Losses narrow at Galliford Try

Galliford Try posted narrowing losses for the year to the end of June and forecast a return to profit next financial year.

The FTSE 250 company reported a pre-tax loss of £34.6m for the 12 months to June 30, compared with a £64.5m loss last year, after disposing of its housebuilding division. Revenues declined by a fifth to £1.12bn. 

The housebuilder also recorded a year-on-year increase in its order book, which now stands at £3.2bn. It expects to resume dividend payouts next year after cancelling them in March at the height of the pandemic. 

Chief executive Bill Hocking said: “The group is performing well and focusing on its core strengths of building, highways and environment.  

“In recent months we have secured a number of significant project wins and we are well placed to benefit from planned future investment in our areas of operation… The group is well capitalised with a strong order book.”

Galliford Try reinstated its financial guidance, adding that it had a “strong platform for return to profitability” in fiscal year 2021.

Redrow plans to reinstate dividend in 2021

It came as housebuilder Redrow said it would restore its dividend next year despite reporting a sharp decline in profits. 

Pre-tax profits tumbled by two-thirds to £140m for the year, as revenues dived by 37pc to £1.34bn.

Legal completions on properties also dropped by 37pc to 4,032 deals for the year to June 28.

Source Article