Foreign buyers help Galliford beat City targets

Despite plentiful evidence of a stagnant UK market, Galliford is benefiting from its big exposure to the south, with interest from overseas buyers particularly strong in London, chief executive Greg Fitzgerald said.

A pick-up in construction work also belied the steep, 4.7% industry decline registered by official figures in the first quarter of 2011.

The figure looked "very dubious", Fitzgerald added.

Shares rose 35p to 446.5p.