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Galliford Try regeneration orders up 49%
House builder Galliford Try’s forward order book for its regeneration and partnerships arm has grown to a record £1.3bn, compared with £873m this time last year.
According to an update posted by the group after its annual general meeting, this growth was helped by a strong performance from Drew Smith, the Southampton-based contractor and developer that Galliford Try acquired in May this year.
The group said new regional businesses in the East Midlands and the West of England had also grown significantly.
Stephen Teagle, chief executive of partnerships and regeneration at Galliford Try, told Inside Housing: “Our order book is up significantly, which is great. We’re very cautious when we calculate the forward order book. We only put things in that are contracted, where everybody’s actually signed on the bottom line.
“There’s then a lot of other work on the bench which we’re working at. The amount of opportunities where we’re the preferred bidder or perhaps have secured land for joint ventures with housing associations, that’s well in excess of £1bn as well.
“So we’re finding that there’s a lot of work out there and the good and strong relationship we’ve got with our clients is really supporting that.”
Mr Teagle said that the order book was calculated before the government’s recent announcements on a post-2020 rent settlement, £2bn more in grant and the lifting of the Local Housing Allowance cap. But, he said, Galliford’s clients had already shown signs of wanting to “re-energise” their development programmes in the newly positive policy environment.
The construction order book for the whole group remained steady at £3.6bn, up from £3.4bn last year, while 94% of projected revenue for the financial year to 30 June 2018, the group said, is secured.
