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Galliford Try revenue up 21%

Galiford Try’s turnover has increased by more than a fifth to £1.77bn for the year to June 2014.

Profit before tax was up 28% to £95.2M from £74.1M.

Net debt was down to £5.1M from £14.4M a year ago.

Chief executive Greg Fitzgerald, who has announced his retirement after 33 years at the firm, said construction market conditions had been “difficult”.

Galliford’s construction operating margin was 1.0%, down from 1.6% in 2013. Revenue was up slightly at £833M (2013: £823M).

Fitzgerald said the Miller Construction acquisition “accelerates growth plans, provides access to new frameworks and more than doubles the size of our order book to £3bn (2013: £1.2 billion).”

Revenue in Galliford’s house building business increased strongly to just over £1bn (2013: £730 million), of which £243M was accounted for by its social housing business.

Fitzgerald, who has told the group he wants to leave by the end of 2015, said: “We have made excellent progress during the year against our strategy of disciplined growth with principal focus on margin.

“Construction continued to perform well, maintaining a profitable result as we work through contracts won in a difficult market, and start to deliver new work secured on more robust terms in improving conditions. We are very pleased to have acquired Miller Construction which more than doubles the size of our order book, adds several strategically important frameworks and also brings additional talent to the enlarged Group. Integration is proceeding very well and ahead of expectations.

“With a record landbank in housebuilding, a larger and stronger construction business and a robust balance sheet, the Group is in an excellent position. Whilst we continue to recognise the challenges around the supply chain and the time required to convert outline planning permissions into detailed consents, we look forward to the year ahead with confidence.”

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