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Galliford Try hikes divi after strong underlying performance

Galliford Try's revenues - including joint ventures - rose by 6% to £2,820m in the year ended 30 June following a strong underlying performance.

Group revenues of £2,662m rose by 7%.

Pre-tax profits were down 57% at £58.7m but pre-exceptional profit before tax rose buy 9% to £147.6m.

The group has declared a final dividend of 96.0p per share - up 17%.

Chief executive Peter Truscott said: "I am pleased to announce strong operating progress in the financial year, which has been supported by robust market conditions.

"Our reorganised management teams in Linden Homes and Partnerships & Regeneration have achieved excellent revenue and margin growth and continue to enhance their operating effectiveness as described in our strategy presentation in February.

"While the one-off costs relating to legacy contracts in Construction have impacted the reported financial performance, we remain confident in the prospects for the business, with the underlying portfolio of newer contracts performing well, and simplified and strengthened processes proving effective.

"Reflecting our strong underlying performance we are proposing an increase in our full year dividend of 17% to 96.0 pence per share.

"Entering the new financial year, we remain cautious about the impact of the current political uncertainty and the medium-term outlook for the macro economy.

"However, all three businesses have clearly defined plans as part of our 2021 strategy, providing the Group with confidence in its ability to deliver a strong performance even in a period of lower growth in the wider economy.

"Our strong Group order book and disciplined approach to land acquisition and contract selection provide us with solid foundations to deliver further growth in FY 2018."

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