Greg Fitzgerald names Galliford Try exit date amid positive trading update
Greg Fitzgerald is to step down from the board of Galliford Try at the company’s annual general meeting on November 11 after 34 years with the business.
Having announced his intention to retire in September 2014, Fitzgerald’s departure marks the culmination of an orderly handover process that has been 18 months in the making.
He will be succeeded as planned by Peter Ventress, currently non-executive deputy chairman and senior independent director.
Greg Fitzgerald said: “In September 2014 I announced, after 33 years with the business, my intention to retire from the group. Since announcing my intention to retire and having overseen a number of executive and non-executive appointments, including the appointment of Peter Truscott as chief executive and Peter Ventress as deputy chairman, I believe, following an effective transition that now is the right time to step down. I leave the business in an excellent financial position with a clear growth strategy.”
The announcement comes as the Group revealed that it is confident about prospects for next year despite the uncertainty created from the fallout of the Brexit vote.
In a positive trading update issued this morning, Galliford Try said its construction division had already secured 82 per cent of its order book for 2017.
The Group added that it expects to report record full year results, with profit before tax in line with management’s expectations.
Chief executive Peter Truscott said: “The Group has achieved another record year, with growth across all three businesses. Linden Homes has seen good average sales rates, achieving 0.68 per site per week in the second half from increased average outlets of 84, and enters the new financial year with record sales exchanged and reserved of £380 million.
“Galliford Try Partnerships has continued to grow its mixed tenure revenues, which is key to achieving the targets we have set for the business, and we have maintained a strong contracting order book. Construction continues to enjoy an excellent order book and has grown revenues in the year, with good margins on newer work, although the overall result is still constrained by legacy contracts.
“Recent political events create a backdrop of uncertainty for the new financial year. It is too early to predict specific effects on our markets, but the strength of underlying demand for new homes and the continuing availability of mortgage finance and Help-to-Buy give grounds for confidence in both Linden Homes and Galliford Try Partnerships, The late-cycle nature and public sector focus of Construction are key advantages for the Group, with the order book already 82 per cent secured for FY17. The balance of our businesses and the strength of our order books mean that we are well-placed to manage the impact of this uncertainty. We are keeping the position under review and will update in more detail when we report our annual results on 14 September.”