Galliford Try Holdings plc, the UK construction group, has reported a positive performance and £3.7 billion order book in latest trading update for the half year period from 1 July 2023 to 31 December 2023.
The update on current trading says the Group is performing well, with strong momentum throughout the first six months of the current financial year, and continues to make good progress against its Sustainable Growth Strategy.
Trading is ahead of the prior year period and the Board's expectations, which were previously increased at the time of the full year results in September 2023. With good visibility over the second half, revenue for the full financial year is now expected to be approximately 5 per cent. ahead of current market expectations, with an equivalent increase in expected profit before tax.
The range of analysts' forecasts for the year ended 30 June 2024, based on forecasts at 12 January 2024, is £1,435 million to £1,490 million for revenue and £25.2 million to £28.1 million for pre-exceptional profit before tax.
The update says that given the excellent progress to date against the Group's Sustainable Growth Strategy, the Board expects to update its strategic targets to 2030 during the second quarter of 2024.
Order book and outlook
The update says:
“We continue to see a robust pipeline of opportunities across our chosen sectors, supported by our strong track record and focus on the public and regulated sectors alongside high-quality private clients.”
The Group's order book of £3.7 billion (31 December 2022: £3.5 billion) remains predominantly in long term frameworks and provides good visibility of future workload, well beyond the current financial year.
Bill Hocking, Chief Executive of Galliford Try, commented:
"Galliford Try continues to perform strongly and consistently, and our performance in the first half of the financial year provides increased confidence for the full year.
“We are pleased with our recent acquisition of AVRS Systems, complementing our existing operations and acquisitions of specialists Ham Baker and MCS Control Systems, further adding to our ability to provide enhanced specialist services to our water sector and related clients. We have excellent people and project teams, a strong balance sheet and high-quality carefully selected order book in our chosen sectors.
“We are encouraged by the performance and momentum in the business and our expectations for the full year to June 2024 have improved accordingly."
The update says the Group's strong balance sheet supports its ability to secure high quality contracts and frameworks, attract a highly skilled supply chain and continue to invest in the business.
Galliford Try expects to announce its results for the half year on Wednesday 6 March 2024.
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