Galliford Try reports strong half-year performance with positive future outlook
London, UK
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March 08, 2024 09:32 AM Eastern Standard Time
Galliford Try Holdings PLC (LSE:GFRD) Finance Director Andrew Duxbury shares insights into the company's half-year results in an interview with Proactive's Stephen Gunnion.
Galliford Try, a leading UK construction company, is known for delivering profitable, predictable results, focusing on non-cyclical sectors across the UK like schools, hospitals, prisons, roads, and water treatment works.
Duxbury noted that the company reported a strong performance for the half-year ending December 2023, with notable increases in revenue, divisional operating margin, profit before tax, and interim dividends. This growth was attributed to excellent operational execution, people, supply chains, and strong risk management practices.
Revenue was up 21% from the previous year, with a 2.5% divisional operating margin, up from 2.3%, and a 33% increase in profit before tax, alongside a 50% rise in earnings per share, resulting in a 33% hike in the interim dividend to four pence per share.
Duxbury expressed confidence in the company's future performance, citing eased macroeconomic challenges and a strong order book that provides visibility beyond the election cycle. Growth has been consistent across its building and infrastructure divisions, with significant contract wins including a £3.2 billion affordable housing framework and the acquisition of engineering specialist AVRS, enhancing its water business capabilities.
Investors can expect an update on the company's strategy at a capital markets event in May, outlining plans for growth beyond 2026 through to 2030, based on a strong balance sheet and disciplined risk management. Duxbury highlighted the company's momentum, non-cyclical market sectors, robust order book, and committed team as key investment highlights, underscoring Galliford Try's sustainable growth strategy.
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