House prices boost for Galliford Try

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Market expectations for the year to end June is for adjusted pretax profit of £23 to £25.5 million, the company said.

Galliford said house prices had firmed and it had achieved better-than-expected sales, with completions sharply up in the second half of the year.

The group's construction unit also performed to its expectations, despite the challenging environment.

Overall, net cash was in excess of £75 million at the end of June, compared with £34.1 million for the same period in 2009 and significantly ahead of forecasts.

"We are ahead of our target for delivering the transformational housebuilding expansion plan announced with the rights issue in September 2009," said chief executive Greg Fitzgerald.

"The strength of the group's finances and the spread of its activities mean that, subject to the economic uncertainties affecting our markets, we are well positioned to deliver our planned progress."

The company said it has anticipated reductions in public sector work, although some uncertainty remains as it awaits the effect of the June budget measures and the government's autumn spending review on both its housebuilding and construction activities.