Galliford Try hikes dividend after record results

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Construction firm Galliford Try today unveiled a 25 per cent increase to its interim dividend as it reported record half-year results.

The owner of Edinburgh-based builder Morrison Construction posted a pre-tax profit of £38.1 million for the six months to the end of December, up from £32.3m a year earlier, on revenues 18 per cent higher at £803.5m.

Chief executive Greg Fitzgerald also said the group was aiming to double its annual profits by 2018, supported by a new £400m unsecured bank facility, which has seen Santander join existing lenders Barclays, HSBC and Royal Bank of Scotland. Full-year profits came in at £74.1m in 2013.

Fitzgerald added: “The half year saw strong performance across the group and we have been very encouraged by the start of the calendar year.

“Group profit for the half year is at a record high and we continue to be encouraged by the levels of future opportunities.”

The interim dividend, to be paid on 9 April, was lifted to 15p a share, up from last year’s payout of 12p.