Housebuilder Galliford Try (GFRD) is set to announce record results for the year to 30 June.
Peel Hunt forecasts pre-tax profits hitting £133.5 million for the period. This, along with an optimistic outlook, moves the shares 6.8% higher to 942p.
The FTSE 250 group has interests in housebuilding, construction and public-private partnership projects.
Galliford has been rewarded by the market for building 11% more homes during the year, while the average private sale price was 2% higher at £335,000.
Prelims are scheduled for 14 September.
Housebuilders have been hit hard since the UK voted to end its membership of the European Union (EU). Investors have dumped their interests in the sector on concerns that lower economic growth (and possibly even a recession) is on the way, hitting house prices.
However, confidence in Galliford’s boardroom is high. It has already secured 82% of revenue for the new financial year’s construction order book, while they expect demand for housing to remain strong, driven by population growth and the availability of finance.
This could help drive a stronger interest in its shares. The price dived 40% from £13.21 on 23 June to a low of 785p. The revival has been modest with the company still trading 28.6% below its price on referendum day.
Rival housebuilders have also failed to record a revival in their shares as uncertainty continues to dog the market.
Berkeley (BKG) fell from £32.85 and currently trades 15.5% lower at £27.74, despite the price improving 22% from its £22.70 low on 6 July.
Bellway (BWY) shares plunged as low as £17.03 on 6 July, a 37.7% drop. It now trades 17.4% higher to £20.00, still well below the £27.34 it was changing hands for when markets closed on 23 June.
Barratt Development (BDEV) lost 42% of its value, but has only improved 26% since to 419.5p.
