Galliford Try shares drop on profit warning

Galliford Try shares drop on profit warning
The company, whose activities include housebuilding and road bypasses, £156m, as it plans to shrink the size of its construction business.

It says it plans to concentrate on areas where it has a successful record.

The group was hit last year after one of its partners on the Aberdeen bypass, outsourcing giant Carillion, collapsed, leaving it with extra costs of £38m.

It has continued work on that much-delayed and over-budget road scheme with its other partner, Balfour Beatty.

Galliford said that cost was not being revised.

It said its review would assess both the progress and contract positions throughout the rest of Galliford s construction business.

But it added that the majority of its construction businesses "continued to perform well".

The firm recently promoted its former finance director, Graham Prothero, to chief executive.

The company said it would have its verdict ready in the next few weeks and would "share the detail of the review", along with a further update on group trading, in its scheduled statement on 21 May.
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