Galliford Try joins other housbuilders in market optimism

Galliford Try ,the homebuilder and general construction firm, added to the growing feeling that the property market may be recovering, by announcing solid performance in its interim statement last week.

It ended June with net cash of £35million at 30 June 2009, wiping out the £2million debt it had at the same time last year. Sales of its homes were up 7% on last year, at £161million, although housing completions fell to 1,769 units from 2,524 last year. The firm said that 88% or £1.7billion of its work had come from the public sector.

In a statement, the company said: "The Group’s long-standing concentration on public and regulated sector work has maintained our competitive edge in replenishing our order book as the future pipeline of private commercial work has fallen, increasing competitiveness across all sectors."