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Galliford Try back to profit

Contractor Galliford Try has returned to a modest profit, following a substantial loss last year, according to the company’s interim results, published this morning.

Group revenue continued to fall, however, reducing from £774M in the six months to December 31 2008, compared to £570M for the same period in 2009.

After exceptional costs, the group returned a modest profit of £6.8M, an improvement on a loss of £48.7M in the same period last year.

Net cash rose significantly from just £1.8M last year to £100.2M this year.

Chief Executive Greg Fitzgerald said: “Against the backdrop of a more stable housing market we have made excellent progress with the first stage of our transformational housebuilding strategy for our southern based business, bringing land acquisition opportunities with attractive potential returns to fruition.

The market for construction is challenging but our quality order book and the spread and depth of our industry leading business across its market sectors continue to be key strengths that will enable us to respond quickly to a market upturn once it occurs.

While the Board remains cautious on the overall economic environment, with a strong balance sheet and sector leading cash resources the Group is well placed to take advantage of opportunities across its activities as they arise”.

The has reported a significant increase in its forward order book - up 6% to £1.8bn, claims to be in a strong position for AMP5 renewals.

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