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Galliford Try FY19 Profit Down, Cuts Dividend; Says Core Business Performs Well

Galliford Try Plc (GFRD.L), a housebuilding, regeneration and construction group, reported Wednesday that its fiscal 2019 profit before tax declined to 104.7 million pounds from last year's 143.7 million pounds.

Earnings per share were 78.5 pence, down from 121.1 pence a year ago.

Pre-exceptional profit before tax was 155.5 million pounds, compared to 188.7 million pounds a year ago. Pre-exceptional earnings per share were 115.7 pence, compared to 158.4 pence last year.

Revenue for the year, including share of joint ventures, declined to 2.86 billion pounds from prior year's 3.13 billion pounds. Group revenue was 2.71 billion pounds, down from 2.93 billion pounds a year ago.

Further, the company said its directors are recommending a final dividend of 35.0 pence per share. This will result in a total dividend for 2019 of 58.0 pence per share, down from 77 pence a year ago.

Looking ahead, the company said, "The Group continues to trade well against the backdrop of continuing political and economic uncertainty. Linden Homes has seen improving demand after the traditional quieter summer weeks, with prices and margins remaining firm.... The restructuring of Construction is proving effective, and the core business is performing well."

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