Forth road bridge contractor sees profits jump

ENGINEERING: Group building Queensferry Crossing includes Galliford Try subsidiary

Morrison Construction owner Galliford Try has raised its dividend after a “strong” first-half performance.

The group saw revenues grow 3% to £1.3 billion in the six months to December 31, while pre-tax profits were 19% ahead at £63 million.

Declaring its confidence in its full-year outlook, the firm raised the interim dividend by 23% from 26p to 32p.

Morrison, the group’s Scottish construction arm, is one of the principals within the consortium building the Queensferry Crossing over the Forth.

Galliford’s construction arm produced revenues of £742m in the first half, a marginal improvement on 2016.

Its building division – which has a substantial presence in Scotland – produced a £1.5m profit from revenues of £492m.

CEO Peter Truscott said the group had turned in a strong first half.

“Whilst we remain alert to potential uncertainties in the wider economy, we continue to see opportunity in all of our markets,” Mr Truscott said.

“We enter the new calendar year with strong order books: both Linden Homes and Partnerships are at record levels, and whilst construction is lower than the prior year, it remains both at a very comfortable level and, more importantly, of high quality.

“Our improved debt facilities have further strengthened the balance sheet, providing financial flexibility to underpin our strategy for growth.”

Picture: PA. The final section of the new Queensferry Crossing is lifted into place earlier this month.