Galliford Try Holdings (GFRD ), will announce at its closed AGM, to be held at 11am this morning, that the Company continues to trade in-line with management expectations and expects to reinstate its Dividend at the Half Year stage. 

Importantly, all the Company’s projects ‘have been fully operational since the start of the financial year on 1 July 2020’ with operations continuing through the recent regional and second national lockdown driving productivity to near normal levels for this time year. 

In particular, the recent significant and strategic contract wins include: 

  • lots 3 and 6 of Thames Water’s AMP7 £590m four-year framework in the London region 
  • the £105m commercial and PRS development at Monk Bridge for Highline Investments 
  • the £85m M56 junctions 6 to 8 works for Highways England 
  • the £60m Winchburgh Schools project in West Lothian for West Lothian Council 
  • the £50m refurbishment project at 280 Bishopsgate in London for Arax Properties 

Outlook 

The Company stated that its strategy and sector focus mean that the Group is ‘positioned to emerge strongly from the pandemic, supporting the Government’s planned investment in infrastructure and economic recovery.’ 

The average month end cash position has been towards the upper end of previous guidance of £125m-£145m with the Board confident that the Group will return to profitability for 1H20 and expects to resume payment of a dividend at the half Year mark. 

Shares in GFRD have been trending down significantly this year to 12-month lows of 70p in October this year despite the Company announcing several contract wins and a positive trading update in July indicating that all its UK construction sites had returned to operations despite the regional lockdowns. Today, the shares closed at 82p prior to this announcement. 

3 Reasons to Follow Galliford Try: 

Galliford Try is a leading UK construction group listed on the London Stock Exchange.  

Operating as Galliford Try and Morrison Construction, the group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK. 

Strategy for Sustainable and Profitable Growth 

The Group is well capitalised with no debt, no pension liability, a portfolio of high quality PPP assets, a strong order book and is expecting to be profitable this year and reinstating its Dividend at the Half Year stage. 

Risk Management at Its Core 

Galliford Try is laser focused on robust risk management and concentrating on growth sectors where the Company has a highly differentiated offering with a high value proposition for its clients. 

High Visibility on Future Earnings 

Galliford Try has already signed a number of high-value longstanding contracts with exposure to long-term Government funded Infrastructure projects as part of the Country’s economic recovery plan. 

The leading UK construction platform, combined with the Company’s strong client relationships, provides the Board with confidence in the future performance of the business.