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

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 


Tuesday, 08 July 2014 @ 08:46

Galliford Try Appointed To Education Funding Agency Regional Framework

Galliford Try plc, the housebuilding and construction group, announces that is has been selected by the Education Funding Agency (‘EFA’) for three lots on the new EFA Regional Framework.

The Framework exists for smaller value individual capital projects, including refurbishment and rebuilding of school buildings across the country and is intended to complement the existing Contractors Framework of which Galliford Try is also an appointed member.

Galliford Try has been selected for the North West, South West and London and South East regions with a combined pipeline worth a projected £3.25 billion.

Galliford Try Chief Executive Greg Fitzgerald said: “We are delighted that the EFA have recognised the quality of our offer in the education sector with a place on this important new framework. We look forward to working with the EFA and the schools around the country to provide them with the top quality buildings that can make a positive contribution to their students’ education.”


For further enquiries:

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

Monday, 30 June 2014 @ 08:57

Education Funding Agency Selects Galliford Try For £35.7 Million Hull And East Riding Priority Schools Building Programme Batch

Galliford Try plc, the housebuilding and construction group, announces that its Building business has been appointed as a Selected Panel Member by the Education Funding Agency (‘EFA’) for the £35.7 million Hull and East Riding first batch of schools under the Priority Schools Building Programme.

The batch represents Galliford Try’s first success since its appointment to the EFA’s main Contractor Framework in November 2013.

The Hull and East Riding batch includes the £18.6 million construction of Hessle High School and Sixth Form College, as well as new buildings for Eastfield, Francis Askew, Wold and Ainthorpe Primary Schools in the region.

Galliford Try Chief Executive Greg Fitzgerald said: “We are delighted to have secured our first success since our appointment to the EFA’s main contractor framework last year. Education remains a key sector for our construction business and we look forward to working with the EFA and the schools in the Hull and East Riding batch to produce the high quality buildings and facilities their pupils deserve.”


For further enquiries:

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

Thursday, 26 June 2014 @ 08:45

Galliford Try Announces Appointment to £82m in Construction Contracts

Galliford Try plc, the housebuilding and construction group, announces that its Building business has been appointed to four new contracts worth £82 million in total.

Firstly, Galliford Try’s Scottish business Morrison Construction has reached financial close with Hub South West Scotland Limited, the public/private development company working in partnership with North Lanarkshire Council, on the £26.4 million project to design and construct the new Clyde Valley schools campus in Wishaw.

The project which includes three phases with final completion in August 2016, involves the construction of a replacement secondary school for Clyde Valley High and a replacement primary school for both Overtown and Castlehill existing primaries, a new nursery and new sports pitches. The new Clyde Valley campus will cater for circa 1,018 pupils across the full age range from three to 18.

Secondly, the Brewery Square Development Company Ltd, a Waterhouse/Resolution Property joint venture has appointed Galliford Try to complete the next phase of the Brewery Square regeneration project in Dorchester. The £27 million contract will see the construction of a further 15 retail units and 134 apartments and penthouses at the 11.5 acre site in the heart of the town.

Thirdly, the Building business has been appointed to a £16 million contract by Brookgate Developments to construct a new 230-bedroom Ibis hotel in Cambridge on a Network Rail-owned site adjacent to the train station. In addition to the hotel accommodation, the new six-storey building includes retail units and a 3,000 space cycle park and is due to be completed early in 2016.

Finally, Building has been appointed by Vesta PC Ltd to construct a new £13.5 million commercial office space in the heart of London at 48-49 Pall Mall. The project includes retaining and protecting the existing façade of No. 49 while creating 4,129 sqm of Category A office space.

Galliford Try Chief Executive Greg Fitzgerald said: “We are delighted to have secured these major contracts that demonstrate the strength of our Building business throughout the United Kingdom and across a significant variety of sectors. We look forward to delivering on these projects and continuing on our strategy to grow our construction business as the economy improves.”


For further enquiries:

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

Tuesday, 24 June 2014 @ 08:39

Galliford Try Reaches Financial Close on 25 Year Kent Extra Care Contract Worth £100M to the Group

Galliford Try plc, the housebuilding and construction group, announces that it has reached financial close with Kent County Council on the £100 million Excellent Homes for All scheme. Financial close follows our announcement as preferred bidder in December 2013.

The construction contract will involve the provision of seven schemes of supported housing across the county. Approximately 240 homes providing supported living for vulnerable adults across Kent, as well as communal facilities will be built by Galliford Try’s Partnerships business.

In addition, Galliford Try will invest in the funding for the project and will provide ongoing facilities maintenance and lifecycle management services in operating the scheme.

Housing Management services for the project will be provided by Galliford Try’s partner, the West Kent Housing Association.

Galliford Try Chief Executive Greg Fitzgerald commented: “We are delighted to have reached agreement with our partners at Kent County Council on this initiative and are now able to get the project underway. Extra Care remains an important sector for Galliford Try and we look forward to providing the high quality homes and facilities that Kent’s residents deserve.”


For further enquiries:

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

Thursday, 12 June 2014 @ 08:50

Galliford Try Consortium Appointed Preferred Bidder For Aberdeen Western Peripheral Route / Balmedie to Tipperty Project

Galliford Try plc, the housebuilding and construction group, announces that the bid consortium of which it is a member, Connect Roads, has been selected as preferred bidder for the design, build, finance and operation (DBFO) of the Aberdeen Western Peripheral Route / Balmedie to Tipperty Project.

The Connect Roads consortium comprises the Group’s investment company, Galliford Try Investments, its Scottish infrastructure business, Morrison Construction, and the investment and construction arms of both Balfour Beatty plc and Carillion plc.

The project, estimated to be in the region of £745 million, is being delivered in partnership by Transport Scotland, Aberdeen City Council and Aberdeenshire Council. It includes the design and construction of 46km of new dual carriageway between Stonehaven and Charleston in the south, and Blackdog in the north, and a further 12 km of upgraded existing dual carriageway between Blackdog and Tipperty. The contract also encompasses the construction of 40 kilometres of new side roads, 30 kilometres of access tracks and 76 new bridges including two significant focal point bridges over the rivers Dee and Don.

After completion of construction in 2018, the trunk road assets will be managed and maintained by Connect Roads for 30 years.

Galliford Try Chief Executive Greg Fitzgerald stated: “We are delighted to be involved with our consortium partners to deliver this hugely significant infrastructure project – the largest highways project to be undertaken under the Scottish Government’s non-profit distributing model – which will considerably improve the transport network around Aberdeen. Galliford Try has a strong presence in Scotland through Morrison Construction and today’s preferred bidder award gives us a further opportunity to demonstrate our technical expertise, our collaborative approach to working, and to strengthen our existing relationships with Transport Scotland and its partners Aberdeen City Council and Aberdeenshire Council.”

Construction is due to start later this year with completion expected in Spring 2018.


For further enquiries:

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

Thursday, 05 June 2014 @ 08:30

Galliford Try Announces Midlands Highway Alliance Framework Award

Galliford Try plc, the housebuilding and construction group, announces that its Infrastructure business has been appointed as a framework contractor to both Lots 1 and 2 of the Midlands Highway Alliance framework. The Midlands Highway Alliance is the regional highways maintenance procurement partnership established in 2007 between 20 local authorities in the Midlands, and the Highways Agency.

The framework lots have a current project combined value of up to £261 million to the appointed contractors, over the initial three year framework term. The Midlands Highway Alliance retains an option to extend the framework for a further year in March 2017.

Lot 1 of the framework comprises projects with a capital value of up to £5 million, expected to total £70 million over the framework lifecycle. Lot 2 extends to all projects between £5 and £25 million, with a total pipeline of up to £191 million.

The framework programme will encompass delivery of the whole lifecycle of road projects on behalf of the relevant authorities, specifically road reconfigurations, resurfacing, waterproofing, enabling works, and design and delivery of new bridges and carriageways.

The Group anticipates that it will be allocated works with a total value of £81 million under both framework lots, projects completed under Lot 2 will be completed in joint venture with Aggregate Industries, the international construction materials group.

Galliford Try Chief Executive Greg Fitzgerald commented: “We are delighted to have been appointed to this key framework for the first time. We already have a strong track record in both highways and construction, particularly in the Midlands where we are currently progressing the £52 million A45/A46 Tollbar End Improvement project. This new framework appointment is an outstanding opportunity to build on that success.”


For further enquiries:

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

Wednesday, 14 May 2014 @ 08:57

Galliford Try plc – Interim Management Statement Wednesday 14 May 2014

Galliford Try plc, the housebuilding and construction group, today issues its Interim Management Statement for the period 1 January to 13 May 2014.

Greg Fitzgerald, Chief Executive, commented:

 “The Group has made strong progress since the start of the year particularly in housebuilding where market conditions continue to improve.  With six weeks to the year end, the Group expects to report a profit before tax for the full year ending 30 June 2014 above the current analysts’ consensus of £89.7 million and not less than £92.0 million.

During the spring selling season Linden Homes experienced strong levels of reservations with sales prices improving above management expectations.  Our margin enhancement programme is also progressing on plan, and the division has made further progress at the operating margin level.  Galliford Try Partnerships, realigned from 1 January 2014 into the Housebuilding Division, is also experiencing strong demand for both contracting and mixed tenure projects.  We continue to buy land at our increased hurdle rate of 22% and together Linden Homes and Galliford Try Partnerships have a record housing landbank of 13,750 plots.

In construction we have grown our order book and are seeing increased levels of opportunities across the business.  The division is winning work with appropriate margin and inflation protection and continues its focus on risk management and cash, which have been robust in the period.

All of our businesses, in common with the industry, continue to experience challenging production conditions, with supply of both labour and materials constrained by strong demand; however these conditions are stabilising and we continue to manage them proactively.

Year end net debt is expected to increase compared to June 2013 reflecting planned higher investment in land. This is in line with our strategy, announced in February, of disciplined growth across the Group’s businesses, against which we are making good progress.”

Housebuilding

  • Record £1.0 billion of sales reserved, contracted or completed across both Linden Homes and Galliford Try Partnerships, of which £790 million is for the current financial year to 30 June 2014 (2013: £853 million and £644 million respectively).
  • Since our last update, the division is experiencing strong levels of activity with reservations up 30% per outlet and sales rate per week, since 1 January 2014, at 0.79 (2013: 0.70).
  • Solid Galliford Try Partnerships contracting order book of £0.5 billion (31 December 2013: £0.5 billion).
  • Both businesses are actively pursuing good land opportunities at our increased hurdle rate.  The division currently has a record landbank of 13,750 plots of which 91% have been secured at current market values (2013: 85% of 11,000).  All plots secured for 2015 together with 75% of plots for 2016 secured.

Construction

  • Improved order book at £1.3 billion (31 December 2013: £1.25 billion).
  • 80% of next year’s revenue secured (2013: 79%).
  • All business units experiencing an increase in opportunities.
  • Continuing focus on risk management and margin.
  • Cash performance continues to be strong.

 Conference call

 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: 34781971#

For further enquiries please contact:

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


Tulchan Communications – Christian Cowley/James Macey White 0207 353 4200

Galliford Try plc is a leading UK housebuilding and construction group. It is listed on the London Stock Exchange and a member of the FTSE 250. The housebuilding business – through its Linden Homes and Galliford Try Partnerships brands – sells distinctive homes to the public and affordable homes to housing associations and local authority providers.  The construction business carries out building and infrastructure work across the UK with clients ranging from major Government departments through to regulated utilities and private sector companies. At the end of the last financial year to 30 June 2013, the Group generated revenues of £1.5 billion.