A trading update from Galliford Try today for the six months to 31st December 2023 – the first half of its current financial year – is full of good cheer.
The numbers are not only better than in 2022 but also ahead of the board’s expectations, which were previously increased just four months ago. The full financial year is now expected to be approximately 5% ahead of current forecasts. (Latest analyst forecasts are in the range of £1,435m to £1,490m for revenue and £25.2m to £28.1m for pre-exceptional profit before tax.)
Cash at 31st December 2023 was £209m (2022: £196m), and there is no debt and no pensions liabilities.
The order book is also up, at £3.7bn, compared to £3.5bn a year ago.
Chief executive Bill Hocking said: “Galliford Try continues to perform strongly and consistently, and our performance in the first half of the financial year provides increased confidence for the full year.
“We are pleased with our recent acquisition of AVRS Systems, complementing our existing operations and acquisitions of specialists Ham Baker and MCS Control Systems, further adding to our ability to provide enhanced specialist services to our water sector and related clients. We have excellent people and project teams, a strong balance sheet and high-quality carefully selected order book in our chosen sectors.
“We are encouraged by the performance and momentum in the business and our expectations for the full year to June 2024 have improved accordingly.”