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Galliford Try is trading at £12.40 and the share price is up 6.4% since the construction company reported a record first half in February, where its first-half profits increased by 18% to £38.1 million. The company also revealed an interim dividend of 15p per share, up 25% on the year. House building provided much of the driving force behind the record six months; Galliford-owned Linden Homes revealed a 13.5% increase in its operating margin.
The company announced a record land bank of 13,500 plots. The entire land bank for 2015 has been secured, and the majority the land bank required for 2016 has been locked in.
Mark Carney’s comments at the annual TUC conference benefited construction companies as he essentially ruled out at interest rate rise until next year.
Analysts are bullish on its stock, with three banks giving it a buy rating while another three rated it a hold.
The 200-day moving average of £12.07 is acting as support. If the company’s full-year results prove to be a record year then the share price could target £13.24.