Galliford Try eyes profits at top of City forecast

Housebuilding and construction group Galliford Try today told investors that its annual profits should come in towards the upper end of analysts’ forecasts following a year of “strong progress”.

City analysts currently expect pre-tax profits of between £92.8 million and £95.2m for the group, which is part of the consortium behind the £745m Aberdeen bypass.

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Galliford, owner of Scottish construction firm Morrison, said its Linden Homes housebuilding division has seen average prices rise 15 per cent to £305,000 in the year to the end of June.

Chief executive Greg Fitzgerald said: “We welcome the government’s continuing commitment to housing provision, and the focus of the Bank of England on maintaining stability in the housing market. In addition the prospect of timely interest rate rises should support a sustainable market into the longer term.”

The group is planning to announce its full-year results on 16 September.