Morrison Construction owner Galliford Try has raised its dividend after a “strong” first half performance.
The group saw revenues grow 3% to £1.3 billion in the six months to December 31, while pre-tax profits were 19% ahead at £63m.
Declaring its confidence in its full-year outlook, the firm raised the interim dividend by 23% from 26 pence to 32p.
Morrison, the group’s Scottish construction arm, is one of the principals within the consortium building the Quensferry Crossing over the Forth.
The project – one of Scotland’s largest infrastructure schemes in a generation – is nearing completion with the final bridge span put in place this month.
Galliford’s construction arm produced revenues of £742m in the first half, a marginal improvement on 2016.
Its building division – which has a substantial presence in Scotland – produced a £1.5m profit from revenues of £492m.
CEO Peter Truscott said the group had turned in a strong first half.
“Whilst we remain alert to potential uncertainties in the wider economy, we continue to see opportunity in all of our markets,” Mr Truscott said.
“We enter the new calendar year with strong order books: both Linden Homes and Partnerships are at record levels, and whilst Construction is lower than the prior year, it remains both at a very comfortable level and, more importantly, of high quality.
“Our improved debt facilities have further strengthened the balance sheet, providing financial flexibility to underpin our strategy for growth.”