Annual General Meeting statement and update on current trading

Topic business, Events

Date 13 Nov 2020

Galliford Try Holdings plc is holding its Annual General Meeting (AGM) at 11:00am today, Friday 13 November 2020 at Galliford Try Holdings plc, Cowley Business Park, Cowley, Uxbridge, UB8 2AL. 

In light of Government measures around Covid-19, and as set out in the Notice of AGM, the AGM is being held as a closed meeting and consequently shareholders are not permitted to attend in person.

Update on Current Trading and Outlook

All our projects have been fully operational since the start of the financial year on 1 July 2020 with productivity at near normal levels and we are continuing to operate normally during the second national lockdown.

The Group is performing well, in line with the Board's expectations, with an excellent first half year average month end cash position towards the upper end of previous guidance of £125m-£145m.  The Board expects the Group to return to profitability in the first half of this financial year and a resumption of dividend with the interim results.

Our 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.  We welcome the Government's support for the construction sector continuing to operate.  Our staff, suppliers and clients' health, safety and wellbeing remain our top priority.

We are encouraged by the pipeline of new opportunities across our key sectors.  A number of recent significant and strategic contract wins include appointments to:

  • 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 and
  • the £50m refurbishment project at 280 Bishopsgate in London for Arax Properties.

The Group's strategy is focused on robust risk management, sustainable growth, careful cash management and margin progression.  The Group is well capitalised with no debt, no pension liability, a portfolio of PPP assets, and a strong order book and is making good progress on its strategic priorities and the financial targets set out in September 2020, including expected reinstatement of dividend.