Group
Record profit achieved through strong performance across the Group and successful delivery of disciplined growth strategy
Record earnings per share, increasing by 32% to 94.6 pence
Return on net assets improved to 20.8%
43% increase in full year dividend payment to 53.0 pence
Minimal net debt of £5.1 million at 30 June 2014 (2013: net debt of £14.4 million)
£400 million five year unsecured bank facility
Housebuilding
Strong increase in revenue to £1,002 million (2013: £730 million), on an increase in the number of completions (inclusive of joint ventures) to 3,107 (2013: 2,932) and average Linden Homes selling price rising to £305,000 (2013: £266,000)
Improved margin performance with 13% increase in Linden Homes' operating margin to 15.1% (2013: 13.3%)
Strong forward sales position with 3% increase in sales currently reserved, contracted or completed at £419 million (2013: £405 million)
Record 14,000 plot landbank with 91% now acquired at current market values (2013: 87% of 11,400)
100% of land required for 2015 financial year in place, 90% of land secured for 2016
Galliford Try Partnerships revenue up 150% to £242.8 million; business performing strongly in a growing market with contracting order book of £0.6 billion (2013: £0.5 billion)
Construction
Construction operating margin robust at 1.0% as we deliver work won in more difficult market conditions (2013: 1.6%)
Exceptional cash management with a year end construction cash balance of £151 million (2013: £132 million)
A number of major project wins in the period with an encouraging pipeline of future opportunities reflecting improving market conditions
Miller Construction acquisition accelerates growth plans, provides access to new frameworks and more than doubles the size of our order book to £3.0 billion (2013: £1.2 billion)
88% of current year's planned revenue secured (2013: 87%)
Greg Fitzgerald, Chief Executive, commented:
"We have made excellent progress during the year against our strategy of disciplined growth with principal focus on margin. Linden Homes achieved an improved margin, ahead of our expectations, and significantly stronger average selling prices, reflecting the quality of our homes, our prime locations and the backdrop of improved consumer confidence. As we have gone through the quieter summer period, sales have been in line with our expectations.
Galliford Try Partnerships delivered outstanding growth with revenues more than doubling and margins improving.
Construction continued to perform well, maintaining a profitable result as we work through contracts won in a difficult market, and start to deliver new work secured on more robust terms in improving conditions. We are very pleased to have acquired Miller Construction which more than doubles the size of our order book, adds several strategically important frameworks and also brings additional talent to the enlarged Group. Integration is proceeding very well and ahead of expectations.
With a record landbank in housebuilding, a larger and stronger construction business and a robust balance sheet, the Group is in an excellent position. Whilst we continue to recognise the challenges around the supply chain and the time required to convert outline planning permissions into detailed consents, we look forward to the year ahead with confidence."
