REG - Galliford Try Hldgs - Trading Statement

Galliford Try HoldingsAnnouncement

09/07/2025 07:00

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RNS Number : 2349Q  Galliford Try Holdings PLC  09 July 2025

 

 

 

GALLIFORD TRY HOLDINGS PLC TRADING UPDATE

WEDNESDAY 9 JULY 2025

 

2025 FULL YEAR PERFORMANCE TO BE AHEAD OF EXPECTATIONS AND CONFIDENT OUTLOOK
MAINTAINED

 

Galliford Try Holdings plc, the UK construction group, today provides an
update on trading for the year ended 30 June 2025.  The Group expects to
announce its audited results for the full year on 17 September 2025.

 

 

2025 Full Year Trading Update

 

The strong performance reported at the half year results, notably in AMP7
run-off in water and solid highways delivery, continued through the second
half of the year, and as a result, the Group expects to report full year
revenue and adjusted profit before tax slightly above the upper end of current
analyst forecasts(1). The stronger trading is expected to deliver further
margin progression towards our 2030 sustainable margin target of 4.0% and
previously communicated margin target of 3.0% in 2026.

 

We look forward to presenting our full year results in September including a
good year of progress towards our 2030 sustainable strategic targets, with
broad based progress across both our core businesses and our specialist
services businesses, continuing our focus on modern methods of construction
(MMC).

 

(1) The range of analysts' forecasts for the year ended 30 June 2025, compiled
by the group, based on forecasts at 1 July 2025, is £1,864.7m to £1,885.6m
for revenue and £40.1m to £41.6m for adjusted profit before tax.

 

Balance Sheet

 

The year-end cash at 30 June 2025 was £237.6m (2024: £227.0m) and in
addition the Group has a circa £38.5m portfolio of Public Private Partnership
(PPP) assets, no pensions liabilities and no bank debt. The RCF facility,
announced at the half year, remained undrawn throughout the period. Average
month-end cash for the year ended 30 June 2025 was up 15.4% at £178.7m (year
to 30 June 2024: £154.8m) driven by the positive trading and tight working
capital management.

 

During the second half of the year, the Group completed its second share
buyback programme, announced on 3 October 2024, purchasing and cancelling
2,690,861 ordinary shares at an average price of approximately £3.72 per
share, at a total cost of £10m.

 

We continue to believe the Group's strong balance sheet differentiates our
ability to secure high quality contracts and frameworks, to attract highly
skilled supply chains, attract and retain colleagues and to continue to invest
in the business whilst providing growing returns to shareholders.

 

Order Book and Outlook

 

The Group's operations are predominantly in frameworks in the public and
regulated sectors. We operate across the UK and are well positioned to deliver
on and benefit from ongoing and recently announced local and national
Government commitments to improve the UK's social and economic infrastructure.

 

The Group continues to see a strong pipeline of new opportunities across its
chosen sectors. Since January 2025 we have continued our track record of
successfully securing projects, places and participation on major frameworks
including:

 

-      in Highways, the £1.0bn North East Procurement Organisation (NEPO)
Civil Engineering and Infrastructure Works Framework and the £66.5m Banwell
Bypass for North Somerset Council.

-      in Environment, Yorkshire Water's new £850m Non-Infrastructure
Works Framework, part of AMP8.

-      in Facilities Management, the Pagabo £814m Total Facilities
Management Framework.

-    in Building, fire safety improvement projects for the Ministry of
Justice at HMP Wakefield (£44.5m) and HMP Moorland (£56m) as well as a £63m
contract to deliver single living accommodation at RAF Digby in Lincolnshire.

 

The Group has a robust order book of £4.1bn at 30 June 2025 (2024:  £3.8bn)
with excellent visibility of long-term future workload. We start the new
financial year with 90% of revenue secured and with significant national
investment planned and announced in our chosen sectors of the UK's social and
economic infrastructure.

 

Bill Hocking, Chief Executive, commented:

 

"I am delighted that all our operations continued to perform strongly
throughout the second half of the year and we expect to report another year of
increased revenue and profit in September.

 

Our balance sheet strength and reputation continue to be key to all
stakeholders. We welcome the Government's commitment to invest in improving
the UK's social and economic infrastructure and affordable housing. As a UK
only contractor, our confidence in the future is supported by our high-quality
order book as well as a long-term pipeline of future opportunities in key
sectors as supported by the investment proposals in last month's Spending
Review and UK Infrastructure Strategy plans.

 

I continue to be impressed by our people and project teams, their
professionalism and work ethic. We are excited about the opportunities in our
chosen sectors and the delivery of further strong performance and long-term
value for all stakeholders as we work to deliver our sustainable growth
targets by 2030."

 

 

For further enquiries please contact:

 

 Galliford Try  Bill Hocking, Chief Executive                            01895 855001

                Kris Hampson, Chief Financial Officer

                Kevin Corbett, General Counsel & Company Secretary

 Teneo          James Macey White/Victoria Boxall                        020 7260 2700

 

 

Note to Editors

Galliford Try is a trading name of Galliford Try Holdings plc, a
leading UK construction group listed on the London Stock Exchange. Operating
as Galliford Try and Morrison Construction, the group carries out building and
infrastructure (environment and highways) projects with clients in the public,
private and regulated sectors across the UK.

 

 

 

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