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UPDATE 2-Galliford says cash boost from Bovis is key to housing deal

Contributed by NAMPA / Reuters.

* Company posts 27% drop in annual profit
* Losses in construction unit more than doubled
* Sees 2% margin growth in construction
* Shares rise 3.5%
(Recasts, adds CEO comments, background on sale offer of
housing business)
By Yadarisa Shabong and Noor Zainab Hussain
Sept 11 (Reuters) - Galliford Try aims to focus on
a smaller, more profitable construction business, which will be
easier with the cash boost from a proposed sale of its housing
busine ...



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