{"id":2992,"date":"2019-02-13T09:33:22","date_gmt":"2019-02-13T09:33:22","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=2992"},"modified":"2019-02-13T09:33:22","modified_gmt":"2019-02-13T09:33:22","slug":"galliford-try-construction-hit-by-more-aberdeen-bypass-losses","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/galliford-try-construction-hit-by-more-aberdeen-bypass-losses\/","title":{"rendered":"Galliford Try construction hit by more Aberdeen bypass losses"},"content":{"rendered":"

Galliford Try has suffered further losses on its delayed Aberdeen Bypass project in Scotland, plunging the construction arm into the red in the first half of its financial year.<\/p>\n

This morning the contractor reported that it had taken a further \u00a326m hit on the Aberdeen Wester Peripheral Route project.<\/p>\n

The latest setback presumes the successful outcome of major claims on the project by the firm.<\/p>\n

Work on the troubled \u00a3745m\u00a0 road project is now complete, but has not been accepted for handover because client Transport Scotland is demanding assurances about future maintenance after cracks previously appeared in parts of the road surface.<\/p>\n

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Chief executive Peter Truscott said: “Our estimated final costs to complete the AWPR contract have increased as a result of higher than anticipated direct costs, and further delay to completion.<\/p>\n

“Constructive dialogue with the client on the significant claims in respect of the contract are continuing.<\/p>\n

“Our provisioning for the loss on this project reflects our current estimate of the final costs, and is reduced by an estimate of our share of significant claims against the client and others, which are yet to be agreed and concluded.”<\/p>\n

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He added: “This inherent uncertainty will be resolved only when the project is complete and the claims finally settled.”<\/p>\n

The project tarnished a better performance from the construction division\u00a0in the half year to December.<\/p>\n

Truscott said otherwise construction’s performance continued to be encouraging, particularly on newer contracts, reflecting the business’s careful approach to project selection and risk management.<\/p>\n

He said: “We continue to prioritise the quality of each opportunity over volume. We are seeing projects deferred as a result of macro uncertainty, but with 96% of revenue secured for the current financial year and 66% secured for the following year the business has confidence in its prospects.”<\/p>\n

Across the group pre-tax profit slipped 4% to \u00a354m on revenue down 5% to \u00a31.42bn.<\/p>\n

At\u00a0the housing business Linden Homes r<\/span>evenue slipped 10% to \u00a3392m, as the softening market saw average selling prices\u00a0fall 5%.<\/span><\/p>\n

Profits fell 5% as a result to\u00a377m.<\/span><\/p>\n

The partnerships and regeneration arm continued its expansion, enjoying profit up a third to nearly \u00a315m from revenue also up to \u00a3285m from \u00a3223m in the same period previously.<\/p>\n

A strong focus on cash management saw average debt over the six months fall to \u00a3126m, down from \u00a3203m before.<\/p>\n

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from Construction Enquirer http:\/\/bit.ly\/2SultFj<\/p>\n","protected":false},"excerpt":{"rendered":"

Galliford Try has suffered further losses on its delayed Aberdeen Bypass project in Scotland, plunging the construction arm into the red in the first half of its financial year. This morning the contractor reported that it had taken a further \u00a326m hit on the Aberdeen Wester Peripheral Route project. The latest setback presumes the successful […]<\/p>\n","protected":false},"author":1,"featured_media":155,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-2992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/2992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=2992"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/2992\/revisions"}],"predecessor-version":[{"id":2993,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/2992\/revisions\/2993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/156"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=2992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=2992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=2992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}