Strong first half results for Galliford Try

Revenue for the six months to 31 December 2023 jumped by 21 per cent to £819 million, compared to £679 million in the prior half year, and a 2.5 per cent divisional operating margin (H1 2023: 2.3 per cent), with growth in both Building and Infrastructure divisions.  

The group also reported a 33 per cent increase in pre-tax profit to £15.6 million, up from £11.7 million in the prior first half.  

Average month-end cash for Galliford for the period was £150 million (H1 2023: £154 million). 

The group’s order book of £3.7 billion (31 December 2022:  £3.5 billion) is mainly in long-term frameworks and provides good visibility of future workload, well beyond the current financial year, with 98 per cent and 83 per cent of projected FY2024 and FY2025 revenue already secured. 

Divisional update 

Galliford said its Building business was making progress in the private rented and affordable housing sectors, having recently been appointed to the £3.2 billion Communities and Housing Investment Consortium (CHIC) new build development framework. 

In November last year, Galliford bolstered its Environment business with the acquisition of mechanical and electrical engineering specialists AVRS Systems for £7 million. 

The group’s Highways division was also appointed to the Generation 5 Civil Engineering, Highways and Transportation Collaborative Framework 2024-2028. 

The company reported a Public-Private Partnerships (PPP) asset portfolio value of £43.5 million, compared to £44.6 million at June 2023. 

A word from the top 

Galliford Try chief executive, Bill Hocking, said: “I am very pleased with the group’s performance in the first half of the financial year. There is strong momentum in the business and our continued excellent performance is a reflection of our disciplined strategy, committed people and long-established relationships with our supply chain and clients. 

“The group has delivered increased revenue and divisional operating margin, as we make accelerated progress towards our strategic objectives, and we will continue to provide long-term sustainable value for our stakeholders. 

“Our strong and high-quality order book, predominantly in long term frameworks, provides visibility and security of future workloads and continued growth prospects well beyond the current financial year.   

“Our performance, over the last three years, together with our excellent people and our strong balance sheet, gives us confidence to announce our updated strategy to 2030 at a Capital Markets Event on 23 May 2024.” 

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