Building pledges

HOUSEBUILDER Galliford Try has promised to stop bidding for risky, large projects after a massive charge on two its legacy contracts led profits to collapse by nearly 60pc last year.

The firm yesterday unveiled a 57pc drop in year-on-year profits for the year ended June 30 to £58.7m following a one- off £ 98.3m hit resulting from mispricing on two Scottish infrastructure projects.

As a result, the company said it was now focusing on low- risk public and regulated sectors rather than large projects on risky contracts. The company’s shares fell 1.7pc, or 23p, to 1340p.