Infrastructure business profit drop for Galliford Try
Galliford Try's infrastructure business has reported a £1.4M drop in operating profit to £5M for the year to June 30, 2014 compared with the same period in 2013. Turnover was also down, from £416.3M in 2013 to £374.6M this year.
During the year, the infrastructure business' joint venture with AECOM Design Build, Earthtech Morrison, was appointed by Yorkshire Water to continue as a contractor for its AMP6 framework. The framework, which is worth at least £110M to Galliford Try over the AMP6 period, is similar in value and scope to the current AMP5 deal.
The infrastructure business also won its first contract in the airport sector, for Manchester Airports Group. The £80M contract is part of the client's £500M capital delivery programme, which Galliford Try was appointed to in June 2013.
Galliford Try recorded a 28% rise in pre-tax profit to £95.2M this year on revenue up 21% to £1.7B. Chief executive Greg Fitzgerald said the group "made excellent progress" during the year against its strategy of disciplined growth with principal focus on margin.
He said: "With a record landbank in housebuilding, a larger and stronger construction business and a robust balance sheet, the group is in an excellent position. Whilst we continue to recognise the challenges around the supply chain and the time required to convert outline planning permissions into detailed consents, we look forward to the year ahead with confidence.”
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