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Trading statements

Galliford Try at upper end of forecasts

11 July 2017 07:19

Galliford Try, the housebuilding, regeneration and construction group, reports a strong underlying financial and operating performance across all three businesses for the year ended 30 June with profits towards the upper end of the analysts' range.

The group said Linden Homes and Partnerships & Regeneration were expected to deliver increased revenue and improved operating margins, while newer contracts in construction were performing well.

The group said it expected to pay a dividend in line with previous guidance an that it was well positioned to deliver against 2021 strategic targets. Chief executive Peter Truscott said: "Galliford Try made excellent operating progress in the financial year, with our reorganised management teams focused on improving operating efficiency across the Group, and driving revenue growth in Linden Homes and Partnerships.

"Reflecting this operational focus and benefiting from robust market conditions over the last twelve months, we expect to deliver a strong underlying result for FY 2017 notwithstanding the impact on the Group's reported financial performance from the non-recurring costs in our Construction business, as previously announced.

"As we enter the new financial year, we are cautious about the impact of the current political uncertainty following the general election and the medium-term outlook for the macro economy.

"However, all three businesses have clearly defined plans to improve operating efficiency and grow revenue and margins, providing the Group with confidence in its ability to deliver a strong performance even in a period of lower growth in the wider economy.

"We enter the financial year with a Group order book of £4.9bn, giving us a solid foundation to deliver growth in FY 2018. Overall, we remain well positioned to deliver against our medium-term targets for 60% growth in profit before tax to FY 2021, a five year CAGR on dividend of at least 5% and a return on net assets in FY 2021 of at least 25%, while rebuilding dividend cover to 2.0x.

"Reflecting a strong underlying performance, the strength of our balance sheet and our confidence in the prospects for each of our businesses, we expect to pay a final dividend in line with previous guidance."

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