Galliford Try boss Greg Fitzgerald bemoans construction industry's "shameful" losses

The construction industry has a “shameful” track record of losses in recent years, the outgoing boss of Galliford Try has said.

Chief executive Greg Fitzgerald’s comments came as the housebuilder and contractor posted record pre-tax profit of £114 million for the year to June 30, up 20% on last year.

Galliford makes the lion’s share of its profits from housebuilding, but bolstered its construction arm with a swoop for privately-owned Miller Group’s building division.

Fitzgerald, whose firm put a roof on Wimbledon’s Centre Court, is improving the industry’s traditionally tiny margins but highlighted the woes of rivals like Balfour Beatty, hit by a string of bad contacts.

“I don’t like to see the landscape littered with competitors making losses. You could say it is shameful... As a sector we need to really, really learn from the last few years.”

He added: “You can make more profit building 20 bungalows than you can building the Forth Bridge.”

Fitzgerald is stepping up to become Galliford chairman next year.