Welcome to Galliford Try's Press Centre. This section contains our most recent press releases, publications, videos and details of our press contacts.

Press Releases

Wednesday, 19 February 2014 @ 07:10

Galliford Try Plc - Half Year Report for the Six Months Ended 31 December 2013

CONTINUING STRONG PROGRESS AND STRATEGY UPDATE TO 2018

Financial H1 2014 H1 2013 Change
Group revenue ¹ £803.5m £678.3m +18%
Profit before tax £38.1m £32.3m +18%
Earnings per share 36.8p 31.3p +18%
Dividend per share 15.0p 12.0p +25%
Net debt £85.9m £58.2m + £27.7m
Group return on net assets ² 17.1% 14.9% + 2.2 ppts

Group

  • Record half year results; strong progress towards the full year.
  • Net debt of £85.9 million (H1 2013: £58.2 million), reflecting the planned significant increase in landbank.
  • Across all businesses we continue to manage supply chain constraints.
  • New £400 million five year unsecured bank facility.
  • Interim dividend up 25%, continuation of our progressive dividend policy with expectation of full year dividend at 1.8x cover.
  • Disciplined growth strategy to 2018 with the objective of more than doubling FY13’s profits and earnings per share.

Housebuilding ³

  • Linden Homes revenue up 20% to £328.2 million (H1 2013: £273.5 million) from completions of 1,300 units; 1,230 units net of joint venture partner share (H1 2013: 1,297 and 1,168 respectively).
  • 13.5% Linden Homes operating margin (H1 2013: 12.4%) showing good progress against our margin enhancement programme.
  • Galliford Try Partnerships business now realigned within the housebuilding division to refocus management to capture significant growth opportunities.
  • Galliford Try Partnerships revenue, including both contracting and mixed tenure, up 134% to £100.9 million (H1 2013: £43.1 million) generating an operating margin of 1.9% (H1 2013: 1.2%).  59 private sales in the period.
  • 17% increase in total sales currently reserved, contracted and completed across Linden Homes and Galliford Try Partnerships at £744 million (H1 2013: £638 million); strong partnerships contracting order book of £0.5 billion (H1 2013: £0.4 billion).
  • Record landbank of 13,500 plots.  90% landbank secured now at current market value (H1 2013: 84% of 10,700).  100% of land secured for 2015 and 70% of land secured for 2016 with the land market remaining generally positive.

Construction ³

  • Construction margin of 1.4% (H1 2013: 1.8%) in line with expectations in a challenging market with opportunity levels continuing to rise.
  • Robust order book at £1.25 billion (H1 2013: £1.2 billion) providing high quality and diverse future revenues.  100% of projected revenue secured for the current financial year with 65% secured for 2015 (31 December 2012: 100% and 65% respectively).
  • Strong cash balance of £121.5 million underlining the solid performance of the business (H1 2013: £123.0 million).

Greg Fitzgerald, Chief Executive, commented:

“The half year saw strong performance across the Group and we have been very encouraged by the start of the calendar year.  Group profit for the half year is at a record high and we continue to be encouraged by the levels of future opportunities.

Housing market conditions continue to improve with Linden Homes revenue rising 20% and good progress is being made on our margin enhancement plan.  In the first six months of the financial year we have secured a significant increase in our landbank and the land market remains generally positive. 

As previously indicated we have realigned Galliford Try Partnerships within housebuilding so as to maximise the significant potential of our strong presence in the affordable housing market.

In construction we have increased our order book as our businesses continue to perform strongly in the current market.  Whilst the market in the short term remains challenging we continue to see increased levels of opportunities and I am delighted with the new projects awarded during the period.

The Group’s performance since the start of the calendar year has been strong and we are confident of meeting the Board’s expectations for the full year.  Reflecting our first half year performance and confidence in the future we have increased the interim dividend by 25% to 15.0 pence per share.

I am also delighted to announce our exciting strategy to 2018 supported by the Group’s new £400 million unsecured bank facility, which we anticipate will deliver further strong shareholder returns”.

Click for the full statement >>>

For further enquiries:

Galliford Try      Greg Fitzgerald, Chief Executive     01895 855000
                        Graham Prothero, Finance Director               

Tulchan Communications   Christian Cowley, James Macey White   020 7353 4200

Galliford Try will hold its half year results presentation for analysts and institutional investors at 09:30 am on Wednesday 19 February 2014 at The London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS.  A live audio webcast will be available at www.gallifordtry.co.uk/investors with a recording available later.  A video interview with Graham Prothero on the results will be available at www.gallifordtry.co.uk.

¹  ‘Group revenue’ excludes share of joint ventures of £33 million (H1 2013: £47 million).  ‘Revenue’ where stated throughout this half year report includes share of joint ventures.

²  Group return on net assets represents profit before tax, finance costs and amortisation compared to average net assets.

³   Comparative figures throughout this half year report have been restated for the new segmental reporting of Galliford Try Partnerships, as set out in note 3 of the financial statements.

Monday, 17 February 2014 @ 09:00

Galliford Try Announces £41 Million Residential Building Contract

Galliford Try plc, the housebuilding and construction group, announces that its Building business has been appointed preferred bidder for a £41 million residential contract to develop the Westfield House site in Earlsfield, South West London by the Opal Land joint venture.

The Opal Land joint venture was formed in 2011 by Galliford Try’s housebuilding business Linden Homes and registered provider Thames Valley Housing Association. The Earlsfield project marks the third development currently in progress for the joint venture.

On completion, the residential scheme will produce 193 homes across three different blocks, 45 of which will be affordable. In addition, the project will create a new café and riverside walks and cycle links, with the development situated in close proximity to both King George’s Park and the River Wandle.

Galliford Try Chief Executive Greg Fitzgerald said: “We are delighted that our Building business has been appointed for the contract from the Opal joint venture for this significant development in South West London. As a group, we are constantly looking for innovative ways to bring housing schemes to fruition, and for our businesses to work collaboratively. We will continue to look to build on the early success that the Opal joint venture is enjoying.”

 

For further enquiries:

Galliford Try -                 Greg Fitzgerald, Chief Executive              01895 855001

                                    Graham Prothero, Finance Director

 

Tuesday, 28 January 2014 @ 09:08

Galliford Try Selected For Extra Care and Affordable Housing Contracts Worth Combined £55M

Galliford Try, the housebuilding and construction group, announces that its Partnerships business has been selected for new affordable housing and Extra Care contracts worth a combined £55.2 million.

Firstly, Partnerships has been selected by long-term client the ExtraCare Charitable Trust to build the £32 million Earlsdon Park retirement village in Coventry. As well as providing 262 apartments for sale and rent, the village will also include a wide range of health and leisure facilities available to local residents and older people in the wider community.

Secondly, Central Bedfordshire Council has appointed Galliford Try Partnerships as preferred bidder for the £13.4 million Priory View development in Dunstable. The project will see the creation of 83 apartments for older people with assistive technology and integrated community and lifestyle facilities, including a café, health and beauty facilities, and hobby rooms.

Finally, in the South West, Partnerships has been contracted to deliver the Creechbarrow project as part of a successful bid through the Homes and Communities Agency's Delivery Partner Panel. The £9.8 million project will see the creation of 94 new affordable homes and additional commercial space on Creechbarrow Road in Taunton, with 32 homes being built for Knightstone Housing Association and 62 for Taunton Deane Borough Council.

Galliford Try Chief Executive Greg Fitzgerald commented: ""Our Partnerships business is continuing to grow and these new contracts demonstrate the diversity of its expertise and its successful positioning in the market. Our track record in Extra Care in particular is burgeoning, and we remain committed to providing our clients with the high quality homes and facilities that their residents need."

 

For further enquiries:

 Galliford Try -  Greg Fitzgerald, Chief Executive    01895 855001

                        Graham Prothero, Finance Director

Wednesday, 08 January 2014 @ 08:56

Galliford Try plc Trading Update 08 Jan 2014

Galliford Try plc, the housebuilding and construction group, today provides the following update on trading for the half year ended 31 December 2013.  The group expects to announce its results for the half year on 19 February 2014.

Group

  • Anticipating a record half year profit.
  • Net debt of £90 million (2012: £58 million) rose as planned, reflecting the significant increase in the landbank, and was at the lower end of expectations due to a strong performance from Construction. 

Housebuilding

  • Continued strong performance with encouraging rates of sale and prices above expectations, in line with our November statement.
  • 20% increase in total sales reserved, contracted and completed at £652 million (2012: £544 million).
  • Average selling price up 16% at £288,000 (2012: £248,000) reflecting the strong demand for our well located southern sites and increased focus on houses.  The average selling price for affordable sales was £118,000 (2012: £115,000) producing a combined average selling price of £250,000 (2012: £216,000).
  • Revenue is expected to be up on the equivalent half year period, as a consequence of 1,359 unit completions, 1,279 net of joint venture partners share (2012: 1,364 and 1,229), and the significant increase in the average selling price.
  • Good unit sales per outlet per week at 0.50 (2012: 0.46).  Cancellation levels remain around the long term average at 19% (2012: 19%).
  • Record landbank of 13,100 plots with the land market continuing to be positive.  90% of landbank now secured at current market values (31 December 2012: 83% of 10,400).  98% of land secured for 2015.
  • Operating margin has improved since the previous half year (31 December 2012) and anticipated to be broadly in line with the full year to June 2013.

Construction

  • Challenging market conditions although pipeline of opportunities continues to increase.  Order book remains robust at £1.75 billion as we continue to focus on strong cash management and margin protection (2012: £1.6 billion). 
  • 98% of projected revenue for the current financial year secured with 62% for the year 30 June 2015 (31 December 2012: 99% and 62% respectively).
  • High quality and diverse future revenues with 40% of order book in the regulated sector, 39% in public and 21% in private (2012: 40%, 42% and 18% respectively).
  • During the previous six months we have announced a number of major project wins across our divisions including the new four year Education Funding Agency contractors framework, financial close of the Brunswick regeneration scheme, preferred bidder for the Kent 'Excellent Homes for All' scheme, the Forbury Place office contract in Reading and several health and education contracts in Scotland and the Midlands.
  • As planned, realignment of Partnerships division successfully implemented, to strengthen focus in this key growth area.

Greg Fitzgerald, Chief Executive, commented:

"It has been another strong performance for the Group in the first half of the financial year with profits anticipated to be at record levels. Housing market conditions have continued to improve and we are delighted to have secured a 16% increase in the landbank during the period, with the land market remaining positive. In Construction we have increased the size of our order book and remain focused on margin protection and cash generation. Construction is performing well in challenging markets with the prospects looking better as our pipeline of opportunities continues to increase.  Across the Group supply chain cost issues continue but are being well managed.  We are confident that our disciplined strategy will deliver further good growth and improved returns this year and beyond."

Board Announcements

As previously announced Ishbel Macpherson and Terry Miller will join the Board as non executive directors with effect 1 February 2014.


For further enquiries:

Galliford Try       Greg Fitzgerald, Chief Executive           01895 855001
                         Graham Prothero, Finance Director

Tulchan Communications    Christian Cowley             020 7353 4200
                                       James Macey White