Galliford Try expects revenue to top £1.6bn

Galliford Try has said its turnover is set to exceed £1.64bn in its latest financial year.

In a trading update for the 12 months to 30 June 2024, published this morning (11 July), the contractor said its turnover would be above the upper end of current analyst forecasts.

These are currently between £1.44bn and £1.64bn.

The statement added that it has a confident outlook driven by a “high-quality” order book of £3.8bn with 92 per cent of its revenue for the new financial year already secured.

“Pre-exceptional” profit before tax is also expected to be above analyst expectations.

These are currently between £26.7m-£29.2m.

Exceptional items are one-off events that negatively affect levels of profit, such as acquisitions of businesses or IT upgrades. Such items brought Galliford to an overall loss in the first half of 2021/22, and took out more than £13m from its profit last year.

Galliford Try chief executive Bill Hocking said: “Galliford Try’s ability to maintain its balance sheet strength is key to our clients and suppliers as well as our continued success in maintaining a high-quality order book in our chosen sectors.

“Our confidence in the future is supported by our order book as well as a long-term pipeline of future opportunities.”

The contractor’s year-end cash at 30 June stood at around £227m. It has no pension liabilities or debt.

Hocking paid tribute to his employees, adding: “We are excited about the new financial year, our strategy to 2030 and the opportunity to deliver further strong performance and long-term sustainable value for all stakeholders.”

The contractor will publish its full 2023/24 results in September.

In the year to 30 June 2023 the contractor turned over £1.39bn, up 13 per cent from the prior year, and made a pre-tax profit of £10.1m, up from £5.4m in 2022.

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