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Galliford Try expects profit in line; warns of cost pressure on Scottish road project

StockMarketWire.com

Homebuilding group Galliford Try said it expected to deliver a full year result in line with analysts' expectations amid falling sales rates at its Linden Homes unit.

The company also warned that costs had increased at a Scottish road project due to weather delays.

Galliford Try said it had recorded £1.18bn of sales reserved, contracted or completed at Linden, of which £904m was for the current financial year through June.

That compared to comparative figures in the previous financial year of £1.17bn and £915m, respectively.

The sales rate had fallen to 0.71 per outlet per week since January, compared to 0.74 a year earlier.

In the partnerships and regeneration business, £175m of sales were reserved, contracted or completed, of which £123m was for the current financial year. That compared to figures in the previous year of £127m and £77m, respectively.

The construction order book had fallen to £3.3bn, down from £3.5bn.

On the Aberdeen Western Peripheral Route, the company said it had experienced some further cost pressure, mostly from weather delays, which were likely to increase the exceptional charge in the current year.

'The amount will depend upon progress recovered through the summer, and is expected to be lower than the charge (£25m) taken in the first half. We are continuing to discuss several significant claims. Practical completion of the project is anticipated this summer.'

At 8:06am: (LON:GFRD) Galliford Try PLC share price was -22.25p at 950.25p


Story provided by StockMarketWire.com