REG - Galliford Try Hldgs - Half-year Report
06/03/2024 07:00
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RNS Number : 7140F Galliford Try Holdings PLC 06 March 2024
6 MARCH 2024
GALLIFORD TRY HOLDINGS PLC
HALF YEAR REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
STRONG MOMENTUM AND CONTINUING GROWTH
Strategy and Outlook
· Secure outlook with £3.7bn (H1 2023: £3.5bn) high quality and
focused order book.
· Excellent visibility over future revenue with 98% and 83% of projected
FY24 and FY25 revenue secured.
· Sustainable Growth Strategy on track to achieve our targets ahead of
plan.
· Capital Markets Event on 23 May 2024 to update strategy to 2030.
Financial and Operational Highlights
· 21% increase in revenue to £819m (H1 2023: £679m), with growth in
both Building and Infrastructure.
· 2.5% divisional operating margin (H1 2023: 2.3%), with margin
improvements in both Building and Infrastructure, showing good progress
against our strategic target.
· 33% increase in profit before tax to £15.6m (H1 2023: £11.7m) before
exceptional costs(1).
· 33% increase in interim dividend to 4.0p per share (H1 2023: 3.0p).
· Strong balance sheet with operating cash inflow in the period, average
month-end cash for the period of £150m (H1 2023: £154m) and a PPP asset
portfolio of £43.5m (June 2023: £44.6m).
· Building business is making progress in Private Rented and Affordable
Housing, recently appointed to the £3.2bn Communities & Housing
Investment Consortium (CHIC) Newbuild Development Framework for affordable
homes.
· Environment business continues to develop its capabilities including
the acquisition of mechanical and electrical engineering specialists AVRS
Systems.
· Highways business appointed to the Generation 5 Civil Engineering,
Highways and Transportation Collaborative Framework 2024-2028.
H1 2024 H1 2023 Change
Revenue £819m £679m +£140m
Operating profit before amortisation(1) £14.1m £10.8m +£3.3m
Divisional operating margin(2) 2.5% 2.3% +0.2ppt
Profit before tax(1) £15.6m £11.7m +£3.9m
Statutory profit before tax £13.0m £7.2m +£5.8m
Earnings per share(1) 13.2p 8.8p +4.4p
Statutory earnings per share 11.3p 5.5p +5.8p
Interim dividend per share 4.0p 3.0p +33%
Average month end cash £150m £154m £(4)m
Order book £3.7bn £3.5bn +£0.2bn
1. Stated before exceptional items. Exceptional items of £2.6m relate
only to our investment in cloud-based computer software (H1 2023: £4.5m).
2. Divisional operating margin is defined as pre-exceptional operating
profit before amortisation as a percentage of revenue. It is stated for the
combined Building and Infrastructure divisions.
Bill Hocking, Chief Executive, commented:
"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."
Enquiries to:
Galliford Try Bill Hocking, Chief Executive 01895 855001
Andrew Duxbury, Finance Director
Teneo James Macey White 020 7353 4200
Victoria Boxall
This announcement contains inside information. The person responsible for
making this announcement on behalf of Galliford Try is Kevin Corbett, General
Counsel & Company Secretary.
Galliford Try will hold a Capital Markets Event on 23 May 2024 and its next
Trading Update is scheduled for 11 July 2024.
Presentations
A conference call for analysts and institutional investors will be held at
09:30am GMT today, Wednesday 6 March 2024. To register for this event please
follow this link:
Conference call registration (https://brrmedia.news/GFRD_HY24)
Should you wish to ask a question, please dial-in on +44 (0) 33 0551 0200
quoting 'Galliford Try' when prompted by an operator, as it will not be
possible to submit a question via the webcast link.
An open presentation and Q&A session for retail investors will be held on
Friday 8 March 2024 at 09:00am GMT. Investors can register for the event via
this link:
https://www.investormeetcompany.com/galliford-try-holdings-plc/register-investor
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SUSTAINABLE GROWTH STRATEGY
The Group's strategic priorities are a progressive culture, socially
responsible delivery, focus on quality and innovation, and sustainable
financial returns.
Our Sustainable Growth Strategy balances financial targets with wider
commitments and aspirations to create long term value for all our
stakeholders. Announced in September 2021, we are making strong progress
against our 2026 financial targets:
Objective KPI Target (2026)
Earning a sustainable return on the value we deliver. Focus on bottom line margin growth Divisional operating
margin growth to 3.0%
Disciplined contract selection and Revenue growth
sustainable revenue growth towards £1.6bn
Maintain strong balance sheet Operating cash generation
Sustainable dividends Dividend cover of
1.8x earnings
Given the successful performance against our current strategy the Group
intends to update its strategy to 2030 at a Capital Markets Event on 23 May
2024.
RISK MANAGEMENT AND ORDER BOOK
The Group's strategy is founded on commercial discipline and robust risk
management. Our confidence in the Group's future performance is based on our
high quality order book, underpinned by management's discipline and focus, and
our robust long term pipeline of opportunities. Our sector focus means 81%
of contracts are delivered through frameworks providing a reliable stream of
long term future work built on relationships with clients on known terms,
conditions and risk profile.
At 31 December 2023 the Group's order book was £3.7bn (H1 2023: £3.5bn) of
which 87% is in the public and regulated sectors and 13% is in the private
sector. 98% of projected revenue for the current financial year is secured,
and 83% is already secured for the next financial year (H1 2023: 95% and 79%
respectively).
OUTLOOK
The Group has a strong and consistent track record and a predominant focus on
the public and regulated sectors. The UK's planned, and required, investment
in economic and social infrastructure continues to support growth in our
chosen markets. Our recent acquisition of AVRS Systems together with the
acquired specialist businesses, MCS Control Systems and Ham Baker, further
enhance our Environment business's client offering in the key areas of
off-site build and asset optimisation.
Our future outlook is supported by recent framework and project wins as well
as the robust and resilient pipeline of opportunities we see across our chosen
sectors.
The Group enters the second half of the year with strong momentum and
confidence for the financial year to 30 June 2024 and the longer term.
DIVIDEND AND CAPITAL ALLOCATION
The directors have reviewed the Group's results and outlook for the current
financial year and have declared an interim dividend of 4.0p per share which
will be paid on 12 April 2024 to shareholders on the register at the close of
business on 15 March 2024.
The Group's capital allocation priorities are:
· Strong balance sheet to support operations
A strong balance sheet is an important element in delivering the Group's
Sustainable Growth Strategy, as it provides a competitive advantage in the
market, supports the Group's disciplined approach, and provides confidence to
our clients and supply chain. The current outlook across our markets is
encouraging and supports our strategy. However, the Group also ensures that
it is prepared for any adverse change in market conditions that may arise. Our
strong balance sheet is particularly important for the Group to continue to
operate its disciplined approach to contract selection and focus on operating
margin, irrespective of any short term economic concerns. The management of
past inflationary pressures demonstrates the value and importance of the
Group's risk management framework and focus.
· Invest in the business
We are able to allocate capital to assist the development of our adjacent
markets, as demonstrated by our acquisition of AVRS Systems. Our strong cash
balance enables the Group to react quickly to strategic opportunities,
including bolt-on acquisitions that enhance our capabilities and increase
value, and to continue to invest in enablers of growth such as digital
capabilities.
· Paying sustainable dividends to shareholders
The Board understands the importance of dividends to shareholders and in
setting its dividend considers the Group's profitability, its strong balance
sheet, high-quality order book and longer term prospects. Consistent with this
approach the Group expects dividend per share to increase in line with
earnings as the business grows.
The Board's confidence in the outlook led to an improved dividend policy,
announced in September 2023, of earnings covering the dividend by 1.8 times.
Alongside dividend growth from our operational performance, this improvement
reflects the low-risk nature of the PPP asset portfolio and its annuity
interest income and provides a sustainable increase in dividend to
shareholders while retaining capital to invest in growing the business.
· Returning excess cash
We continue to assess the cash requirements of the business to ensure the
Group remains well positioned to deliver on its Sustainable Growth Strategy
and has sufficient funds to invest in the business. In September 2022,
having reviewed the Group's strong cash performance and ongoing capital
requirements the Group launched a share buyback programme of up to a maximum
of £15m. On 17 November 2023 we announced the completion of the share
buyback programme with a total of 8,404,148 shares repurchased and
subsequently cancelled, representing approximately 7.5% of issued share
capital. In addition to this, the Group paid a special dividend of 12.0
pence per share (amounting to £12.5m) on 27 October 2023 as announced on 8
June 2023. As previously announced, where average month-end cash and PPP
assets increase above the level required, the Board will consider making
additional returns to shareholders.
FINANCIAL REVIEW
During the first half of the year, the Group delivered a strong performance
resulting in a significant increase in revenue and profit before tax, as well
as improved divisional operating margin. Our operating performance, strong
financial position and high quality order book provide confidence in our
future performance.
Revenue for the half year to 31 December 2023 increased 21% to £819.1m (H1
2023: £679.2m). This reflects revenue increases in both Building and
Infrastructure. The procurement delays experienced by our Building business in
2022 have ended and the contracts awarded in 2023 are now on site, resulting
in increased revenue in Building. Our Environment business continues to
benefit from high levels of AMP7 spending by our water sector clients.
Pre-exceptional operating profit before amortisation increased by 31% to
£14.1m (H1 2023: £10.8m). The combined divisional operating margin was 2.5%
(H1 2023: 2.3%), with improvement in both Building and Infrastructure as we
make further progress towards our 3.0% target. Building generated a profit
of £10.6m (H1 2023: £9.3m), representing an operating margin of 2.4% (H1
2023: 2.3%). Infrastructure generated a profit of £9.3m (H1 2023: £6.5m),
representing an operating margin of 2.6% (H1 2023: 2.3%).
There was a £5.8m pre-exceptional operating cost in aggregate across
Investments and Central Costs (H1 2023: £(5.0)m). Investments includes
initial development fees from its first co-development Private Rental Scheme
reaching financial close, while the comparative period included a £3.6m
one-off profit on the disposal of an interest in a joint venture entity.
Central Costs were slightly lower at £6.1m (H1 2023: £6.5m). Net interest
income was £2.7m (H1 2023: £2.4m), with the increase largely a result of
improved interest rates partly offset by increased IFRS16 lease interest
charges.
Pre-exceptional profit before tax was £15.6m (H1 2023: £11.7m). Exceptional
items of £2.6m (H1 2023: £4.5m) have been incurred in the period, enhancing
our digital and data capabilities, in relation to our investment in
cloud-based digital finance and commercial systems. The new systems
successfully went into operation in September 2023. Full details are set out
in note 6 to the financial information. Post-exceptional profit before tax
was £13.0m (H1 2023: £7.2m).
The pre-exceptional taxation charge of £2.3m reflects a forecast effective
tax rate of 19.7% (H1 2023: 19.6%) for the year to 30 June 2024, after
allowing for prior year tax adjustments, which compares to the standard
effective tax rate of 25.0%.
Based on pre-exceptional earnings per share of 13.2p (H1 2023: 8.8p), and the
outlook for the remainder of the financial year, the Board has declared an
interim dividend of 4.0p per share (H1 2023: 3.0p).
The Group is well capitalised, maintaining its focus on disciplined cash
management in line with the Board's key capital allocation objectives. The
Group operates with daily net cash, no debt facilities, and no defined benefit
pension liabilities. Average month end cash balances for the first half year
were strong at £150m and the Board anticipates that average cash for the full
year to 30 June 2024 will be at a similar level.
The Group also benefits from a PPP asset portfolio of £43.5m, reflecting a
blended 7.3% discount rate and generating interest income.
The Group is able to adopt appropriate discipline and risk management when
sourcing new work supported by our strong balance sheet which is also
important in providing confidence to our clients, staff and supply chain. We
are committed to pursuing a collaborative and open approach with our supply
chain. Our performance under the Prompt Payment Code continues to remain
strong, with 97% of invoices paid within 60 days in the period (H1 2023: 98%)
and average payment being made in 24 days (H1 2023: 26 days).
OPERATIONAL REVIEW
Building
The Group's Building business operates through regional offices, serving a
range of public and commercial clients across the UK, with a focus on our core
and proven strengths in the Education, Defence and Custodial, Health and
Commercial sectors. Building has a substantial presence in Scotland operating
as Morrison Construction. Our Facilities Management business complements these
operations by providing building maintenance services and we continue to grow
the capabilities of this operation, with a specific focus on decarbonising
existing buildings through retrofit and other enhancements.
H1 2024 H1 2023 Change
Revenue (£m) 446.0 399.7 12%
Operating profit before amortisation (£m) 10.6 9.3 14%
Operating margin (%) 2.4 2.3 0.1ppt
Order book (£bn) 2.2 2.1 5%
Building's revenue was up 12% to £446.0m (H1 2023: £399.7m) with operating
profit before amortisation of £10.6m (H1 2023: £9.3m), resulting in an
improved operating margin of 2.4% (H1 2023: 2.3%). Revenue has grown, as
expected, as we now benefit from the volume of new work that was delayed by
inflation and public sector procurement challenges in 2022. We continue to
target margin progression, with the improvement in the period reflecting the
performance of projects across the business and our strategy of focusing on
bottom line growth.
Building has won a place on the £2.5bn Lot 2 of the eight-year framework, for
new build projects worth more than £10m, and the £650m Lot 3, for
regeneration projects, on behalf of the Communities & Housing Investment
Consortium (CHIC). Galliford Try anticipates accessing the framework to build
low and medium rise affordable apartments, building on its existing
capabilities in the build to rent market.
Building currently has an order book of £2.2bn (H1 2023: £2.1bn), including
27% in Education, 31% in Defence and Custodial, 15% in Facilities Management
and 4% in Health.
Infrastructure
Our Infrastructure businesses, primarily Highways and Environment
(incorporating principally our activities in water and wastewater), carry out
critical engineering projects across the UK. This business has established
long-term relationships with customers where we have a strong track record on
delivery, focusing on public and regulated sector work and bids with early
contractor involvement.
H1 2024 H1 2023 Change
Revenue (£m) 362.0 276.6 31%
Operating profit before amortisation (£m) 9.3 6.5 43%
Operating margin (%) 2.6 2.3 0.3pt
Order book (£bn) 1.5 1.4 7%
Infrastructure revenue was up 31% to £362.0m (H1 2023: £276.6m) with
operating profit before amortisation and exceptional items of £9.3m (H1 2023:
£6.5m), resulting in an improved operating margin of 2.6% (H1 2023: 2.3%).
Our growing Environment business, including the acquisition of AVRS Systems in
the period, provides enhanced and specialist service delivery across UK
operations including water, engineering, off-site build and asset
optimisation, and asset security. This enhanced capability puts the
Environment business in a strong position to support our clients accelerate
the use of digital technologies as well as improve efficiencies across the
lifecycle of the UK's water and wastewater infrastructure. The increase in
revenue reflects the particularly high level of activity across our
Environment business, as we continue to deliver on our AMP7 frameworks.
Our growing Highways business delivers vital infrastructure across the
strategic road network, helping connect communities through a range of
integrated transport solutions. The Highways business has secured a place on
Lot 4 of the new £500m Generation 5 (Gen5) Civil Engineering, Highways and
Transportation Collaborative Framework 2024-2028, managed by Hampshire County
Council. The four-year framework, for projects worth from £20-£175m,
comprises civil engineering, transportation and infrastructure
development-related construction.
Infrastructure currently has an order book of £1.5bn (H1 2023: £1.4bn)
comprising £562m in Highways and £894m in Environment.
Investments
Investments delivers major building and infrastructure projects through public
private partnerships and the co-development of Private Rented Sector (PRS)
projects, generating work for the wider Group in the process. The business
reached financial close, and has commenced construction, on its first PRS
scheme in Cardiff during the period.
H1 2024 H1 2023 Change
Revenue (£m) 11.1 2.9 283%
Operating profit (£m) 0.3 1.5 £(1.2)m
Asset valuation (£m) 43.5 46.1 £(2.6)m
Net interest income (£m) 1.9 2.0 (5)%
For the first half of the financial year, revenue was £11.1m (H1 2023:
£2.9m) with an operating profit of £0.3m (H1 2023: £1.5m). This includes
the recognition of initial development fees related to the financial close of
the PRS scheme referred to above as well as the ongoing project management
fees associated with the construction of the scheme itself. In H1 2023,
operating profit included £3.6m relating to the profit on disposal of our
interest in a joint venture arrangement.
At 31 December 2023 the Group directors' valuation of our PPP portfolio was
£43.5m (H1 2023: £46.1m), reflecting a blended 7.3% discount rate (H1
2023: 7.1%). These assets contribute to our balance sheet strength and
generated interest income in the period of £1.9m (H1 2023: £2.0m).
Environment, Social and Governance (ESG)
Sustainability underpins our long-term success as it helps us to win work,
engages our employees, benefits communities and the environment, and makes us
more efficient. This is why our sustainability commitments are an integral
part of delivering our growth strategy. We monitor progress against the six
pillars of our sustainability strategy, which are mapped to the UN Sustainable
Development Goals, as set out below:
Health and Safety
The health, safety and wellbeing of our staff, subcontractors, suppliers,
clients and the public remains the Group's top priority.
We continue to focus on our pursuit of 'no harm' through our Back to Basics
approach of Right Person, Right Planning, Right Tools and Equipment and Right
Workplace. Pleasingly, our accident frequency rate fell in the period.
Our behavioural safety programme, Challenging Beliefs, Affecting Behaviour
(CBAB), based on awareness, training, coaching and visible leadership, forms
the backbone of our approach. This year, we launched our latest CBAB update
module which focuses on the correlation between quality and health and safety
and the parallels between both. We also continued our quarterly CBAB Coach
Forums on site, which cover the role of the Coach and what tools we can
utilise to continue pushing the message with regard to driving a positive
safety culture.
We were delighted that our 'Choose the Safe Path' training programme, aligned
to CBAB, which involves employees determining the outcome of site-based
scenarios to prevent incidents using immersive virtual reality technology won
the prestigious Princess Royal Training Award delivered by City and Guilds
Foundation.
People
In line with our retain and gain people strategy and as part of our aim to
become a destination employer, we recently launched our, Grow Together People
Pledge, (our Employee Value Proposition), which encapsulates a promise to our
people, both existing and potential employees, to support our journey to be a
progressive and people orientated employer.
We continue to place a focus on the future of the construction industry, and
we are proud to be one of only 20 employers to have been awarded the new
Platinum membership of The 5% Club which recognises the business's commitment
to inclusion and social mobility, future growth of 'earn as you learn'
opportunities and the quality of training and development. We have also been
voted the best Construction and Civil Engineering company for Graduates, and
number two for Apprentices, by The Job Crowd.
Equity, Diversity, and Inclusion (ED&I) continues to be a key focus and
our ED&I team continues to work in conjunction with The Clear Assured
Company, a global diversity and inclusion specialist to ensure we continuously
embed the most inclusive practices across our organisation. Key developments
in this area have been the design and commencement of Inclusive Leadership
Training modules and a commitment to support the construction industry to
achieve a more equal gender by taking steps to understand the potential
barriers to the employment and progression of women in our industry and take
action on these.
We continue to recognise the importance of positive health and wellbeing, and
have recently launched the next evolution of our 'Be Well' wellbeing programme
to ensure it continues to be up to date, is accessible to all, including our
supply chain, and the approach is truly embedded within the business.
Environment and Climate Change
We recognise the importance of the climate change agenda and the role we have
to play in decarbonising the economy for a greener, more sustainable future.
Our near-term carbon reduction targets have been validated by the Science
Based Targets Initiative (SBTi) and we are determined to be aligned with a
1.5°C trajectory, the most ambitious designation available through the SBTi
process. Our near-term SBTs support our ambition to achieve net zero carbon
across our own operations (Scope 1 and 2) by 2030 and across all activities
(Scope 1, 2 and 3) by 2045 at the latest.
We continue to participate in the Carbon Disclosure Project (CDP), a global
disclosure system for organisations to manage their environmental impacts and
in 2023, we achieved an improved score of B 'Management level', (2022 score: C
'Awareness level'), recognising the progress we are making in embedding
climate action into our governance, strategy and operations.
We are on target to achieve PAS 2080 Carbon Management in Buildings and
Infrastructure certification by 2025 and continue to embed carbon management
into our management and operational processes.
We recognise that managing our environmental impact goes beyond reducing
carbon emissions and we have established cross-business working groups on
issues including biodiversity, waste and green site set up. All our
businesses are developing environmental strategies tailored to the nature of
their operations, which will include objectives, baselines and targets for
areas such as waste, energy use and water consumption.
We have also reviewed and updated our biodiversity strategy, which now
includes the ambition to deliver a biodiversity net gain of 10% across the
business.
Communities
Delivering a legacy of positive social value outcomes is the right thing to do
as a responsible business and remains an important priority for our clients.
Since we began reporting social value in 2022, we have delivered over £650m
in social and local economic value through a combination of providing work for
the local supply chain, providing opportunities for training and
apprenticeships and job creation.
Last year, we took part in 'Unlocking Construction', which is developed by New
Futures Network - part of HM Prisons and Probation Service, to promote careers
and opportunities within the industry to prison leavers, aimed at helping
sectors like construction fill skills gaps, while promoting positive change to
prisoners, reducing the likelihood of repeat offending and benefiting wider
society. We have now appointed an Outreach Partner who is building
relationships with prisons to increase our engagement, delivering
employability workshops and Release on Temporary Licence work placements.
Working in partnership with the Department for Work and Pensions, we have
developed the Mentoring the Next Generation programme which aims to encourage
more females to explore a career in construction through face-to-face
presentations, mentoring, careers awareness and skill-building over the course
of a structured three-year programme. At the end of the programme, we offer
interviews for roles at Galliford Try.
We continue to take part in the Considerate Constructors Scheme (CCS), which
assesses sites on criteria including being considerate of local neighbourhoods
and the public and we achieved an average CCS audit score of 42.7 in the six
months to December 2023, which remained above the industry average of 40.4.
Clients
Providing excellent service for our clients includes the ability to unlock new
and innovative methods to deliver high quality, low carbon, value for money
projects. Our approach is reflected by the fact that 88% of our order book is
repeat business (H1 2023: 92%).
A key aspect of our drive for excellence is how we embrace modern methods of
construction, use resources more efficiently and analyse sustainable
alternatives. Our Morrison Construction business is using lower carbon
Electric Arc Furnace steel, reducing the embodied carbon of projects. Electric
Arc Furnace steel significantly reduces the quantity of fossil fuels by using
electrical processes and higher percentages of recycled content. The process
creates a 77% carbon saving compared to traditional alternatives. The first
scheme to feature this steel is our Easthouses Primary School project for
Midlothian Council.
Our Infrastructure business has trialled a concrete monitoring system on our
A303 project for National Highways. The sensors placed in the concrete pour
provide real time monitoring for anyone involved in the project. The system
demonstrates when the concrete reaches the correct strength, helping to
accelerate the construction programme, improve quality and reduce costs.
Our focus on providing excellent service for our clients has seen our business
named Contractor of the Year for the third time at the Education Estates
Awards. The award recognises the success of the business, and the progress we
have made in producing Net Zero Carbon in Operation schools for the Department
for Education.
Supply Chain
As a signatory of the Prompt Payment Code, we are committed to paying 95% of
supply chain invoices within 60 days. We continue to outperform this target,
with 97% of invoices paid within 60 days in the latest six months to 31
December 2023 (January to June 2023: 98%) and the average days to pay now 24
days (January to June 2023: 26 days), maintaining our position in the top 10
contractors in Build UK's league table. The implementation of a new ERP system
during H1 2024 has had a short-term negative impact on performance against the
target of paying 95% of invoices from suppliers with fewer than 50 employees
within 30 days, with 81% paid within 30 days (January to June 2023: 87%),
however we expect this metric to improve again over the next financial year.
We continue to enhance our procedures to minimise the risk of modern slavery
within our operations and supply chain and use the UK Government Modern
Slavery Assessment tool to assess our performance and identify opportunities
for improvement. As part of this ongoing improvement, we will be commencing an
audit of our preferred supplier labour agencies to assess their compliance,
financial stability, and ethical practices.
We continue to retain Gold status from the Supply Chain Sustainability School,
an award-winning collaboration designed to upskill its members through free
training and resources covering sustainability, off-site manufacturing,
Building Information Modelling (BIM), Lean and Management.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that the principal risks and uncertainties which may
have a material impact on the Group's performance in the second half of the
financial year remain primarily the same as those outlined on pages 53 to 56
of the Group's annual report and financial statements for the year ended 30
June 2023. Those risks the Group considers to be of particular importance and
highlighted as the principal risks in focus within the 30 June 2023 annual
report are; work winning, project delivery, resources and regulatory
compliance.
BOARD
As previously announced Andrew Duxbury, Group Finance Director, will leave the
Group during the year. The Group is making good progress on securing
Andrew's replacement and we expect to provide an update shortly. As
previously announced, Marisa Cassoni, Non-executive Director and Chair of the
Audit Committee, was appointed Senior Independent Director with effect from 1
November 2023. Also, as previously announced, Kevin Boyd joined the Board as
a Non-executive director on 1 March 2024. On appointment Kevin became a
member of the audit, remuneration and nomination committees.
Condensed consolidated income statement
for the half year ended 31 December 2023 (unaudited)
Half year to Half year to Year to
31 December 2023 31 December 2022 30 June 2023 (audited)
Pre-exceptional items Exceptional items Total Pre-exceptional items Exceptional items Total Pre-exceptional items Exceptional items Total
(note 6) (note 6) (note 6)
Notes £m £m £m £m £m £m £m £m £m
Revenue 4 819.1 - 819.1 679.2 - 679.2 1,393.7 - 1,393.7
Cost of sales (758.4) - (758.4) (634.0) - (634.0) (1,292.3) - (1,292.3)
Gross profit 60.7 - 60.7 45.2 - 45.2 101.4 - 101.4
Other income 5 - - - 3.6 - 3.6 3.6 - 3.6
Administrative expenses (47.8) (2.6) (50.4) (39.5) (4.5) (44.0) (86.1) (10.5) (96.6)
Impairment of financial assets 13 - - - - - - (2.8) - (2.8)
Operating profit/(loss) 12.9 (2.6) 10.3 9.3 (4.5) 4.8 16.1 (10.5) 5.6
Finance income 7 4.3 - 4.3 3.2 - 3.2 6.3 - 6.3
Finance costs 7 (1.6) - (1.6) (0.8) - (0.8) (1.8) - (1.8)
Profit/(loss) before income tax 15.6 (2.6) 13.0 11.7 (4.5) 7.2 20.6 (10.5) 10.1
Income tax (expense)/ credit 8 (2.3) 0.6 (1.7) (2.3) 1.0 (1.3) (3.1) 2.1 (1.0)
Profit/(loss) for the period from continuing operations 13.3 (2.0) 11.3 9.4 (3.5) 5.9 17.5 (8.4) 9.1
Earnings per share
Basic
- Profit from continuing operations attributable to ordinary shareholders
10 13.2p 11.3p 8.8p 5.5p 16.6p 8.7p
Diluted
- Profit from continuing operations attributable to ordinary shareholders
10 12.7p 10.8p 8.2p 5.1p 15.6p 8.1p
The notes are an integral part of the condensed consolidated financial
statements.
Condensed consolidated statement of comprehensive income
for the half year ended 31 December 2023 (unaudited)
Half year to Half year to Year to
31 December 31 December 30 June 2023
2023 2022 (audited)
Notes £m £m £m
Profit for the period 11.3 5.9 9.1
Other comprehensive expense:
Items that may be reclassified subsequently to profit or loss
Movement in fair value of PPP and other investments - continuing operations 12 (0.4) (1.0) (2.4)
Other comprehensive expense for the period net of tax (0.4) (1.0) (2.4)
Total comprehensive income for the period 10.9 4.9 6.7
The notes are an integral part of the condensed consolidated financial
statements.
Condensed consolidated balance sheet
at 31 December 2023 (unaudited)
31 December 2023 31 December 2022 30 June 2023
(audited)
Notes £m £m £m
Assets
Non-current assets
Intangible assets 19 5.3 7.6 5.6
Goodwill 11 93.5 92.9 92.7
Property, plant and equipment 5.6 7.0 7.2
Right of use assets 41.0 27.6 38.6
Investments in joint ventures - 0.1 -
PPP and other investments 12 43.5 46.1 44.6
Deferred income tax assets 15.3 13.4 15.5
Total non-current assets 204.2 194.7 204.2
Current assets
Trade and other receivables 13 325.9 264.3 286.5
Current income tax assets 2.0 3.1 1.8
Cash and cash equivalents 209.2 195.8 220.2
Total current assets 537.1 463.2 508.5
Total assets 741.3 657.9 712.7
Liabilities
Current liabilities
Trade and other payables 14 (567.5) (476.1) (525.1)
Lease liabilities (16.4) (11.2) (14.9)
Provisions for other liabilities and charges 15 (28.8) (26.6) (29.9)
Total current liabilities (612.7) (513.9) (569.9)
Non-current liabilities
Lease liabilities (26.3) (16.7) (24.2)
Total non-current liabilities (26.3) (16.7) (24.2)
Total liabilities (639.0) (530.6) (594.1)
Net assets 102.3 127.3 118.6
Equity
Ordinary share capital 51.3 54.3 52.4
Other reserves 136.4 133.4 135.3
Retained earnings (85.4) (60.4) (69.1)
Total shareholders' equity 102.3 127.3 118.6
The notes are an integral part of the condensed consolidated financial
statements.
These condensed consolidated financial statements were approved by the Board
of Directors on 6 March 2024.
Condensed consolidated statement of changes in equity
for the half year ended 31 December 2023 (unaudited)
Notes Ordinary share capital Other reserves Retained earnings Total shareholders' equity
£m £m £m £m
As at 31 December 2023
At 30 June 2023 52.4 135.3 (69.1) 118.6
Profit for the period - - 11.3 11.3
Other comprehensive expense - - (0.4) (0.4)
Total comprehensive expense for the period - - 10.9 10.9
Transactions with owners:
Dividends 9 - - (20.2) (20.2)
Share-based payments - - 0.5 0.5
Tax relating to share-based payments 1.5 1.5
Purchase of own shares 10 - - (9.0) (9.0)
Cancellation of shares 10 (1.1) 1.1 - -
At 31 December 2023 51.3 136.4 (85.4) 102.3
As at 31 December 2022
At 30 June 2022 55.5 132.2 (55.6) 132.1
Profit for the period - - 5.9 5.9
Other comprehensive expense - - (1.0) (1.0)
Total comprehensive income for the period - - 4.9 4.9
Transactions with owners:
Dividends 9 - - (6.4) (6.4)
Share-based payments - - 1.8 1.8
Purchase of own shares 10 - - (5.1) (5.1)
Cancellation of shares 10 (1.2) 1.2 - -
At 31 December 2022 54.3 133.4 (60.4) 127.3
As at 30 June 2023 (audited)
At 30 June 2022 55.5 132.2 (55.6) 132.1
Profit for the year - - 9.1 9.1
Other comprehensive expense - - (2.4) (2.4)
Total comprehensive income for the year - - 6.7 6.7
Transactions with owners:
Dividends 9 - - (9.6) (9.6)
Share-based payments - - 3.4 3.4
Purchase of shares 10 - - (14.0) (14.0)
Cancellation of shares 10 (3.1) 3.1 - -
At 30 June 2023 52.4 135.3 (69.1) 118.6
The notes are an integral part of the condensed consolidated financial
statements.
Condensed consolidated statement of cash flows
for the half year ended 31 December 2023 (unaudited)
Notes Half year to Half year to Year to
31 December 2023 31 December 2022 30 June 2023 (audited)
£m
£m
£m
Cash flows from operating activities
Profit for the period 11.3 5.9 9.1
Adjustments for:
Income tax expense 1.7 1.3 1.0
Net finance income (2.7) (2.4) (4.5)
Depreciation and amortisation 9.6 8.1 17.1
Profit on disposal of joint venture - (3.6) (3.6)
Share-based payments 0.5 1.8 3.4
Impairment of financial asset - - 2.8
Other non-cash movements (0.5) - (0.2)
Net cash generated from operations before changes in working capital 19.9 11.1 25.1
(Increase)/decrease in trade and other receivables (36.7) (16.0) (43.3)
Increase/(decrease) in trade and other payables 42.8 (1.7) 47.7
(Decrease)/increase in provisions (1.1) (0.8) 2.5
Net cash (used in)/generated from operations 24.9 (7.4) 32.0
Interest received 3.0 3.2 6.3
Interest paid (1.6) (0.8) (1.8)
Corporation tax paid (0.2) (0.5) (1.0)
Net cash generated/(used in) from operating activities 26.1 (5.5) 35.5
Cash flows from investing activities
Dividends received from joint ventures and associates - - 0.3
Increase in amounts due from joint ventures (2.0) (1.8) -
Decrease in amounts due from joint ventures - - 0.2
Proceeds from disposal of joint venture - 3.6 3.6
PPP loan repayments 0.7 0.4 0.5
Acquisition of business combination, net of cash/borrowings 19 (3.7) (1.0) (1.0)
Proceeds from disposal of subsidiary, net of cash 21 1.8 - -
Acquisition of property, plant and equipment (0.6) (1.1) (2.2)
Net cash generated from investing activities (3.8) 0.1 1.4
Cash flows from financing activities
Repayment of lease liabilities (7.6) (6.2) (12.0)
Purchase of own shares (5.5) (5.1) (14.0)
Dividends paid to Company shareholders (20.2) (6.4) (9.6)
Net cash used in financing activities (33.3) (17.7) (35.6)
Net (decrease)/increase in cash and cash equivalents (11.0) (23.1) 1.3
Cash and cash equivalents at beginning of period 220.2 218.9 218.9
Cash and cash equivalents at end of period 209.2 195.8 220.2
The notes are an integral part of the condensed consolidated financial
statements.
Notes to the condensed consolidated half year financial statements
for the half year ended 31 December 2023 (unaudited)
1 Basis of preparation
Galliford Try Holdings plc is a public limited company incorporated in England
and Wales and domiciled in the UK. The address of its registered office is
Blake House, 3 Frayswater Place, Cowley, Uxbridge, Middlesex, UB8 2AD. The
Company has its listing on the London Stock Exchange. This condensed
consolidated half year financial information was approved for issue on 6 March
2024.
This condensed consolidated half year financial information does not comprise
statutory financial statements within the meaning of Section 434 of the
Companies Act 2006. Statutory financial statements for the year ended 30
June 2023 were approved by the board of directors on 20 September 2023
and delivered to the Registrar of Companies. The report of the auditors on
those financial statements was unqualified, did not contain an emphasis of
matter paragraph and did not contain any statement under Section 498 of the
Companies Act 2006. This condensed consolidated half year financial
information has been reviewed, not audited. The auditors' review opinion is
included in this report.
This condensed consolidated half year financial information for the half year
ended 31 December 2023 has been prepared in accordance with the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority and with UK
adopted International Accounting Standard 34, "Interim financial reporting".
The condensed consolidated half year financial information should be read in
conjunction with the annual financial statements for the year ended 30 June
2023, which have been prepared in accordance with UK adopted International
Accounting Standards.
The Group's activities, together with the factors likely to affect the future
development, performance and position of the business are set out in this half
year report. The annual financial statements for the year ended 30 June 2023
included the Group's objectives, policies and processes for managing capital,
its financial risk management objectives, details of its financial instruments
and hedging activities and its exposure to credit risk and liquidity risk.
After making enquiries, the directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for at least
twelve months from the date of signing the condensed consolidated half year
information, and accordingly continue to adopt the going concern basis of
preparation.
2 Accounting policies
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 30 June 2023. There are no new
standards effective for the first time in the period beginning 1 July 2023
which have a material impact on the Group's reported results.
Critical accounting estimates and judgements
The Group's principal judgements and key sources of estimation uncertainty
remain unchanged since the year-ended 30 June 2023. The principal judgements
and key sources of estimation uncertainty are set out in note 1 on pages 136 -
137 of the annual financial statements for the year ended 30 June 2023.
The Group's five largest unagreed variations and claims positions as at 31
December 2023 are summarised in aggregate below.
£m
Overall contract value (including total estimated end of contract variations 533.8
and claims after IFRS 15 constraints)
Revenue in the period 58.9
Total estimated end of contract variations and claims before IFRS 15 104.8
constraints
Total estimated end of contract variations and claims after IFRS 15 34.9
constraints
These five positions represent the most significant estimates of revenue. The
total estimated end of contract variations and claims after IFRS 15
constraints of the subsequent five largest positions is £15.0m.
3 Segmental reporting
Segmental reporting is presented in the condensed consolidated half year
financial statements in respect of the Group's business segments, which are
the primary basis of segmental reporting. The business segmental reporting
reflects the Group's management and internal reporting structure. Segmental
results include items directly attributable to the segment as well as those
that can be allocated on a reasonable basis. As the Group has no material
activities outside the UK, segmental reporting is not required by geographical
region.
The chief operating decision-makers ("CODM") have been identified as the
Group's Chief Executive and Finance Director. The CODM review the Group's
internal reporting in order to assess performance and allocate resources.
Management has determined the reportable segments of the Group to be
Building, Infrastructure, Investments and Central (primarily representing
central overheads).
The CODM assess the performance of the operating segments based on a measure
of adjusted earnings before finance costs, amortisation, exceptional items and
taxation. This measurement basis excludes the effects of non-recurring
expenditure from the operating segments, such as restructuring costs and
impairments when the impairment is the result of an isolated, non-recurring
event. Interest income and expenditure are included in the result for each
operating segment that is reviewed by the CODM. Other information provided
to them is measured in a manner consistent with that in the financial
statements.
Half year to 31 December 2023 Building Infrastructure Investments Central Total
£m £m £m £m £m
Revenue 446.0 362.0 11.1 - 819.1
Pre-exceptional operating profit/(loss) before amortisation of intangibles 10.6 9.3 0.3 (6.1) 14.1
Finance income - 0.1 1.9 2.3 4.3
Finance costs (0.6) (0.7) - (0.3) (1.6)
Pre-exceptional profit/(loss) before amortisation and taxation 10.0 8.7 2.2 (4.1) 16.8
Amortisation of intangible assets (0.5) (0.5) - (0.2) (1.2)
Pre-exceptional profit/(loss) before taxation 9.5 8.2 2.2 (4.3) 15.6
Exceptional items - - - (2.6) (2.6)
Profit/(loss) before taxation 9.5 8.2 2.2 (6.9) 13.0
Income tax charge (1.7)
Profit for the period 11.3
Half year to 31 December 2022 Building Infrastructure Investments Central Total
£m £m £m £m £m
Revenue 399.7 276.6 2.9 - 679.2
Pre-exceptional operating profit/(loss) before amortisation of intangibles(1) 9.3 6.5 1.5 (6.5) 10.8
Finance income - 0.3 2.0 0.9 3.2
Finance costs (0.3) (0.3) - (0.2) (0.8)
Pre-exceptional profit/(loss) before amortisation and taxation 9.0 6.5 3.5 (5.8) 13.2
Amortisation of intangible assets (0.5) (0.5) - (0.5) (1.5)
Pre-exceptional profit/(loss) before taxation 8.5 6.0 3.5 (6.3) 11.7
Exceptional items - - - (4.5) (4.5)
Profit/(loss) before taxation 8.5 6.0 3.5 (10.8) 7.2
Income tax charge (1.3)
Profit for the period 5.9
(1) Investments includes other income as detailed in note 5.
Year ended 30 June 2023 (audited) Building Infrastructure Investments Central Total
£m £m £m £m £m
Revenue 797.1 590.8 5.8 - 1,393.7
Pre-exceptional operating profit/(loss) before amortisation and impairment of 18.5 14.5 1.4 (12.5) 21.9
financial assets
Finance income - 0.3 3.9 2.1 6.3
Finance costs (0.7) (0.7) (0.1) (0.3) (1.8)
Pre-exceptional profit/(loss) before amortisation, taxation and impairment of 17.8 14.1 5.2 (10.7) 26.4
financial assets
Amortisation of intangible assets (1.0) (0.9) - (1.1) (3.0)
Pre-exceptional profit/(loss) before taxation and impairment of financial 16.8 13.2 5.2 (11.8) 23.4
assets
Impairment of financial assets - (2.8) - - (2.8)
Exceptional items - - - (10.5) (10.5)
Profit/(loss) before taxation 16.8 10.4 5.2 (22.3) 10.1
Income tax charge (1.0)
Profit for the year 9.1
Inter-segment revenue, which is priced on an arm's length basis, is eliminated
from revenue above. In the half year to 31 December 2023 this amounted to
£41.7m (31 December 2022: £26.7m; 30 June 2023: £61.0m), of which £0.2m
(31 December 2022: £0.1m; 30 June 2023: £nil) was in Building, £27.1m (31
December 2022: £16.2m; 30 June 2023: £40.1m) was in Infrastructure, £4.7m
(31 December 2022: £nil; 30 June 2023: £nil) was in Investments, and £9.7m
(31 December 2022: £10.4m; 30 June 2023: £20.9m) was in Central.
Half year to 31 December 2023 Building Infrastructure Investments Central Total
£m £m £m £m £m
Balance Sheet
Goodwill and intangible assets 40.5 58.3 - - 98.8
Working capital employed (43.4) (174.3) 45.2 (33.2) (205.7)
Net cash 130.5 45.0 (9.0) 42.7 209.2
Net assets/(liabilities) 127.6 (71.0) 36.2 9.5 102.3
Total Group liabilities (639.0)
Total Group assets 741.3
Half year to 31 December 2022 Building Infrastructure Investments Central Total
£m £m £m £m £m
Balance Sheet
Goodwill and intangible assets 41.5 57.8 - 1.2 100.5
Working capital employed (57.2) (160.4) 43.0 5.6 (169.0)
Net cash 127.1 20.0 (8.8) 57.5 195.8
Net assets/(liabilities) 111.4 (82.6) 34.2 64.3 127.3
Total Group liabilities (530.6)
Total Group assets 657.9
Year ended 30 June 2023 (audited) Infrastructure Investments Central Total
£m £m £m £m
Building
£m
Balance Sheet
Goodwill and intangible assets 41.0 57.1 - 0.2 98.3
Working capital employed (60.9) (178.2) 43.3 (4.1) (199.9)
Net cash 139.0 42.7 (8.6) 47.1 220.2
Net assets/(liabilities) 119.1 (78.4) 34.7 43.2 118.6
Total Group liabilities (594.1)
Total Group assets 712.7
4 Revenue
Nature of revenue streams
(i) Building & Infrastructure segments
Our Construction business operates nationwide, working with clients
predominantly in the public and regulated sectors. Projects include the
construction of assets (with services including design and build, construction
only and refurbishment) in addition to the maintenance, renewal, upgrading and
managing of services across utility and infrastructure assets.
Revenue stream Nature, timing of satisfaction of performance obligations and significant
payment terms
Fixed price A number of projects within these segments are undertaken using fixed-price
contracts.
Contracts are typically accounted for as a single performance obligation; even
when a contract (or multiple combined contracts) includes both design and
build elements, they are considered to form a single performance obligation as
the two elements are not distinct in the context of the contract given that
each is highly interdependent on the other.
The Group typically receives payments from the customer based on a contractual
schedule of value that reflects the timing and performance of service
delivery. Revenue is therefore recognised over time (the period of
construction) based on an input model (reference to costs incurred to date).
Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Cost-reimbursable A number of projects within these segments are undertaken using
open-book/cost-plus/target-price (possibly with a pain/gain share mechanism)
contracts.
These projects are often delivered under frameworks, however individual
performance obligations under the framework are normally determined at a
project level where multiple services are supplied. The Group constrains
revenue and calculates any pain/gain mechanism at the framework level where
appropriate.
The Group typically receives payments from the customer based on actual costs
incurred. Revenue is therefore recognised over time (the period of
construction) based on an input model (reference to costs incurred to date).
Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Facilities management Contracts undertaken within the Building segment that provide full life-cycle
solutions to clients, are accounted for as a single performance obligation,
with revenue recognised over time and typically on a straight-line basis.
(ii) Investments segment
Through public private partnerships, the business leads bid consortia and
arranges finance, makes debt and equity investments (which are recycled) and
manages construction through to operations.
Revenue stream Nature, timing of satisfaction of performance obligations and significant
payment terms
Investments The Group has investments in a number of PPP Special Purpose Vehicles (SPVs),
delivering major building and infrastructure projects.
Development fees and land sales on co-development private rental schemes
represent a performance obligation that is recognised at a point in time when
control is deemed to pass to the customer (on financial close).
The business additionally provides management services and project manages
developments under Management Service Agreements (MSA) or separate development
arrangements. Revenue for these services is typically recognised over time as
and when the service is delivered to the customer.
Any variable consideration is constrained in accordance with IFRS 15.
Disaggregation of revenue
The Group considers the split of revenue by operating segment to be the most
appropriate disaggregation.
With the exception of £7.3m (31 December 2022: £nil, 30 June 2023: £nil)
relating to the financial close fees of our PRS development schemes as
outlined in the Groups strategy in the 30 June 2023 annual report, all revenue
has been derived from performance obligations settled over time.
5 Other income
In the prior year, the Group disposed of its 60% interest in Community
Ventures Partnerships Limited on 11 November 2022, recognising a gain on
disposal of £3.6m.
6 Exceptional items
Half year to Half year to Year to 30 June 2023
31 December 2023 31 December 2022 (audited)
£m £m £m
Exceptional items(1) 2.6 4.5 10.5
An associated tax credit of £0.6m (31 December 2022: £1.0m, 30 June 2023
£2.1m) has been recognised.
(1 ) The Group incurred customisation and configuration costs associated
with the move to a cloud-based computing arrangement during the period. Taking
into account the IFRIC Agenda Decision issued by the IFRS IC in March 2021,
the Group has analysed the costs and concluded that these costs should be
expensed in the period. In accordance with the Group's existing accounting
policy, management considers that the costs should be separately disclosed as
exceptional because they are significant and irregular. The new system went
live during the interim period.
7 Net finance income
Group Half year to Half year to Year to 30 June 2023
31 December 2023 31 December 2022 (audited)
£m £m £m
Interest receivable on bank deposits 2.4 0.9 2.4
Interest receivable from PPP investments and joint ventures 1.9 2.0 3.9
Other 0.3 -
Finance income 4.3 3.2 6.3
Other (including interest on lease liabilities) (1.6) (0.8) (1.8)
Finance costs (1.6) (0.8) (1.8)
Net finance income 2.7 2.4 4.5
8 Income tax expenses
The effective tax rate on profit for pre-exceptional operations for the period
is 15.0% (31 December 2022: 19.6%, 30 June 2023: 15.1%). The expected
pre-exceptional effective tax rate for the year to 30 June 2024 is 19.7%. This
is higher than the effective tax rate applicable to the period to 31 December
2023, largely because of the timing of the recognition of prior year tax
adjustments. The expected full year effective tax rate excluding the impact of
the prior year tax adjustments is in line with the statutory tax rate.
The Group has approximately £53m (31 December 2022: £53m, 30 June 2023:
£53m) of unrecognised trading losses that arose from a historical contract.
The availability of the losses is subject to agreement with HMRC and therefore
no deferred tax asset has been recognised.
9 Dividends
The following dividends were paid and recognised by the Company in each
accounting period presented:
Half year to 31 December 2023 Half year to 31 December 2022 Year to 30 June 2023 (audited)
£m pence per share £m pence per share £m pence per share
Previous year net final 7.7 7.5 6.4 5.8 6.4 5.8
Special 12.5 12.0
Current period interim - - - - 3.2 3.0
Dividend recognised in the year 20.2 19.5 6.4 5.8 9.6 8.8
The following dividends were declared by the Company in respect of each
accounting period presented:
Half year to 31 December 2023 Half year to 31 December 2022 Year to 30 June 2023 (audited)
£m pence per share £m pence per share £m pence per share
Interim 4.1 4.0 3.2 3.0 3.2 3.0
Special - - - - 12.6 12.0
Final - - - - 7.9 7.5
Dividend relating to the year 4.1 4.0 3.2 3.0 23.7 22.5
The interim dividend for 2024 of 4.0p per share was approved by the board on 6
March 2024 and has not been included as a liability as at 31 December 2023.
This interim dividend will be paid on 12 April 2024 to shareholders who are on
the register at the close of business on 15 March 2024.
10 Earnings per share
Basic and diluted earnings per share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year, excluding those held by the Employee Share Trust,
which are treated as cancelled.
The average number of shares is diluted by reference to the average number of
potential ordinary shares held under option in the period. The dilutive
effects amount to the number of ordinary shares which would be purchased using
the aggregate difference in value between the market value of shares and the
share option price. Only shares that have met their cumulative performance
criteria are included in the dilution calculation. The Group has two classes
of potentially dilutive ordinary shares: those share options granted to
employees where the exercise price is less than the average market price of
the Company's ordinary shares during the year and the contingently issuable
shares under the Group's long term incentive plans. A loss per share cannot
be reduced through dilution, hence this dilution is only applied where the
Group has reported a profit.
The purchase of own shares represents shares purchased by the Galliford Try
Employee Share Trust for £1.1m (31 December 2022: £1.4m, 30 June 2023:
£3.4m) and other share related transactions of £3.5m (31 December 2022:
£nil, 30 June 2023: £1.5m), in addition to £4.4m (31 December 2022: £3.7m,
30 June 2023: £10.6m) purchased by the Company as part of the share buyback
announced in September 2022. The buyback programme has now completed as
announced on 17 November 2023.
The earnings and weighted average number of shares used in the calculations
are set put below.
Half year to 31 December 2023 Half year to 31 December 2022 Year to 30 June 2023 (audited)
Earnings Weighted average number of shares Per share amount pence Earnings £m Weighted average number of shares Per share amount pence Earnings £m Weighted average number of shares Per share amount pence
£m
Total operations
Basic EPS - pre-exceptional
Pre-exceptional earnings attributable to ordinary shareholders 13.3 100,358,176 13.2 9.4 107,218,581 8.8 17.5 105,180,316 16.6
Basic EPS
Earnings attributable to ordinary shareholders post exceptional items 11.3 100,358,176 11.3 5.9 107,218,581 5.5 9.1 105,180,316 8.7
Effect of dilutive securities:
Options n/a 4,497,594 n/a n/a 8,070,133 n/a n/a 7,286,375 n/a
Diluted EPS - pre-exceptional 13.3 104,805,770 12.7 9.4 115,288,713 8.2 17.5 112,466,691 15.6
Diluted EPS 11.3 104,805,770 10.8 5.9 115,288,713 5.1 9.1 112,466,691 8.1
11 Goodwill
Goodwill is allocated to the Group's cash-generating units (CGUs) identified
according to business segment. The goodwill is attributable to the following
business segments:
31 December 2023 31 December 2022 30 June 2023
(audited)
£m £m £m
Building 40.0 40.0 40.0
Infrastructure 53.5 52.9 52.7
93.5 92.9 92.7
As stated in the annual financial statements for the year ended 30 June 2023,
detailed impairment reviews were carried out for all business segments.
Consideration has been given as to whether any events have occurred since
the year ended 30 June 2023 which could give rise to an impairment trigger. No
impairments have been identified from these reviews.
The increase in goodwill relates to acquisitions made during the period. The
increase in goodwill since 30 June 2023 relates to the acquisition of AVRS
Systems Limited (note 19). There was no goodwill associated with the disposal
of Rock & Alluvium Limited.
12 PPP and other investments
31 December 2023 31 December 2022 30 June 2023
£m £m (audited)
£m
At 1 July 44.6 47.5 47.5
Disposals and subordinated loan repayments (0.7) (0.4) (0.5)
Movement in fair value (0.4) (1.0) (2.4)
At 31 December and 30 June 43.5 46.1 44.6
The portfolio reflects a blended discount rate of 7.3% (31 December 2022:
7.1%; 30 June 2023: 7.3%), with the discount rates applied ranging from 6.3%
to 8.0% (31 December 2022: 6.0% to 7.8%; 30 June 2023: 6.3% to 8.0%). An
increase/reduction of 0.5% (which is considered an appropriate range given the
relatively low risk associated with the portfolio) would result in a
corresponding decrease/increase in the fair value of approximately £1.6m (31
December 2022: £1.7m; 30 June 2023: £1.6m).
13 Trade and other receivables
31 December 2023 31 December 2022 30 June 2023
(audited)
£m £m £m
Amounts falling due within one year:
Trade receivables 66.1 42.3 52.0
Less: Provision for impairment of receivables (0.1) (0.1) (0.1)
Trade receivables - net 66.0 42.2 51.9
Contract assets 227.0 193.8 204.9
Amounts due from joint venture undertakings 2.9 2.9 0.9
Research and development expenditure credits 5.3 4.3 5.8
Prepayments and other receivables 24.7 21.1 23.0
325.9 264.3 286.5
The Group announced on 8 June 2023 that it had agreed settlement terms in
respect of its long-standing dispute concerning three contracts with entities
owned by a major infrastructure fund. The settlement brought to a conclusion
a complex and challenging multi-contract dispute. Taking into account the
requirements of IFRS 15, the Group had constrained the revenue recognised in
prior periods to the extent that it was highly probable not to result in a
significant reversal in the future and had also previously assessed any
expected credit loss provision in accordance with IFRS 9. As a result of the
settlement a further one-off expected credit loss of £2.8m was recognised in
the financial year to 30 June 2023.
14 Trade and other payables
31 December 2023 31 December 2022 30 June 2023
(audited)
£m £m £m
Trade payables 107.9 106.8 136.6
Contract liabilities 115.4 116.7 106.6
Other taxation and social security payable 66.7 43.3 53.4
Accruals and other payables 277.5 209.3 228.5
567.5 476.1 525.1
15 Provisions for other liabilities and charges
Group Onerous contracts Rectification Total
£m
At 1 July 2023 (2.0) (27.9) (29.9)
Utilised 1.7 2.0 3.7
Additions (1.1) (1.5) (2.6)
At 31 December 2023 (1.4) (27.4) (28.8)
Group Onerous contracts Rectification Total
£m
At 1 July 2022 (4.6) (22.8) (27.4)
Utilised 2.2 1.7 3.9
Additions (2.2) (0.9) (3.1)
At 31 December 2022 (4.6) (22.0) (26.6)
Group Onerous contracts Rectification Total
£m
At 1 July 2022 (4.6) (22.8) (27.4)
Utilised 6.8 3.5 10.3
Additions (4.2) (8.6) (12.8)
At 30 June 2023 (2.0) (27.9) (29.9)
Onerous contract provisions are made on loss-making contracts the Group is
obliged to complete.
Rectification provisions are made for potential claims and defects for
remedial works against work completed by the Group and includes provisions for
dilapidations on premises the Group occupies.
Due to the nature of the provisions, the timing of any potential future
outflows is uncertain, however they are expected to be utilised within the
Group's normal operating cycle, and accordingly are classified as current
liabilities. The impact of discounting is not material.
16 Financial instruments
The Group's activities expose it to a variety of financial risks. The
condensed consolidated half year financial statements do not include all
financial risk management information and disclosures required in the annual
financial statements; they should be read in conjunction with the Group's
financial statements for the year ended 30 June 2023.
There have been no significant changes in the risk management policies since
the year end.
Fair value estimation
Specific valuation techniques used to value financial instruments are defined
as:
i. Level 1 - Quoted market prices or dealer quotes in active markets
for similar instruments.
ii. Level 2 - The fair value of equity securities and interest rate
swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.
iii. Level 3 - Other techniques, such as discounted cash flow analysis,
are used to determine fair value for the remaining financial instruments.
The following table presents the Group's assets that are measured at fair
value:
31 December 2023 31 December 2022 30 June 2023 (audited)
Level 3 Total Level 3 Total Level 3 Total
£m £m £m £m £m £m
Assets
Other investments
- PPP and other investments 43.5 43.5 46.1 46.1 44.6 44.6
Total 43.5 43.5 46.1 46.1 44.6 44.6
There were no transfers between levels during the period. The valuation
techniques used to derive level 3 fair values are consistent with those set
out in the 30 June 2023 financial statements. Level 3 fair values are
determined using valuation techniques that include inputs not based on
observable market data. For all other financial instruments, the fair value is
materially in line with the carrying value. The key assumptions used in Level
3 valuations include the expected timing of receipts, credit risk and discount
rates. The typical repayment period is 10-15 years and the timing of receipts
is based on historical data.
During the period, government gilts have decreased, while the base rate has
increased. The underlying assets remain low risk and insulated from short term
changes to the macro-economic environment. The fair value of the portfolio
reflects a blended discount rate of 7.3% (31 December 2022: 7.1%; 30 June
2023: 7.3%) and is based on current market conditions. The sensitivity to
discount rates is set out in note 12. If receipts were to occur earlier than
expected, the fair value could increase.
17 Guarantees and contingent liabilities
Galliford Try Holdings plc has entered into financial guarantees and counter
indemnities in respect of bank and performance bonds issued in the normal
course of business on behalf of Group undertakings, including joint
arrangements, amounting to £167.4m (31 December 2022: £148.5m; 30 June 2023
£165.5m).
Disputes arise in the normal course of business, some of which lead to
litigation or arbitration procedures. While the outcome of disputes and
arbitration is never certain, the directors believe that the resolution of all
existing actions will not have a material net adverse effect on the Group's
financial position.
The continuing evolution of Government legislation and guidance, such as the
Building Safety Act and its implications for cladding solutions used on
historical contracts, also creates ongoing uncertainty that the Group manages.
Where the Group has received such claims, the directors have made provision in
the financial statements when they believe it is probable a liability exists
and it can be reliably estimated, but no provision has been made where the
Group's liability is considered only possible or remote. This is based on the
best estimates of future costs to be incurred after assessing all relevant
information and taking legal advice where appropriate. The Group's assessment
of liability and estimates of future costs could change in the future.
Although the Group has appropriate insurance arrangements in place that should
mitigate any significant exposure, the recognition thresholds under IAS 37
would mean a liability could be recognised before a corresponding asset.
As Government legislation and guidance changes in the future, the Group will
reassess the estimates made accordingly.
18 Related party transactions
Since the last Group annual financial statements for the year ended 30 June
2023, there have been no significant changes to the nature of related party
transactions.
19 Business combinations
On 8 November 2023, the Group acquired 100% of the share capital of AVRS
Systems Limited ("AVRS"), a leading mechanical and electrical engineering
specialist for £4.5m settled in cash. The addition of AVRS's capabilities is
complementary to the operations of Galliford Try's expanding Environment asset
optimisation and capital maintenance business in line with the Groups
strategy. In particular, AVRS provides additional competencies that complement
those acquired over the past two years with nmcn's Water business, Lintott
Control Systems Limited, MCS Control Systems Limited and the capital
maintenance business of Ham Baker.
The goodwill of £0.8m arising from the acquisition is significantly
attributable to the acquired workforce and their technical expertise and the
opportunity to leverage this expertise across the Group to enhance the asset
optimisation and capital maintenance strategy.
The following table summarises the consideration paid and the provisional fair
value of the assets acquired and liabilities assumed.
£m
Recognised amounts of identifiable assets acquired and liabilities assumed
Property plant and equipment (including right of use assets) 1.2
Intangible assets 0.9
Trade and other receivables 3.1
Cash and cash equivalents 0.8
Trade and other payables (1.3)
Corporation tax liability (0.3)
Lease liabilities (0.4)
Deferred tax liability (0.3)
Total identifiable net liabilities 3.7
Goodwill 0.8
Total 4.5
Consideration
Cash 4.5
Total 4.5
As part of the conditions of the sale and in addition to the initial
consideration of £4.5m, an earn out arrangement is in place, whereby the
sellers are entitled up to additional £2.5m. Due to the nature of the earn
out, this will be treated as remuneration as it requires the sellers to remain
in employment during the earn out period of two years.
The acquisition contributed £1.8m of revenue and a profit before tax of
£0.2m in the period to 31 December 2023. If the acquisition had taken place
at the start of the interim period, it would have contributed £6.4m of
revenue and a profit before tax of £0.7m.
During the previous year, the Group acquired 100% of the share capital of MCS
Control Systems Limited and certain contracts and assets of Ham Baker Limited
(in administration) which is detailed in the annual report and financial
statements for the year ended 30 June 2023.
20 Alternative performance measures
Throughout the Interim statement, the Group has presented financial
performance measures which are used to manage the Group's performance. These
financial performance measures are chosen to provide a balanced view of the
Group's operations and are considered useful to investors as they provide
relevant information on the Group's performance. They are also aligned to
measures used internally to assess business performance in the Group's
budgeting process and when determining compensation. An explanation of the
Group's financial performance measures and appropriate reconciliations to its
statutory measures are provided below.
Measuring the Group's performance
The following measures are referred to in this report:
Statutory measures
Statutory measures are derived from the Group's reported financial statements,
which are prepared in accordance with UK adopted International Accounting
Standards and in line with the Group's accounting policies. The Group's
statutory measures take into account all of the factors, including exceptional
items which do not reflect the ongoing underlying performance of the Group.
Alternative performance measures
In assessing its performance, the Group has adopted certain non-statutory
measures that more appropriately reflect the underlying performance of the
Group. These typically cannot be directly extracted from its financial
statements but are reconciled to statutory measures below:
a) Pre-exceptional performance
The Group adjusts for certain material one-off exceptional items and other
items which the Board believes assist in understanding the performance
achieved by the Group as this better reflects the underlying and ongoing
performance of the business. A reconciliation of the statutory measure to the
pre-exceptional measure is shown in the following tables. In the financial
year ending 30 June 2023, the Group has also presented pre-exceptional
performance excluding a one off contract settlement as announced on 8 June
2023 (disclosed in the consolidated income statement as an impairment of
financial assets of £2.8m).
b) Operating profit/(loss) before amortisation and operating margin
The Group adjusts operating profit to exclude the amortisation of intangible
assets as this better reflects the ongoing performance of the business.
Operating margin reflects the ratio of pre-exceptional operating profit before
amortisation of intangible assets and revenue. In the financial year to 30
June 2023, operating margin also excludes the one off contract settlement as
announced on 8 June 2023. This differs from the statutory measure of operating
profit which includes the amortisation of intangible assets. Divisional
operating margin is the combined operating margin of Building and
Infrastructure.
A reconciliation of the statutory measure to the Group's performance measure
is shown below, based on continuing operations:
Building Infrastructure Investments Central Total
£m
£m
£m
£m
£m
Half year ended 31 December 2023
Statutory operating profit/(loss) 10.1 8.8 0.3 (8.9) 10.3
Exclude: amortisation of intangible assets 0.5 0.5 - 0.2 1.2
Exclude: exceptional items (note 6) - - - 2.6 2.6
Pre-exceptional operating profit/(loss) before amortisation 10.6 9.3 0.3 (6.1) 14.1
Revenue 446.0 362.0 11.1 - 819.1
Pre-exceptional operating margin 2.4% 2.6% n/a n/a 1.7%
Half year ended 31 December 2022
Statutory operating profit/(loss) 8.8 6.0 1.5 (11.5) 4.8
Exclude: amortisation of intangible assets 0.5 0.5 - 0.5 1.5
Exclude: exceptional items (note 6) - - - 4.5 4.5
Pre-exceptional operating profit/(loss) before amortisation 9.3 6.5 1.5 (6.5) 10.8
Revenue 399.7 276.6 2.9 - 679.2
Pre-exceptional operating margin 2.3% 2.3% n/a n/a 1.6%
Year ended 30 June 2023 (audited)
Statutory operating profit/(loss) 17.5 10.8 1.4 (24.1) 5.6
Exclude: amortisation of intangible assets 1.0 0.9 - 1.1 3.0
Exclude: exceptional items (note 6) - - - 10.5 10.5
Pre-exceptional operating profit/(loss) before amortisation 18.5 11.7 1.4 (12.5) 19.1
Exclude: impairment of financial assets - 2.8 - - 2.8
Pre-exceptional operating profit/(loss) before amortisation excluding the 18.5 14.5 1.4 (12.5) 21.9
impairment of financial assets
Revenue 797.1 590.8 5.8 - 1,393.7
Pre-exceptional operating margin excluding the impairment of financial assets 2.3% 2.5% n/a n/a 1.6%
c) Pre-exceptional profit before tax
The Group uses a profit before tax measure which excludes exceptional items as
noted above, whereas the statutory measure includes exceptional items.
A reconciliation of the statutory measure to the Group's performance measure
is shown below, based on continuing operations:
Half year to 31 December 2023 Half year to 31 December 2022 Year to 30 June 2023 (audited)
£m £m £m
Statutory profit before tax 13.0 7.2 10.1
Exclude: exceptional items (note 6) 2.6 4.5 10.5
Pre-exceptional profit before tax 15.6 11.7 20.6
d) Pre-exceptional earnings per share
In line with the Group's measurement of pre-exceptional performance, the Group
also presents its earnings per share on a pre-exceptional basis. This differs
from the statutory measure of earnings per share which includes exceptional
items.
A reconciliation of the statutory measure to the Group's performance measure
is shown below, based on continuing operations:
Half year to 31 December 2023
Earnings Ave number of shares EPS
£m
pence
Statutory results 11.3 100,358,176 11.3
Exclude: exceptional loss (note 6) 2.0 n/a n/a
Pre-exceptional earnings per share 13.3 100,358,176 13.2
Half year to 31 December 2022
Earnings Ave number of shares EPS
£m
pence
Statutory results 5.9 107,218,581 5.5
Exclude: exceptional earnings (note 6) 3.5 n/a n/a
Pre-exceptional earnings per share 9.4 107,218,581 8.8
Year ended 30 June 2023 (audited)
Earnings Ave number of shares EPS
£m
pence
Statutory results 9.1 105,180,316 8.7
Exclude: exceptional earnings (note 6) 8.4 n/a n/a
Pre-exceptional earnings per share 17.5 105,180,316 16.6
21 Disposal of subsidiary
On 30 November 2023, the Group disposed of 100% of the share capital of Rock
& Alluvium Limited for consideration of £3.9m, of which £1.8m was
satisfied on completion of the disposal, with a further £2.1m due on 30
November 2024, which generated £nil gain on disposal.
Forward looking statements
Certain statements in this half year report are forward looking. Such
statements should be treated with caution as they are based on current
information and expectations and are subject to a number of risks and
uncertainties that could cause actual events or outcomes to differ materially
from expectations.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
The condensed set of financial statements has been prepared in accordance with
International Accounting Standard 34, 'Interim Financial Reporting' as adopted
by the UK.
The directors confirm that these condensed consolidated half year financial
statements have been prepared in accordance with IAS 34 as adopted by the UK;
and that the interim management report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8 namely:
· an indication of important events that have occurred during the six
months and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related party transactions in the first six months and
any material changes in the related party transactions described in the last
annual report.
The directors of Galliford Try Holdings plc are:
Alison Wood Non-executive Chair
Bill Hocking Chief Executive
Andrew Duxbury Finance Director
Marisa Cassoni Non-executive Director and
Senior Independent Director
Sally Boyle Non-executive Director
Michael Topham Non-executive Director
Kevin Boyd Non-executive Director
( )
Signed on behalf of the Board.
Bill Hocking
Chief Executive
Andrew Duxbury
Finance Director
6 March 2024
Independent review report to Galliford Try Holdings plc
Report on the condensed consolidated interim financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 December 2023 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
December 2023 which comprises the condensed consolidated income statement, the
condensed consolidated statement of comprehensive income, the condensed
consolidated balance sheet, the condensed consolidated statement of changes in
equity and the condensed consolidated statement of cash flows.
Basis for conclusion
We conducted our review in accordance with Revised International Standard on
Review Engagements (UK) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410
(Revised)"). A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410 (Revised), however future events or conditions may cause the
group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority and for
no other purpose. No person is entitled to rely on this report unless such a
person is a person entitled to rely upon this report by virtue of and for the
purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility
for this report to any other person or for any other purpose and we hereby
expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London, UK
6 March 2024
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
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