Research on Galliford Try Holdings PLC (GFRD:LON) from Capital Access Group
Galliford Try has reported an excellent first half to December demonstrating strong momentum that will drive a further upgrade to market forecasts. Revenue and adjusted PBT are both now expected to be above the top end of consensus despite forecasts being raised following the trading statement. Adjusted EPS increased 18.5% YoY to 18.6p, supporting an 18.2% increase in the interim dividend to 6.5p. The divisional adjusted operating margin jumped 54bps to 3.2% and is rapidly closing in on the 2030 target of 4.0%, benefitting from strong execution and improved contracting environments. Despite this being a transition year in the water business PBT for FY26 is now on track for growth exceeding 14%.