Galliford Try ‘outperforms expectations’ with £11.4m profit boost
Galliford Try has followed up last year’s pre-exceptional loss of £59.7 million with a pre-tax profit of £11.4m for the financial year ended June 30 2021.
The business achieved the result on revenues of £1.125 billion, which represents a divisional operating margin of 2%. Its balance sheet has been further underlined with good cash generation, with average month-end cash through the year at £164m, while the order book has grown to £3.3bn.
Galliford Try said the firm foundation has provided the opportunity to put in place a new strategy to 2026. Robust risk management will remain a cornerstone of the business as it sets out to grow its operating margin to 3% on revenues towards £1.6bn and maintain its cash generation while paying sustainable dividends.
The Sustainable Growth strategy has set four new priorities: Progressive culture, Socially responsible delivery, Quality and innovation and Sustainable financial returns incorporating refreshed targets across the group’s six pillars of sustainability.
Bill Hocking, chief executive of Galliford Try, said: “Over the last year, we have emerged stronger, returning to profitability and confirming our position as a leading UK construction group.
“Our commitment to robust risk management, careful contract selection and operational excellence underpins our performance and prospects. With an excellent order book and balance sheet and position in our chosen sectors, we are strongly positioned to meet the increasing demand for social and economic infrastructure in the UK.
“This secure foundation provides the basis for our Sustainable Growth strategy, which will ensure that we develop our business sustainably and profitably.
“The outlook is positive and the management team and Board look forward to the new financial year with confidence. My thanks and appreciation go to all our staff, supply chain and clients who have worked so well together to keep our projects safely on track, despite the challenging circumstances. I am proud to lead a team of passionate, dedicated and skilled individuals who are all so aligned to our purpose.”