Galliford Try has produced a “record” half year profit, with housebuilding arm Linden Homes making good progress on margins, outlets and sales.
During the six months to December 31 2015, Linden’s operating margin rose to 17% from the 15.1% reached over the equivalent period the previous year.
Linden’s revenue was up 5% to £362.7 million, driven by 1,357 unit completions against 1,364 in the previous year. Private unit completions increased to 1,124 from 984. The private average selling price climbed 8% to £334,000.
The housebuilding division’s average number of outlets rose to 76 during the half year from 58. Linden’s rate of sale was 0.57 unit sales per outlet per week against the 0.51 of the previous year.
GT said that Linden would open a further business in Yorkshire this year.
As a group, GT – which also has construction and affordable housing divisions – saw a pre-tax profit of £52.9 million during its half year, up 24%.
GT’s CEO Peter Truscott, said: “We are very pleased with the strong performance in the six months to 31 December 2015, with the group performing in line with expectations.
“Linden Homes has made strong progress on margins as well as increased outlet numbers and unit sales per outlet. Looking forward, we are encouraged by the start we have made to the second half of the year. Market conditions for Linden Homes have improved further since the turn of the year.”
Galliford Try also announced that COO Ken Gillespie would retire from the group in February 2017. Bill Hocking, MD of GT’s construction business, will continue to head the division. He began his post last September after joining from Skanska UK.