February 21, 2017 / 7:09 AM / 6 months ago

BRIEF-UK builder Galliford Try H1 profits rise, sees more growth ahead

Feb 21 (Reuters) - Galliford Try Plc

* Interim dividend 32 penceper share

* Strong first half performance with profit before tax up 19% to £63.0 million, eps up 19% to 61.9p and interim dividend up 23% to 32.0p reflecting confidence in full year outlook.

* Net debt of £113.8 million (h1 2016: £95.7 million), in line with expectation.

* Strategy to 2021 targeting sustainable growth and strong returns across all three businesses.

* Targets include 60% growth in profit before tax to fy 2021, a five year cagr 3 on dividend of at least 5% and a return on net assets 2 in fy 2021 of at least 25%.

* Revenue of £742.0 million (h1 2016: £738.6 million), with cash balance of £110.8 million (h1 2016: £154.7 million) reflecting delayed cash flows on some legacy projects.

* 2021 financial targets include revenue of £1.8 billion, operating margin of at least 2% and net cash of £200 million.

* I am pleased that we are able to announce an interim dividend of 32 pence per share, in line with our sustainable and progressive policy.

* Over last 16 months we have focused on enhancing strengths of each business, to build a solid platform for further disciplined and profitable expansion.

* We continue to see robust demand and pricing in residential markets,

* Profit before tax £63.0m up 19pct

* Revenue 1 £1,308m h1 up 3 percent Source text for Eikon: Further company coverage: (London newsroom)

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