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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Problems in its housebuilding division will mean Galliford Try's profits this year coming in well short of market forecasts.

"Markets for the group's housebuilding division have been difficult throughout the spring selling season. In recent weeks they have shown a further sharp deterioration as the availability of mortgage finance for homebuyers has reduced, with increased costs together with a requirement for more substantial deposit," it said.

Accordingly, the board now expects that the group's profit before tax for the year ending 30 June 2008 will be no less than £60m. Previous market estimates had been for profits of over £75m.

The statement added that the construction, affordable housing and regeneration businesses are performing strongly with a spread of work across the public, regulated and private sectors. Total work in hand for its building and infrastructure divisions stands at £2bn, unchanged from the position at 31 December 2007.

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