Galliford Try has recorded a strong performance across all operations in its recent set of financial results.
Revenue increased by 12.6%, from £1.2 billion in FY2022 to nearly £1.4 billion for the financial year to 30 June 2023.
This result put the Group on track for its 2026 revenue target of £1.6 billion, it said.
Operating margins remained firm at 2.4%, translating into a profit before tax of £23.4 million (before exceptional items), a 22.5% increase on the previous financial year (£19.1 million).
Average month-end cash was reported at £135 million (FY2022: £174 million), with no debt or pension liability.
This result supported the Group’s investment in the bolt-on acquisitions of Ham Baker and MCS to its Environment division, it said.
The Group’s markets remained strong, posting an 8.8% increase in order book value of £3.7 billion (FY2022: £3.4 billion).
Ninety-two per cent of work for the year ahead had also already been secured.
Galliford is already reporting performance for FY2023/24 is “likely to be at the upper end of current analysts’ estimates”.
- Final dividend of 7.5 pence (FY2022: 5.8 pence) with an interim dividend of 3 pence, giving a total dividend for the year of 10.5 pence, up 31%
- Special shareholder dividend of 12 pence per share, to be paid in October
- Share buyback returned a further £10.6 million to shareholders
Bill Hocking, chief executive, said: “Galliford Try continues to perform strongly and we are making good progress on our Sustainable Growth Strategy, of risk managed controlled growth – supporting our financial and non-financial targets to 2026.
“Our commitment to robust risk management, careful contract selection and operational excellence continues to underpin our performance and prospects. We are doing what we said we would do, consistently delivering increased revenue and underlying profit, supported by our great people, a strong balance sheet, excellent order book and good supply chain and client relationships.
“Our high-quality order book provides visibility and security of future workloads. Our business is not exposed to the short-term economic cycle as our sectors are critical to the UK’s future growth. Together with our excellent people and our strong balance sheet, this gives confidence in our ability to deliver our Sustainable Growth Strategy to 2026 and beyond and continue to provide long-term sustainable value for our stakeholders.
“We are encouraged that the momentum in the business has carried into the first quarter of the new financial year and our expectations for the full year have now increased.”
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