Galliford Try could be top of the dividend pile

Crucially, the outlook in the wake of the EU referendum looks very much like business as usual. All the consented land for the current financial year has been secured, with 85 per cent for the following year. At Linden Homes, the housebuilding division, sales rates and selling prices have returned to growth after a brief summer lull in line with seasonal expectations. Completions in the year to June were up 8 per cent at 3,078, while operating margins rose from 16 per cent to 17.5 per cent. In addition, a restructuring into two divisions is expected to deliver annualised savings of £5m.

On the construction side, turnover grew by 16 per cent to £1.5bn. And, while 90 per cent of the £3.5bn order book is focused on the public and regulated sectors, the speed of work coming through was slower than expected. A drag generated by legacy contracts also trimmed operating margins from 1.2 per cent to 1.1 per cent, and, without the £5.2m sale of its site accommodation portfolio, profits fell by a third to £10.6m. Crucially, though, three-quarters of the order book is in framework agreements, allowing Galliford to work collaboratively with clients on follow-on projects.

Revenue from partnerships and regeneration projects was a little lower as a result of government rent reforms that restricted clients' procurement activities in the first half of the year. However, operating profits were up from £9.4m to £11.7m, and the contracting order book edged ahead from £850m to £865m.

Analysts at Peel Hunt are forecasting adjusted pre-tax profits of £161.5m and EPS of 156.2p for the year to June 2017 (from £139.3m and 135p in 2016).