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Galliford Try predicts better-than-expected profit and revenue | News

Galliford Try predicts better-than-expected profit and revenue | News

Galliford Try expects revenue and profit to exceed market expectations when it reports its annual results later this year.

In a year-end update this morning, the contractor reported strong progress against strategic objectives, with revenue and pre-tax earnings expected to be above the high end of current analyst forecasts.

Bill Hocking, CEO, said: “We expect to report another year of strong performance across our businesses, with increased revenue and earnings, as we continue to deliver on our updated strategy for sustainable growth through 2030.”

Galiford

Current market forecasts for the year to 30 June are for revenues of £1.4bn to £1.6bn and underlying profits of £26.7m to £29.2m.

In May, the group updated its 2030 sustainable financial growth targets, which included increasing its operating margin to 4% and growing revenue to £2.2bn.

“Galliford Try’s ability to maintain the strength of its balance sheet is critical to our customers and suppliers, but also to our continued success in maintaining a high quality order book in our chosen sectors,” Hocking said.

“Our confidence in the future is supported by our order book and a long-term pipeline of future opportunities.”

>> Read more: Galliford Try named as £101m former immigration centre and RAF upgrade

The group had an order book of £3.8 billion at 30 June and started the new financial year with a guaranteed turnover of 92%.

Since January, Galliford Try has secured a place on a number of key frameworks, including the £3.2bn Communities & Housing Investment Consortium Newbuild Development Framework for affordable housing and the £600m Scottish Government Framework for public sector civil works.

The cash position at 30 June was approximately £227 million.

The group expects to announce its annual results on September 19.