Galliford Try defies rising prices and shortage of workers to post £11m profits
Galliford Try has seen a return to profit and said it is successfully managing material shortages and price hikes amid supply chain problems.
The company posted better-than-expected pre-tax profits of £11.4million for the year to June 30, against underlying losses of £59.7million the previous year.
It is continuing to trade well in the new financial year, despite mounting pressures on the sector from material shortages and rising costs.
Rebound: Galliford Try posted better-than-expected pre-tax profits of £11.4m for the year to June 30, against underlying losses of £59.7m the previous year
Rivals have reported delays to projects and increasing build costs due to a shortage of lorry drivers and supply issues.
Chief executive Bill Hocking said the group had been buying in orders and materials far earlier to avoid shortages.
For one project, the group ordered in all the bricks it needed nearly a year in advance and stored them until construction started.
Hocking expects the material shortage issues to ease over the coming months.