Providing an update on trading for the half-year ended 31 December 2019 following last week’s sale of the Linden Homes and Partnerships & Regeneration divisions to Bovis, Bill Hocking said the firm is now a well-capitalised construction business with £225 million cash balance.

The group also acknowledged its re-admittance to the government’s Prompt Payment Code.

Galliford Try said today: “The underlying construction business continues to perform well and in line with management’s expectations for the financial year ending 30 June 2020.

“As previously highlighted, the group expects performance to be weighted to the second half of the financial year due to both market uncertainty and the settlement of certain claims in the first half of the year.”

Bill Hocking added: “The successful completion of the disposal of the housing and partnerships divisions means Galliford Try is now a well-capitalised and focused UK construction group.

“Our robust financial position combined with market-leading positions in our chosen sectors means that we are strongly positioned for future disciplined growth. I am very excited about the future opportunities for Galliford Try.

“There is good momentum in the business, reflected by a number of significant wins through the first half of the year and the strength of the high-quality order book.”

The group expects to announce its results for the half-year and a strategy update on 12 March 2020.