Research on Galliford Try Holdings PLC (GFRD:LON) from Capital Access Group
Galliford Try has released another positive trading update with adjusted profit before tax for the year to June expected to be at the top end of the £51.4m-£53.4m, consensus range, implying a near 20% YoY improvement. Revenue growth YoY is expected to be around 3%, suggesting a further increase in the divisional adjusted operating margin over the 3.2% achieved in 1H26 and confirming good progress towards the 4% target by 2030 (FY25 3.0%). The order book grew to £4.3bn (YEFY25 and end 1H26 £4.1bn) with c90% of revenue for FY27 already secured. Average month-end cash for FY26 increased 21.0% to £216.2m (YEFY25 £178.7m) reflecting continuing strong cash conversion on growing profits. These results look consistent with current average consensus dividend expectations of 22p/share which would represent a 16% increase YoY. Given the positive tone of the update and average consensus for adjusted profit before tax of just £55.4m for FY27, further increases to forecasts are likely, we expect.
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