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Galliford Try construction orders up 3%

Galliford Try reported a 3% increase in its construction order book during the period 1 January to 4 May 2011 to £1.8bn, up from £1.75bn on 31 December 2010.

Some 72% of revenue for the next financial year is secured, the company said.

The company also reported that cash balances continue to be better than forecast, and that it has made operational efficiencies across the business.

Chief executive Greg Fitzgerald said: “Against a background of challenging economic conditions … Construction has benefited from encouraging contract awards in the period and strong cash balances that lead us to expect the Group’s gearing will be minimal at the financial year end. 

“We therefore now expect full year results to be significantly ahead of the current range of market estimates and remain confident in delivering the objectives of our expansion plan during the next financial year.”

Galliford Try’s appeal against the quantum of the fine imposed on it by the Office of Fair Trading for three instances of cover pricing between 2001 and 2004 was successful.

The Competition Appeal Tribunal decided in March to reduce the fine from £8.33M to £1.4M.

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