Monday, 22 September 2014

Record housing completions for house builder

A house builder has revealed that it has delivered a record number of housing completions and that it is on track to meet expectations for the financial year.

In a six month trading update released today, Galliford Try said that it had experienced a 59 per cent increase in total house building completions to reach 1,352 units. At the same time last year, the business recorded 851 units.

The company also saw a 42 per cent increase in total sales reserved, contracted and completed (£522 million) and announced it had secured 100 per cent of projected revenue for the current financial year.

According to the statement, its order book stands at £1.6 billion – 45 per cent of which is in the public sector.

Greg Fitzgerald, chief executive, said: ‘The board has been encouraged by the progress in housebuilding as our southern biased business performed strongly despite the general economic uncertainty. 

‘The spread of long term work in the group’s construction business is underpinning its resilience in challenging market conditions. The group therefore remains on track to meet its expectations for the financial year.’

Readers' comments (2)

  • Gavin Rider

    Alex - could you perhaps find out through journalistic enquiry how many of the "total sales reserved" have been taken up by Buy-To-Let investors?

    That would be a very interesting statistic to know.

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  • C'mon Sense

    Gavin - I would imagine not a lot given the financial markets. Building Soc/Banks/Investors are slipping away from the BTL market, however it is now possible for private purchasers and first time buyers to get a 95% mortgage again!

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