Galliford Try profits hit by legacy contracts

The developer and construction company Galliford Try has said it will no longer bid for large fixed-price infrastructure contracts after its profits were hit by a charge on legacy contracts. Pre-tax profits fell nearly 60%to 59m due to the98m charge it announced in May, relating to problem legacy contracts for thetheQueensferry Crossing and part of a road inAberdeen. But the company posted a7%rise in revenues to £2.7bn in the 12 months to June 30, and a 9% increase in underlying profits excluding exceptional items. Galliford added that the amount set aside was unchanged and it was making “good progress” on its target to increase profits by 60% by 2021.