Galliford Try forecasting return to profit after second successive loss-making year
Galliford Try chief executive Bill Hocking said he expects the business to return to profit this year after it posted annual financial results showing losses for the second year running.
For the year ending 30th June 2020, Galliford Try made a pre-tax loss of £34.6 million, with revenue of £1,122m coming in 20% down on the previous year’s £1,400m.
Exceptional items in the year totalled a profit of £25.1m, including a £28m net gain on the settlement of the Aberdeen Western Peripheral Route (AWPR) final account less £2.9m of restructuring costs incurred in the year.
However, with a strong forward order book and the sale of Linden Homes and Partnerships housing divisions to Bovis Homes, Mr Hocking said he expected Galliford Try to return to profit this year.
He said: “This year has been a period of significant change for the group. We have successfully transitioned to a well-capitalised UK construction business and I am confident about our future.
“The group responded rapidly and effectively to the challenge of the COVID-19 pandemic and I have been particularly impressed by, and thankful for, the outstanding efforts of our staff throughout this period. All of our construction sites are now operational, and productivity is close to normal levels. Working with all stakeholders we will continue to maintain the highest safety, wellbeing and COVID-19 secure practices throughout all aspects of our operations.”
He added: “The group is performing well and focusing on its core strengths of building, highways and environment. In recent months we have secured a number of significant project wins and we are well placed to benefit from planned future investment in our areas of operation.”