Galliford Try profits remain steady

Building firm Galliford Try posts interim pre-tax profits after exceptional items of £6.4m compared with a loss of £37.5m last time.

Group revenue fell to £570m - down from £774m - while pre-exceptional profits before tax rose to £13.2m from £11.2m in 2008.

The firm had net cash of £100.2m at the end of December compared with £1.8m last time.

The firm said the average selling price was up 2.8% year-on-year in the first half, with completions expected to pick up sharply in the second half - sales in hand up 21% on a year ago at £370 million, 84% of projected sales for the year secured.

Chief executive Greg Fitzgerald said: "Against the backdrop of a more stable housing market we have made excellent progress with the first stage of our transformational housebuilding strategy for our southern based business, bringing land acquisition opportunities with attractive potential returns to fruition.

"The market for construction is challenging but our quality order book and the spread and depth of our industry leading business across its market sectors continue to be key strengths that will enable us to respond quickly to a market upturn once it occurs."