Galliford Try presented a gloomy outlook for the housing market as its land values dropped 10% as it attempted to lure buyers with bigger discounts. Financial Times

Greg Fitzgerald, chief executive, stressed that the non-residential side of the business had strong forward orders and would continue to perform robustly.

In the six months to the end of December, Galliford Try lifted interim pre-tax profits 56% to £33.8m on revenues that rose 48% to £897.9m, boosted by the acquisition of Linden Homes in March.