Galliford Try

Wednesday, 12th September 2018 09:59 - by Rajan Dhall

Homebuilder Galliford Try report this morning, some of the other players in the industry have posted some impressive reports recently here are the highlights from Galiford Try:

·      Very strong underlying performance reflecting excellent progress made against strategy to 2021

·      6,193 total new homes built by Linden Homes and Partnerships & Regeneration (2017: 5,490)

·      Sales order books in Linden Homes and Partnerships & Regeneration robust at £698m (2017: £638m)

·      Successful 1 for 3 rights issue in April 2018 resulting in net proceeds of £150m

·      Average net debt at £227m (excluding the rights issue proceeds)

·      Full year dividend payment of 77.0p (2017 restated: 86.0p), covered 2.0x by pre-exceptional profits in line with policy announced at the rights issue

·      Pre-exceptional return on net assets improved to 29.2% from 27.5%

·      On track to achieve Group 2021 strategic targets with adjustments to divisional targets

Peter Truscott, Chief Executive, stated ''The rights issue in April has strengthened the balance sheet and ensures that the Group's businesses are well positioned, with the appropriate capital, to deliver on their respective growth opportunities in line with our Strategy to 2021."

On the daily chart below you can see the Co. has been performing well in recent times. The 1000p level has proved stubborn but we may give it a good go today to push through and have a sustained hold. In terms of support levels the 938p level looks strong and under that, we have the main volume profile area of 875p, this is the price where most shares have traded in recent times. On the upside, resistance may come from the early 2018 1187p area. All in all its a good report and it looks like the Co. may be over the Aberdeen bypass debacle. 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.