Galliford Try, a small construction and housing company, turned in record profits in several divisions in the year to June, but severe pressure on the housebuilding sector forced a writedown in land values, leaving earnings per share down a fifth.

The company, which focuses on construction, infrastructure, public-private partnerships, housebuilding, and affordable housing and regeneration, reported a 30 per cent increase in group revenue to £1.8bn, with pre-tax profits up 35 per cent to £71.8m before exceptional items.