September 11, 2019 / 6:24 AM / 3 months ago

Galliford Try reports 27% drop in full-year profit

Sept 11 (Reuters) - British builder Galliford Try Plc reported a 27% drop in annual pretax profit on Wednesday, hurt by lower new orders and contract write-downs in its construction business amid a slowing UK housing market.

The company has restarted talks to sell its residential housing units to Bovis Homes after Bovis nudged up its proposed offer to 1.08 billion pounds.

The FTSE 250 company’s pretax profit fell to 104.7 million pounds ($129.43 million) from 143.7 million pounds a year earlier.

Group revenue fell to 2.71 billion pounds for the year ended June 30 from 2.93 billion pounds a year earlier. ($1 = 0.8089 pounds) (Reporting by Yadarisa Shabong in Bengaluru; editing by Arun Koyyur)

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