Date 20 Sep 2023
Galliford Try has published another strong set of results for the financial year to 30 June 2023, showing good progress in its Sustainable Growth Strategy.
Revenue rose to £1.4bn, moving steadily towards the Group’s 2026 target of £1.6bn, while margins remained firm, translating to a profit of £23.4m before exceptional items.
Average month-end cash remained strong at £135m, with no debt or pension liability, supporting the business’s investment in bolt-on acquisitions of Ham Baker and MCS, to complement its Environment division, and the digital investment in a new commercial, procurement, HR and finance system that is now live.
The Group’s markets remain strong, as reflected by an increase in order book to £3.7bn, with 92% of work for the year ahead already secured. The business is already reporting that performance for the 2023/24 financial year is likely to be at the upper end of current analysts’ estimates.
Commenting on the results, Bill Hocking, Chief Executive of Galliford Try, said: “Galliford Try continues to perform strongly and we are making good progress on our Sustainable Growth Strategy, of risk managed controlled growth - supporting our financial and non-financial targets to 2026.
“Our commitment to robust risk management, careful contract selection and operational excellence continues to underpin our performance and prospects. We are doing what we said we would do, consistently delivering increased revenue and underlying profit, supported by our great people, a strong balance sheet, excellent order book and good supply chain and client relationships.
“Our high-quality order book provides visibility and security of future workloads. Our business is not exposed to the short-term economic cycle as our sectors are critical to the UK’s future growth. Together with our excellent people and our strong balance sheet, this gives confidence in our ability to deliver our Sustainable Growth Strategy to 2026 and beyond and continue to provide long-term sustainable value for our stakeholders.
“We are encouraged that the momentum in the business has carried into the first quarter of the new financial year and our expectations for the full year have now increased.”