Contractor Galliford Try has posted a pre-tax profit of £35.1M in its annual results, up 34% on last year’s results (£26.1M), although it said the UK public sector market had dipped.
Pre-tax profit after exceptional items was up 117% to £41.7M (2010 was £19.2M) in the results, which were announced today. This was in part due to a Competition Appeal Tribunal judgement that reduced a fine imposed by the Office of Fair Trading in 2009 for cover pricing during the period from 2001 to 2004 from £8.3M to £1.4M.
The group said that the construction market in the UK remained challenging throughout the year and the government’s Comprehensive Spending Review in the autumn of 2010 had a significant effect on reducing the pipeline of future public sector work, particularly in England and Wales.
However, private sector opportunities for building projects were showing signs of improvement, although they were focused on London and the South East. The firm also said in the infrastructure sector, water projects were helping to keep the business buoyant with large project wins including the £200M Liverpool wastewater scheme and £90M of additional wastewater treatment works for Thames Water.