Galliford Try (GFRD ) announced to investors that its Building business has been appointed to the new £1.6bn LHC Public Buildings, Construction, and Infrastructure PB3 framework.
The UK construction group said the four-year framework will replace LHC’s previous School and Community Building framework, and covers projects across all public sector buildings.
The Company explained to its shareholders that it currently has places in four value bands across the United Kingdom (excluding Northern Ireland) ranging up to £14 million, that include a mix of new-build, refurbishment, and in the highest value band, infrastructure projects.
Commenting, Chief Executive Officer of Galliford Try Bill Hocking, said: “Maintaining a position on major public sector frameworks is a key part of our Sustainable Growth Strategy, so we are delighted to be selected by LHC for this new vehicle. We have already delivered a number of high-quality projects through LHC’s previous frameworks and we look forward to continuing our relationship with them as they seek to grow throughout the public sector.”
In its recently published final results to the year ended June 2021, Galliford Try reported that strong operational performance had resulted in improved profitability with profit before tax coming in above its previous guidance at £11.4m compared to a loss of £59.7m in FY20.
The Company declared a final dividend payment of 3.5p, together with an interim dividend of 1.2p giving a total dividend of 4.7p covered by 2.0x earnings from continuing operations.
By period-end, Galliford was cash generative with a debt-free balance sheet. Its average month end cash for the period was £164m compared to £141m in the prior 2020 period.
At the time, the Group described its outlook for the sector as “positive” and that it was encouraged by the pipeline of new opportunities across our chosen sectors in the public, regulated and private markets together with its significant contract wins during the period.
In particular, the Company highlighted that the UK Government’s plans to increase capital expenditure, “together with the Group’s strong balance sheet and quality order book, mean that the Group is well placed to meet its growth objectives for the new financial year.”
Follow News & Updates from Galliford Try here: