the pressure on the housebuilding arm coming from falling sales and prices was being offset by the firm's infrastructure business, which is the largest water utilities contractor in the UK.
He added: 'If we were a pure housebuilder, we would be having the same sorts of problems as some rivals - debt negotiations with banks, cutting dividends and falling profits. So the hybrid model is the right thing to do operationally.'
Galliford (down 3¼p at 62p) said average house prices were down 18% to 20% from their peak.
But Fitzgerald reckons the sector is now close to the bottom of the market because there has been no further price deterioration over July and August.
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