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Galliford Try to review short time working

Galliford Try says there are signs the housing market is picking up and it will review short time working arrangements in its housebuilding division in the early summer.

The company said it was encouraged In an interim management statement the company said it was encouraged by increased activity in the housing market, but conditions remained challenging.

Other key issues highlighted included:

● Construction performing well with cash generation remaining “excellent”
● Limited recovery in the housing market seen since the New Year is being sustained
● Results for the full year to be in line with  expectations
● Operating well within the Group's banking facility and in full compliance with covenants
● Cost saving initiatives delivering £25million annual savings
● Contracting order book at £1.7 billion with building and infrastructure projects for the public and regulated sectors representing 87 per cent of the order book

However, the statement admitted conditions continued to be difficult with the construction market “becoming more challenging”

The statement said: “The sector strength of our construction business, with a significant proportion of our order book in the public and regulated sectors, continues to stand us in good stead as the economy has deteriorated. 

“We continue to benefit from our strengths in affordable housing.  In housebuilding, trading remains tough, although we are encouraged by the way in which the increased activity in the market since the New Year has been maintained.”

Significant contracts won since March include:
● £103 million refurbishment of St Pancras Chambers in London for the Manhattan Loft Corporation
● £47 million contract to construct Parc Prison in Wales
● Education contracts totalling £38 million. 
● PPP Investments division appointed preferred bidder on the £60 million Worcester Library and History centre