Galliford Try plans 126m rights issue
CONSTRUCTION group Galliford Try yesterday announced plans for a £125.6m rights issue to raise funds for new developments and take advantage of the property sector upturn.
“The rights issue proceeds will allow us to take advantage of the improved land market liquidity we are witnessing and build homes at attractive margins,” said chief executive Greg Fitzgerald.
The news came yesterday as the company revealed it had fallen into the red over the year to end of June, reporting a pre-tax loss of £26.9m compared with a profit of £60.3m in the previous year.
It attributed the loss to writedowns of property assets of £50.4m and redundancy costs of £1m, and halved its dividend to 1.5p.