Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Costs of closure push Galliford to pounds 6m loss

Tom Stevenson
Thursday 06 October 1994 18:02 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

A pounds 3m PROVISION to close a loss-making contracting business sent Galliford, the housebuilding and construction group, into a pounds 6m loss for the year to June. Despite dipping into reserves for the second year running, however, the dividend was maintained, writes Tom Stevenson.

Continuing losses from pipeline cleaning wiped out the rest of the group's profit of pounds 160,000, struck from sales of pounds 209m. After a sharp deterioration in trading during wet weather in February the decision was taken to close the business.

The pre-tax loss of pounds 5.84m compared with a pounds 254,000 profit in the year to June 1993. There was a loss per share of 5.04p (0.33p profit). A final dividend of 0.5p made a full year total of 1p.

General construction also had a poor year, with last year's pounds 408,000 profit turned into a pounds 2.41m loss. George Marsh, managing director, warned that margins in civil engineering and building would remain depressed for some time.

Housebuilding and building supplies both improved, with a 31 per cent rise in completions contributing to a profit of pounds 2.03m ( pounds 1.58m). Supplies reversed last year's loss of pounds 717,000 into a pounds 447,000 profit. The shares closed 7p lower at 27p.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in