Housebuilding and construction group Galliford Try said there was a 28% increase in total housing completions to 851 units in the half to end-December. In a Trading Statement released by the company today for the 6 months to End December 2010.
A full copy of the Statement can be seen by following the links at the bottom of this post but the high lights on its housing are posted below:
GALLIFORD TRY PLC
Galliford Try plc, the housebuilding and construction group, today provides the following update on trading for the half year ended 31 December 2010. The group expects to announce its results for the half year on 23 February 2011.
· 28% increase in total housing completions to 851 units; 779 net of joint venture partners’ share (2009: 663 and 638).
· 11% increase in total housing sales reserved, contracted and completed at £359 million (2009: £324 million).
· 8% increase in total landbank to 9,500 plots (31 December 2009: 8,800 plots).
· 62% of landbank now secured at current market values, (31 December 2009: 36%).
· Selected as preferred developer on projects in all three HCA delivery partner panel regions.
Greg Fitzgerald, Chief Executive, commented:
“While the economic outlook is still uncertain, the board continues to be encouraged by the progress being made in housebuilding and by the resilience of the Group’s construction business. While remaining cautious in the short term, the Group is confident in its strategy for delivering the objectives of its expansion plan.”
Total sales reserved, contracted or completed of £359 million are up by 11% compared to a year ago. £238 million is for the current financial year to 30 June 2011, representing 63% of projected sales for the year (2009: £235 million, 75%). Our sales in the first half have been achieved from a similar number of outlets to last year. The second half is expected to benefit from a significant increase in the number of active selling sites over the next six months from the current level of 65 to over 85 by the end of the financial year in June 2011, giving us the outlets projected in our three year expansion plan.
Following the encouraging sales volumes achieved during the first quarter, the market did not benefit from the historic autumn seasonal upturn. It then remained subdued for the rest of the first half of our financial year, exacerbated by the adverse weather conditions across our operating areas in December. Mortgage availability remains the most serious constraint to sales volumes, and we continue to make controlled use of shared equity and part exchange sales incentives. Our cancellation levels are currently running at 20%, close to the long term average.
With our strong southern bias and minimal dependence on consortium sites, prices achieved have continued to be at or slightly above our expectations and our average selling price on private sales was up 4% at £204,000 (2009: £197,000). Due to a higher proportion of lower priced affordable homes completed in the period, the average selling price for affordable sales was £110,000 (2009: £131,000) leading to a combined average selling price of £178,000 (2009: £181,000).
A full copy of the statement from Galliford Try can be obtained from their website http://www.gallifordtry.co.uk/investors or the following link Statement Report
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