Group
Record profit following another strong year for the Group
Earnings per share increased by 19% to 112.8 pence
Return on net assets improved to 23.3% from 20.8%
Final dividend of 46 pence, giving 28% increase in full year dividend payment to 68 pence covered at 1.7x pre-exceptional items
Net debt of £17.3 million at 30 June 2015 (2014: £5.1 million) despite increase in landbank
All businesses managed high levels of build cost inflation during the financial year
Continued excellent progress against our strategy to 2018
Housebuilding
11% increase in revenue to £1,108 million from £1,002 million. 3,177 completions with a further 1,800 equivalent contracting units in Galliford Try Partnerships (2014: 3,107 and 1,500 respectively)
Landbank increased to 15,750 plots (2014: 14,000 plots)
Linden Homes margin increased to 16.0% (2014: 15.1%)
Restructure implemented in the South to improve overhead leverage and generate annualised savings of up to £2 million
Linden Homes average private selling price rose by 7% to £327,000 (2014: £305,000). Current sales per outlet is up 20% on last year and conditions remain positive, with 8% growth in sales reserved contracted or completed to £413 million (2014: £384 million)
Acquisition of Shepherd Homes for £31 million accelerates our growth in the North
Sale of shared equity portfolio at balance sheet value of £18.6 million
100% of Linden Homes land required for 2016 financial year in place, with 90% of land secured for 2017
Galliford Try Partnerships revenue increased by 36% to £329 million, with margin improving to 2.9% (2014: 2.1%)
Galliford Try Partnerships contracting order book of £850 million (2014: £610 million)
Construction
Timely acquisition of Miller Construction has accelerated growth in an improving market
Capitalised on broader client base and frameworks to achieve a number of major project wins
Construction margin up at 1.2% (2014: 1.0%) with 1.5% for the second half of the financial year as we complete older projects
£173 million year end cash balance in Construction, demonstrating continued strong cash management (2014: £151 million)
£3.8 billion order book (2014: £3.0 billion)
90% of this year's planned revenue now secured (2014: 88%)
Greg Fitzgerald, Executive Chairman, commented:
"I am delighted to announce another record year at Galliford Try with all of our businesses buoyed by encouraging market trends. In Housebuilding we have achieved progress on margins, and made strides towards further enhancement, implementing some operational restructuring and other business improvement initiatives. We are very pleased to have acquired the Shepherd Homes business, which will accelerate our growth in the North. We have achieved a significant increase in the landbank with market conditions remaining positive. We are continuing to see strong demand for our Partnerships affordable housing offering.
Our Construction division has made excellent progress in closing out older contracts, and won significant new work in an improving market, strongly assisted by the timely acquisition and swift integration of Miller Construction.
All businesses saw high levels of build cost inflation but early signs indicate the situation may be moderating.
Reflecting the delivery of record results and our continued confidence in the business, we have increased our full year dividend by 28%. We have refreshed the board with strong executive and non-executive appointments and from 1 October 2015 I look forward to welcoming Peter Truscott as the Group's new Chief Executive. Following a three month handover, and as previously announced, I will take up the role of Non-Executive Chairman from 1 January 2016."
