Housebuilder Galliford Try (LON:GFRD) told investors that the housing market has been stable and its full year results are set to be in line with forecasts.
During the year to end June, housing completions surged 40 percent to 3,039, while the average selling price in private housebuilding rose 10 percent to £250,000.
The group also reported an 11 percent jump in housing sales carried forward, which stood at £273 million at the end of the year.
Additionally, the landbank has increased to 10,500 plots from 10,250 p-lots a year earlier with Galliford noting that it has more plots in the stronger south east.
Meanwhile, the group has secured 82 percent of projected revenues for the current financial year and had an order book of £1.6 billion and net cash of £20 million at the end of June.
“...against a background of challenging economic conditions, we have maintained a quality construction order book and benefited from a number of contract wins,” said chief executive of Galliford Greg Fitzgerald.
“Our strong financial performance in the period means the group is cash positive at financial year end and, subject to economic conditions, we are well placed to deliver further margin improvement and growth in the new financial year.”