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Galliford Try doubles dividend as profits jump 89pct

Galliford Try doubles dividend as profits jump 89pct

Housebuilder Galliford Try (LON:GFRD) topped the FTSE 250 leaderboard this morning after raising its dividend on the back of a resilient half-yearly performance.

The group said its pre-tax profits jumped 89 percent to £32.2 million in the final six months of 2011 as its house sales hit a record level, leading to a 30 percent increase in revenues to £746.8 million.

As a result, earnings per share soared 110 percent to 31.1 pence per share, prompting the company to double its interim dividend to nine pence.

“The group is confident that it is on track to deliver all the objectives of its three year housebuilding expansion plan during the current financial year with our southern biased business performing strongly despite the general economic uncertainty,” said Galliford chief executive Greg Fitzgerald.

“The housing market has remained resilient and we are encouraged by the continued strength of the market during the first seven weeks of 2012.”

The group added that it has now secured 100 percent of plots for planned production in 2012 and 2013 with 76 percent of its 10,700 plot land bank acquired at current market values.

Shares in Galliford Try rallied 11.5 percent to reach 559 pence by 10 am, valuing the group at £457.55 million.

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