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Press Releases

Tuesday, 16 September 2014 @ 07:00

Galliford Try Plc Annual Results Statement for the Year Ended 30 June 2014

Continuing to deliver record results from our disciplined growth strategy

Highlights

Financial 2014 2013 Change
Group revenue¹ £1,768m £1,467m + 21%
Profit before tax £95.2m £74.1m +28%
Earnings per share 94.6p 71.7p +32%
Dividend per share 53.0p 37.0p +43%
Group return on net assets² 20.8% 16.6% +25%

Group

  • Record profit achieved through strong performance across the Group and successful delivery of disciplined growth strategy
  • Record earnings per share, increasing by 32% to 94.6 pence
  • Return on net assets improved to 20.8%
  • 43% increase in full year dividend payment to 53.0 pence
  • Minimal net debt of £5.1 million at 30 June 2014 (2013: net debt of £14.4 million)
  • £400 million five year unsecured bank facility

Housebuilding³

  • Strong increase in revenue to £1,002 million (2013: £730 million), on an increase in the number of completions (inclusive of joint ventures) to 3,107 (2013: 2,932) and average Linden Homes selling price rising to £305,000 (2013: £266,000)
  • Improved margin performance with 13% increase in Linden Homes' operating margin to 15.1% (2013: 13.3%)
  • Strong forward sales position with 3% increase in sales currently reserved, contracted or completed at £419 million (2013: £405 million)
  • Record 14,000 plot landbank with 91% now acquired at current market values (2013: 87% of 11,400)
  • 100% of land required for 2015 financial year in place, 90% of land secured for 2016
  • Galliford Try Partnerships revenue up 150% to £242.8 million; business performing strongly in a growing market with contracting order book of £0.6 billion (2013: £0.5 billion)

Construction³

  • Construction operating margin robust at 1.0% as we deliver work won in more difficult market conditions (2013: 1.6%)
  • Exceptional cash management with a year end construction cash balance of £151 million (2013: £132 million)
  • A number of major project wins in the period with an encouraging pipeline of future opportunities reflecting improving market conditions
  • Miller Construction acquisition accelerates growth plans, provides access to new frameworks and more than doubles the size of our order book to £3.0 billion (2013: £1.2 billion)
  • 88% of current year's planned revenue secured (2013: 87%)

Greg Fitzgerald, Chief Executive, commented:

“We have made excellent progress during the year against our strategy of disciplined growth with principal focus on margin. Linden Homes achieved an improved margin, ahead of our expectations, and significantly stronger average selling prices, reflecting the quality of our homes, our prime locations and the backdrop of improved consumer confidence. As we have gone through the quieter summer period, sales have been in line with our expectations.

Galliford Try Partnerships delivered outstanding growth with revenues more than doubling and margins improving.

Construction continued to perform well, maintaining a profitable result as we work through contracts won in a difficult market, and start to deliver new work secured on more robust terms in improving conditions. We are very pleased to have acquired Miller Construction which more than doubles the size of our order book, adds several strategically important frameworks and also brings additional talent to the enlarged Group. Integration is proceeding very well and ahead of expectations.

With a record landbank in housebuilding, a larger and stronger construction business and a robust balance sheet, the Group is in an excellent position. Whilst we continue to recognise the challenges around the supply chain and the time required to convert outline planning permissions into detailed consents, we look forward to the year ahead with confidence.”

Enquiries:

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

Tulchan Communications
Christian Cowley
James Macey White
Giles Kernick
020 7353 4200

¹ Group revenue excludes share of joint ventures' revenue of £83.0 million (2013: £92.1 million). Revenue where stated 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 statement have been restated for the new segmental reporting of Galliford Try Partnerships as set out in note 2 of the financial information.

Galliford Try will hold its results presentation at 09:30 am on Tuesday, 16 September 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.  A recorded interview with Greg Fitzgerald, Chief Executive, regarding the full year results will be available on the company website: www.gallifordtry.co.uk from 18 September 2014.

Click here for full statement >>>

Tuesday, 16 September 2014 @ 07:00

Directorate Change

Galliford Try plc, the housebuilding and construction group, announces that after 33 years with the company and acquired businesses, Greg Fitzgerald has indicated to the Board his wish to retire as Chief Executive no later than the end of 2015. The Board has begun the process to appoint his successor.

Ian Coull, Chairman, said: “On behalf of the Board I would like to thank Greg for his excellent leadership and vision over the last nine years in his role as Chief Executive. The company has a clear disciplined growth strategy against which we are making strong progress. We have begun the search for Greg’s successor; Greg is committed to ensuring a smooth transition and will leave the business in a strong position for his successor.”  

Greg Fitzgerald, Chief Executive, said:

"After 33 very enjoyable years at Galliford Try I have decided to retire no later than the end of 2015.  My decision is a personal one and I am fully committed to delivering the Company’s growth strategy.  As our full year results announced today demonstrate, the Group is in great shape, with a strong management team, and very well equipped for the future.”

For further enquiries:

Galliford Try plc

Ian Coull, Chairman

01895 855001

Tulchan Communications

Christian Cowley

James Macey White

Giles Kernick

020 7353 4200


Monday, 15 September 2014 @ 08:17

Galliford Try Joint Venture Appointed To Build Over 1,100 Homes At Silvertown Way

Galliford Try plc, the housebuilding and construction group, announces that it has been selected as preferred developer by Greater London Authority (GLA) to construct the Silvertown Way development in Canning Town, East London.

The prestigious development, which will create over 1,100 mixed tenure homes across 11 individual blocks, has an approximate gross development value of £360 million, making it the largest standalone housing scheme that the company has undertaken. The project will be delivered through an existing joint venture vehicle with Thames Valley Housing Association and deliver a third of the homes as market rent for its subsidiary Fizzy Living.

Three of the Galliford Try Group companies: Linden Homes, Galliford Try Partnerships and Galliford Try Infrastructure will deliver the development which includes homes for sale, rent and shared ownership, a hotel, restaurant, employment and commercial space.

In addition, Galliford Try has been appointed as preferred developer for a further 210-home regeneration scheme in the Bristol region by the Homes and Communities Agency’s (HCA’s) Delivery Partner Panel. The scheme is anticipated to have a gross development value of approximately £40 million.

Galliford Try Chief Executive Greg Fitzgerald commented: “We are delighted to have been selected for both these schemes which underline our strong relationship with the GLA and HCA. These schemes are testament to the combined resources of the group and our proven expertise in regeneration and affordable housing projects. It underlines our continued investment in delivering much needed homes and working in long-term partnerships with our partners in the sector.”

  

Galliford Try -                Greg Fitzgerald, Chief Executive                        01895 855001

                                    Graham Prothero, Finance Director


Friday, 12 September 2014 @ 09:01

Galliford Try Secures Frameworks With Southern Water Worth A Total Of £430 Million

Galliford Try plc, the housebuilding and construction group, announces that its infrastructure business has, through its joint ventures, been appointed by Southern Water as a Delivery Partner for its AMP6 framework.


The total contract value is £430 million and the appointment is anticipated to be worth approximately £215 million to Galliford Try. The design and build framework will commence in 2015 and run until 2020, with an option to extend a further five years to 2025.


Galliford Try has secured one of two process lots in a joint venture, called GTM, with Imtech and supported by strategic design partner Atkins. The majority of the work on the secured process lot, worth up to £250 million, will focus on water supply and wastewater treatment works.


Galliford Try has also secured both the water and wastewater network lots in a joint venture, called MGjv, with Morrison Utility Services and supported by strategic design partner AECOM. The lots, worth up to £180 million, involve upgrades to water supply and wastewater pipelines and pumping stations.


Greg Fitzgerald, Chief Executive of Galliford Try plc, commented:  "We are delighted to have secured such a substantial amount of long-term business. We look forward to working again with Southern Water and bringing the benefit of our experience of collaboration across the UK water sector to the company and its customers."

For further enquiries: 

Galliford Try -                 Greg Fitzgerald, Chief Executive              01895 855001

                                    Graham Prothero, Finance Director

Thursday, 11 September 2014 @ 08:42

Galliford Try Appointed To Construction Projects Worth Over £100 Million

Galliford Try plc, the housebuilding and construction group, announces that its Building business has been appointed to three new contracts worth over £100 million.

Firstly, Galliford Try has been appointed selected panel member for the North and North East Lincolnshire batch of schools under the Education Funding Agency’s (EFA’s) Priority Schools Building Programme.

The batch, which is worth £47.6 million in total, includes two new Secondary schools – The Vale Academy and Baysgarth School – as well as six new Primary schools -Brumby Junior School, Burton-upon-Staither, Oasis Academy, Crosby Primary School, Grange Lane Primary School and Great Coates Primary School.

The batch is the second success for Galliford Try under the EFA main contractor framework having previously announced in June its appointment to the Hull and East Riding batch 1.

Secondly, leading developer St Modwen has contracted Galliford Try to build the next phase of student accommodation at Swansea University’s Swansea Bay Campus in a contract worth over £20 million. The project will deliver an additional 545 student apartments for occupation in early 2016 as well as new facilities including a gym, sports hall, Student Union offices and meeting space, launderette and crèche. 

Finally, the Building business has been selected as preferred bidder by St Andrew’s Healthcare to build a new residential building for young people with mental illness, autism and learning difficulties in Northampton.  Galliford Try has won the contract, worth £37 million, to build the facility, which will be the largest of its kind in Europe. It will provide 110 residential beds, a school, sports and therapy areas, and a number of activity and landscaped courtyards.

Galliford Try Chief Executive Greg Fitzgerald commented: “We are delighted that our Building business has managed secure such significant contracts all across the country. These contract wins demonstrate the strength of our offering across a variety of sectors and provide further impetus to our stated strategy to continue to grow our construction activities.”

For further enquiries:

Galliford Try -                Greg Fitzgerald, Chief Executive                        01895 855001

                                    Graham Prothero, Finance Director

Tuesday, 09 September 2014 @ 08:31

Galliford Try Appointed to £250 Million Network Rail Frameworks

Galliford Try plc, the housebuilding and construction group, announces that it has been appointed to deliver building enhancements and property improvements across three of Network Rail Infrastructure Project's Control Period 5 (CP5) Frameworks, which are valued at up to £250 million over the next five years.

The framework appointments were awarded to Galliford Try’s recently acquired Miller Construction brand and will see the delivery of building projects, including new stations, station enhancements, platform extensions, depots, office buildings and property refurbishments projects in the Central Region East Midlands route, covering London St. Pancras to Sheffield and the London Northwest-North route, covering Crewe to Carlisle and including Liverpool and Manchester. In addition, it has been appointed to deliver property improvements as part of the SNE Region Renewals Collaborative Delivery Programme on the London Northeast route between London Kings Cross and Berwick on Tweed.

The Group will work in collaboration with Network Rail and other contractors appointed to deliver Civil and Railway Engineering solutions in these frameworks. The five to six year agreements with Network Rail take effect in August 2014 and will be delivered as part of CP5, which runs from 2014 to 2019, and they have the option of being extended to the end of Control Period 6 in 2024.

Galliford Try Chief Executive Greg Fitzgerald commented: “These major framework wins highlights one of the compelling reasons that we acquired the Miller Construction brand. This appointment represents a key opportunity for us to grow our business in this sector and we look forward to working with Network Rail to provide high quality new facilities across the selected routes.”

For further enquiries:

Galliford Try -                Greg Fitzgerald, Chief Executive            01895 855001

                                    Graham Prothero, Finance Director

Wednesday, 03 September 2014 @ 08:49

Galliford Try Appointed To £106 Million in Affordable Housing Contracts

Galliford Try plc, the housebuilding and construction group, announces that it has been appointed to two new contracts in the affordable housing sector worth a combined £106 million.

In its largest ever single project, Galliford Try’s Partnerships business has been selected by Notting Hill Housing to build the £81 million Great Eastern Quays project in East London. The regeneration scheme will see the creation of up to 350 mixed tenure homes, as well as the development of public spaces alongside the river, and the docks, business, retail and leisure areas.

Partnerships has also been selected for a new £25 million contract with Registered Provider Coast and Country Housing, to build six new Extra Care developments in Redcar. The project will see the creation of 225 units and ancillary facilities across the surrounding region over the next three years.

In addition, Galliford Try has secured £20 million of funding from the HCA under the Affordable Homes Programme 2015-18. The award, which is the largest made to a commercial housebuilder, will go towards the creation of 858 affordable homes across the country.

Galliford Try Chief Executive Greg Fitzgerald commented: “Affordable housing has become a real success story for our company across the country. The selection of Partnerships for its biggest ever single contract by Notting Hill Housing is testament to the strength of the brand and the hard work of the team. Likewise, our track record in Extra Care continues to resonate with clients and we look forward to working with our partners to produce high quality housing for their customers.”

For further enquiries:

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

Tuesday, 22 July 2014 @ 09:13

Galliford Try Reaches Financial Close On £50.8 Million Contracts For New School Campuses In The Highlands

Galliford Try plc, the housebuilding and construction group, announces that its Miller Construction business has reached financial close on a £35.4m project to construct the new Inverness Royal Academy and a £15.4m project to construct Noss Primary School in Wick.

Under the projects, Miller Construction will be working on these projects for Hub North Scotland Limited the public/private development company working in partnership with The Highland Council.

Inverness Royal Academy, which is due for completion by summer 2016, involves the construction of a new four-storey replacement school, sports pitches, an outdoor terraced teaching area, gardens, landscaping and a car park and bus drop-off area. The new Inverness Royal Academy campus will cater for around 1,500 pupils across the ages of 11–18.

Noss Primary School involves the construction of a combined replacement primary school for both the North and Hillhead existing primary schools, a new nursery and enhanced facilities to support education for pupils with additional needs. The new school will accommodate close to 400 pupils over 14 classrooms. The project will be delivered in two phases with final completion due in spring 2016.

Galliford Try Chief Executive Greg Fitzgerald stated: “We are delighted to have reached agreement with Hub North Scotland Limited and The Highland Council on these significant education contracts and are now able to get the projects underway. The Miller Construction business is an important addition to the Group and these awards reflect its reputation and strong market presence in the education sector in Scotland. We look forward to successfully delivering both projects for our client and wider stakeholders, and in turn providing pupils, teachers and the communities in Inverness and Wick with an enhanced built environment and improved facilities.”

For further enquiries:

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

Thursday, 10 July 2014 @ 07:09

Acquisition of Miller Construction - 10 July 2014

Galliford Try PLC (“Galliford Try” or “the Company”) is pleased to announce the acquisition of the Miller Construction business (“Miller Construction”) from Miller Group Holdings (UK) Limited (“Miller Group”) (“Acquisition”), for a total price of £16.57 million. The Acquisition is cash accretive and will be earnings enhancing in the year ending 30 June 2015 (including one-off restructuring costs).

Miller Construction is a UK only construction business which delivers building and infrastructure projects to both the public and private sectors. In the year to 31 December 2013, Miller Construction reported revenue of £409 million.

Rationale for the Acquisition
The tactical acquisition of Miller Construction is consistent with Galliford Try’s stated strategy of disciplined and selective growth in its construction business, with a particular focus on developing our positions on regional and national frameworks. The transaction accelerates the growth in construction turnover towards £1.25bn, and increases the 2018 target to circa £1.5bn. The acquired order book of £1.4bn doubles the Group’s order book to £2.8bn.

The Directors believe that the Acquisition price of £16.57 million represents a very attractive valuation for Galliford Try.

Key financial information
For the year ended 31 December 2013, Miller Construction generated £409 million of revenue and a loss before interest and tax of £4 million. During the 2013 financial year and subsequently, Miller Construction has restructured or exited a number of mainly loss-making contracts and is now anticipated to return to profitability in the current year.

Miller Construction had gross assets of £232 million at 31 December 2013. Under the terms of the Acquisition, the Miller Group has agreed to transfer Miller Construction with a nil net assets balance, including a cash balance of £23 million.

In addition, Miller Construction has a PPP portfolio with an invested value of approximately £14 million. Galliford Try has identified a total of £7 million per annum of cost synergies, the majority of which it would expect to realise during the financial year ending 30 June 2015. In order to achieve these synergies, it is expected that £4 million of one-off restructuring costs will be incurred, mainly during the year ending 30 June 2015. Notwithstanding the restructuring costs, the Directors believe that the Acquisition will be earnings enhancing in the year ending 30 June 2015.

Galliford Try was advised on the Acquisition by Gleacher Shacklock LLP.

Commenting on the Acquisition, Greg Fitzgerald, Chief Executive of Galliford Try, said:

“We are delighted to announce the acquisition of Miller Construction, achieved at a very good price and with no net cash consideration. The acquisition brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace.”

Note: Nothing in this announcement is intended to be, or is to be construed as, a profit forecast or to be interpreted to mean that earnings per Galliford Try share for the current or future financial years, or those of Galliford Try following the Acquisition, will necessarily match or exceed the historical earnings per Galliford Try share.

ENDS

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

Wednesday, 09 July 2014 @ 07:05

Galliford Try Plc – Trading Update - 9 July 2014

Galliford Try plc, the housebuilding and construction group, today provides the following update on trading for the year ended 30 June 2014. The Group expects to announce its results for the full year on 16 September 2014.

Since our last update in May we have continued to make strong progress resulting in another record group profit. Profit before tax is expected to be at the upper end of the analysts’ current range of £92.8 – £95.2 million. Throughout the year our housebuilding division has performed strongly, achieving increased prices, and delivering a record landbank and sales carry forward position, together with strong progress on margin in Linden Homes. The business continues to deliver revenues in excess of levels pre 2008. Within housebuilding, Galliford Try’s Partnerships business has also performed strongly in both contracting and mixed tenure developments. Our construction business has equally delivered a solid performance underpinned by further improvement in cash and is experiencing increased levels of new opportunities across all divisions.

Group 

  • Record full year results, at the upper end of the analysts’ current range.
  • At 30 June 2014 net debt of less than £5 million, better than expected and despite increased land spend. (31 December 2013: net debt £85.9 million and 30 June 2013: net debt £14.4 million).

Housebuilding 

  • Average Linden Homes private sales prices up 15% to £305,000 (2013: £266,000). 
  • Strong increase in Linden Homes revenue from completions (including joint ventures) of 2,968 units (2013: 2,806 units). During the second half of the year sales rates averaged 0.73 per site per week (H2 2013: 0.67 per week).
  • Record £348 million year end sales carried forward position up 11% (2013: £313 million).
  • Strong progress on Linden Homes margin since the half year.
  • Solid Galliford Try Partnerships contracting order book of £0.5 billion.
  • Record total landbank of 13,900 plots up 23% (2013: 11,300 plots). 
  • 91% of landbank secured at current market values. 100% of plots secured for the new financial year’s production and 87% of plots secured for FY 2016.

Construction 

  • Improved order book of £1.4 billion (31 December 2013: £1.25 billion and 30 June 2013: £1.25 billion).
  • Excellent cash position of circa £150 million, higher than last year, reflecting strong cash management throughout the year (2013: £132.1 million).
  • All business units experiencing an increase in opportunities. During the year we were awarded a number of major projects including in Building the £48 million Kelso and Newbattle High Schools and the £38 million Forbury Place development in Reading. Infrastructure secured the major Midlands Highways Alliance framework and was also recently appointed, as part of the Connect Roads consortium, preferred bidder for the design, build, finance and operation of the £745 million Aberdeen Western peripheral route.
  • 84% of revenue for the new financial year secured (2013: 82%).

Greg Fitzgerald, Chief Executive, commented:

“The market continues to be good across all of our regions. We welcome the Government’s continuing commitment to housing provision, and the focus of the Bank of England on maintaining stability in the housing market. In addition the prospect of timely interest rate rises should support a sustainable market into the longer term.

We are pleased to have finished the year strongly and expect to deliver another record profit. With a solid balance sheet, minimal debt, a record landbank in housebuilding and excellent visibility of work in construction, we are starting the new financial year in a strong position, whilst recognising that challenges remain around the supply chain and converting outline planning permission into detailed consents.”

A conference call for Analysts and Investors will be held at 08:00am (UK time)

Participant telephone number: +44 (0)20 3139 4830
Participant passcode: 92862591#

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