Salary | Taxable | Total fixed | Annual | Total variable | Total | |||||||||||||||
and fees | benefits 1 | Pensions 2 | remuneration | bonus 9 | LTIP | Sharesave | remuneration | remuneration | ||||||||||||
£000 | £000 | £000 | £000 | £000 | £000 | Buyout 11 | £000 | £000 | £000 | |||||||||||
2025 3 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 4 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Executive directors | ||||||||||||||||||||
Bill Hocking | 524 | 502 | 7 | 6 | 42 | 40 | 573 | 548 | 605 | 558 | 1,666 | 845 | – | – | – | – | 2,271 | 1,403 | 2,844 | 1,951 |
Kris Hampson 10 | 320 | – | 0 | – | 21 | – | 341 | – | 305 | – | – | – | 36 | – | – | – | 341 | – | 682 | – |
Non-executive directors | ||||||||||||||||||||
Alison Wood | 192 | 183 | – | – | – | – | 192 | 183 | – | – | – | – | – | – | – | – | – | – | 192 | 183 |
Sally Boyle | 56 | 53 | – | – | – | – | 56 | 53 | – | – | – | – | – | – | – | – | – | – | 56 | 53 |
Michael Topham | 51 | 49 | – | – | – | – | 51 | 49 | – | – | – | – | – | – | – | – | – | – | 51 | 49 |
Kevin Boyd 5 | 63 | 16 | – | – | – | – | 63 | 16 | – | – | – | – | – | – | – | – | – | – | 63 | 16 |
Former directors | ||||||||||||||||||||
Andrew Duxbury 6 | – | 370 | – | 3 | – | 21 | – | 394 | – | – | – | – | – | – | – | – | – | – | – | 394 |
Marisa Cassoni 7 | 27 | 63 | – | – | – | – | 27 | 63 | – | – | – | – | – | – | – | – | – | – | 27 | 63 |
Terry Miller 8 | – | 21 | – | – | – | – | – | 21 | – | – | – | – | – | – | – | – | – | – | – | 21 |
Performance target | ||||||
Threshold (% of | On-target (% of | Maximum (% of | Actual | Payout % of bonus | ||
Measure | Weighting | maximum bonus) | maximum bonus) | maximum bonus) | performance | maximum |
Pre-exceptional full-year | 45% | £33.3m | £35.0m | £40.3m | £43.6m | 45% |
Group profit before tax 1 | (0%) | (22.5%) | (45%) 1 | |||
Pre-exceptional half-year | 15% | £14.4m | £16.0m | £18.4m | £20.0m | 15% |
Group profit before tax | (0%) | (7.5%) | (15%) | |||
Group cash management | 20% | 95% of budget | 100% of budget | 110% of budget | 110% | 20% |
(10%) | (10%) | (20%) | ||||
Construction order book | 8% | 83.0% secured | 85.0% secured | 87.0% secured | 92% secured | 8% |
(0%) | (4%) | (8%) | ||||
ESG 2 : | ||||||
Employee: based on employee | 3% | <80% | >80% | >80% | 87% | 3% |
advocacy | (0%) | (3%) | (3%) | |||
Carbon emissions: based on | 3% | 5% reduction | 7.5% reduction | 10% reduction | 41.2% increase | 0% |
annual reduction of Scope 1 and 2 | (0%) | (1.5%) | (3%) | |||
emissions (marked based) | ||||||
Community: based on CCS score | 3% | <38 | >38 | >38 | 43.9 | 3% |
(0%) | (3%) | (3%) | ||||
Supply chain: payment of supply | 3% | <95% | >95% | >95% | 96.9% | 3% |
chain invoices within 60 days | (0%) | (3%) | (3%) | |||
Health and safety: based on | Underpin | Discretional | ||||
discretionary assessment of | adjustment | |||||
H&S performance | ||||||
Total payout (% of maximum bonus) | 100.0% | 10% | 54.5% | 100% | 97% |
Actual bonus | |||||
payable for | |||||
On-target bonus | Maximum bonus | 2024/25 | Cash | Shares | |
(% of salary) | (% of salary) | (£000) | (£000) | (£000) | |
Bill Hocking | 65.4% | 120% | 605 | 375 | 230 |
Kris Hampson 1 | 54.5% | 100% | 305 | 206 | 99 |
Stretch | |||||||||
Threshold | average | Element | |||||||
average | month- | of value | |||||||
Threshold | Stretch EPS | month- | end cash 1 | Value of | attributable | ||||
EPS | condition | end cash 1 | condition | % of overall | award | to share | |||
condition | (100% | Actual | condition | (100% | Actual | award | vesting 2 | growth 2 | |
(25% vesting) | vesting) | performance | (25% vesting) | vesting) | performance 1 | vesting | (£000) | (£000) | |
Bill Hocking | 23.2p | 28.4p | 33.3p | 8% | 10% | 9.5% | 95.3% | 1,666 | 987 |
Number | Number | |||||||||
of awards | of awards | Value of | ||||||||
outstanding | outstanding | awards | Actual or | |||||||
Share price | at 1 July | at 30 June | vested during | anticipated | ||||||
Director | Plan | Grant date | at grant | 2024 | Granted | Vested | Lapsed | 2025 | financial year | vesting date |
Bill Hocking | LTIP 1 | 23.09.21 | £1.788 | 385,067 | – | 339,629 | 45,438 | – | £1,110,587 | 07.10.24 |
ABP 2 | 23.09.21 | £1.7694 | 118,684 | – | 118,684 | – | – | £388,097 | 07.10.24 | |
LTIP | 23.09.22 | £1.61 | 442,546 | – | – | – | 442,546 | – | 23.09.25 | |
ABP 3 | 28.09.22 | £1.60 | 133,875 | – | – | – | 133,875 | – | 28.09.25 | |
LTIP | 25.09.23 | £2.36 | 315,572 | – | – | 315,572 | – | 25.09.26 | ||
ABP 4 | 27.09.23 | £2.349 | 46,462 | – | – | 46,462 | – | 27.09.26 | ||
LTIP 5 | 08.10.24 | £3.23 | – | 241,486 | – | – | 241,486 | – | 08.10.27 | |
ABP 5,6 | 10.10.24 | £3.228 | – | 63,982 | – | – | 63,982 | – | 10.10.27 | |
Kris | LTIP 5 | 08.10.24 | £3.23 | – | 176,470 | – | – | 176,470 | – | 08.10.27 |
Hampson |
Share price used to | |||||
Number of shares | determine level | ||||
Director | Date of grant | awarded | Basis of award | of award £ | Face value £ |
Bill Hocking | 8 October 2024 | 241,486 | 150% of base salary | £3.23 | 780,000 |
Kris Hampson | 8 October 2024 | 176,470 | 150% of base salary | £3.23 | 570,000 |
Date of grant | Performance conditions |
October 2024 | Vesting of up to 75% of the award is based on underlying EPS. 25% of the element will vest for 33.9p, increasing |
to 100% vesting on a straight-line basis if 41.5p underlying EPS is achieved during the final year of the three-year | |
performance period (1 July 2026 to 30 June 2027). | |
Vesting of up to 25% of the award is based on average month-end cash as a percentage of annual turnover in | |
the year ending 30 June 2025. 8% would generate 25% of the element vesting and 10% would generate 100% | |
vesting on a straight-line basis. | |
Any shares that vest will be subject to a two-year post-vesting holding period, in accordance with the | |
Remuneration Policy. | |
Malus and clawback apply at any time within a three-year period post-vesting, in the case of material misstatement, | |
misconduct, reputational damage or corporate failure as a result of poor risk management. |
Legally owned 1 | Total | % of salary held | ||||
Deferred | under share | |||||
bonus awards | ownership | |||||
Measure | 30.6.25 | 30.6.24 | LTIP (unvested) | (unvested) | 30.6.25 | guidelines 2 |
Executive directors | ||||||
Bill Hocking | 1,069,126 | 826,221 | 999,604 | 244,319 | 2,313,049 | 1,030% |
Kris Hampson 4 | 6,250 | 6,250 | 176,470 | – | 182,720 | 7% |
Non-executive directors | ||||||
Alison Wood 3 | – | – | – | – | – | n/a |
Sally Boyle 3 | – | – | – | – | – | n/a |
Michael Topham 3 | – | – | – | – | – | n/a |
Kevin Boyd 3 | 8,000 | 8,000 | – | – | 8,000 | n/a |
2016 1 | 2017 | 2018 | 2019 2 | 2020 3 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Total remuneration (£000) | 1,461 | 1,043 | 1,448 | 824 | 660 | 1,027 | 1,937 | 2,429 | 1,951 | 2,844 |
Annual bonus (% of maximum) | 74% | 46.3% | 86.5% | 57.0% | 36.7% | 100.0% | 100.0% | 70.4% | 93.4% | 97% |
LTIP (% of maximum) | – | 16.5% | 36.6% | 16.5% | – | – | 89% | 97.2% | 88.2% | 95.3% |
All UK | ||||||
Year | Method CEO single figure | employees | Lower quartile | Median | Upper quartile | |
2019/20 | Option B | £660,587 | Ratio | 24:1 | 15:1 | 9:1 |
Total pay | £27,407 | £43,165 | £74,351 | |||
Salary | £25,500 | £35,249 | £61,057 | |||
2020/21 | Option B | £1,026,671 | Ratio | 27:1 | 19:1 | 14:1 |
Total pay | £37,399 | £54,374 | £73,385 | |||
Salary | £36,134 | £43,781 | £66,927 | |||
2021/22 | Option B | £1,936,788 | Ratio | 62:1 | 36:1 | 26:1 |
Total pay | £31,128 | £53,976 | £73,920 | |||
Salary | £27,875 | £44,720 | £62,275 | |||
2022/23 | Option B | £2,428,970 | Ratio | 66:1 | 45:1 | 31:1 |
Total pay | £36,562 | £54,444 | £79,638 | |||
Salary | £29,411 | £48,003 | £65,950 | |||
2023/24 | Option B | £1,950,670 | Ratio | 44:1 | 35:1 | 27:1 |
Total pay | £44,125 | £55,120 | £72,918 | |||
Salary | £42,272 | £49,554 | £66,725 | |||
2024/25 | Option B | £2,844,086 | Ratio | 73:1 | 50:1 | 35:1 |
Total Pay | £38,913 | £57,037 | £80,968 | |||
Salary | £36,223 | £53,608 | £73,550 |
2023/24 | 2024/25 | Change | |
Total overall spend on pay (£m) | 284.2 | 311.6 | 27.4m |
Dividends (£m) | 24.2 | 17.5 | (6.7)m |
Share buyback (£m) | 4.4 | 10.0 | 5.6m |
Group corporation tax charge (£m) 1 | 5.4 | 10.7 | 5.3m |
Effective tax rate (%) 1 | 15.4 | 23.9 | 8.5pts |
Increase/ | |||
2025 | 2024 | Change % | |
Chair | £195,896 | £190,190 | 3.0% |
Non-executive directors | |||
Base fee | £52,275 | £50,752 | 3.0% |
Additional fees: | |||
Senior Independent Director 1 | £9,831 | £5,065 | 94.1% |
Chairs of Board Committees | £9,831 | £9,545 | 3.0% |
Chair of Employee Forum | £4,931 | £4,787 | 3.0% |
2025 |
2024 |
|
£m |
£m |
|
Overall contract value (including total |
||
estimated end of contract variations |
||
and claims) |
506.0 |
689.5 |
Revenue in the year |
170.9 |
149.2 |
Total estimated end of contract |
||
variations and claims |
90.2 |
72.8 |
Freehold buildings |
2% |
Plant and machinery |
15% to 33% |
Fixtures and fittings |
10% to 33% |
Building | Infrastructure | Investments | Central | Total | |
Year-ended 30 June 2025 | £m | £m | £m | £m | £m |
Revenue | 964.7 | 902.5 | 8.0 | – | 1,875.2 |
Adjusted operating profit/(loss) (note 32) | 28.1 | 27.4 | (0.4) | (14.5) | 40.6 |
Finance income | – | 0.2 | 3.6 | 5.1 | 8.9 |
Finance costs | (1.4) | (2.0) | (0.1) | (1.0) | (4.5) |
Adjusted profit/(loss) before taxation (note 32) | 26.7 | 25.6 | 3.1 | (10.4) | 45.0 |
Amortisation of intangible assets | – | (0.9) | – | – | (0.9) |
Exceptional items (note 4) | – | – | – | – | – |
Profit before tax | 26.7 | 24.7 | 3.1 | (10.4) | 44.1 |
Income tax charge | (10.5) | ||||
Profit for the year | 33.6 |
Infrastructure | Total | ||||
Restated | Restated | ||||
Building | (note 34) | Investments | Central | (note 34) | |
Year ended 30 June 2024 | £m | £m | £m | £m | £m |
Revenue | 938.3 | 810.7 | 14.7 | – | 1,763.7 |
Adjusted operating profit/(loss) (note 32) | 24.0 | 20.1 | (1.0) | (13.5) | 29.6 |
Finance income | 0.1 | 0.3 | 3.8 | 4.6 | 8.8 |
Finance costs | (1.2) | (1.6) | – | (0.6) | (3.4) |
Adjusted profit/(loss) before taxation (note 32) | 22.9 | 18.8 | 2.8 | (9.5) | 35.0 |
Amortisation of intangible assets | (1.0) | (1.1) | – | (0.2) | (2.3) |
Exceptional items (note 4) | – | (10.9) | – | (2.6) | (13.5) |
Profit before tax | 21.9 | 6.8 | 2.8 | (12.3) | 19.2 |
Income tax credit | 8.2 | ||||
Profit for the year | 27.4 |
Building |
Infrastructure |
Investments |
Central |
Total |
||
30 June 2025 |
Notes |
£m |
£m |
£m |
£m |
£m |
Goodwill and intangible assets |
40.0 |
57.0 |
– |
– |
97.0 |
|
Net cash |
18 |
143.1 |
115.0 |
(7.0) |
(13.5) |
237.6 |
Non reported segmental net liabilities |
– |
– |
– |
– |
(212.5) |
|
Net assets/(liabilities) |
– |
– |
– |
– |
122.1 |
|
Total Group liabilities |
– |
– |
– |
– |
(711.5) |
|
Total Group assets |
– |
– |
– |
– |
833.6 |
Total |
||||||
Restated |
||||||
Building |
Infrastructure |
Investments |
Central |
(note 34) |
||
30 June 2024 |
Notes |
£m |
£m |
£m |
£m |
£m |
Goodwill and intangible assets |
40.0 |
57.9 |
– |
– |
97.9 |
|
Net cash |
18 |
158.3 |
50.4 |
(7.0) |
25.3 |
227.0 |
Non reported segmental net liabilities |
– |
– |
– |
– |
(211.3) |
|
Net assets/(liabilities) |
– |
– |
– |
– |
113.6 |
|
Total Group liabilities |
(710.5) |
|||||
Total Group assets |
824.1 |
Building |
Infrastructure |
Investments |
Central |
Total |
||
Year ended 30 June 2025 |
Notes |
£m |
£m |
£m |
£m |
£m |
Contracting revenue |
964.7 |
902.5 |
– |
– |
1,867.2 |
|
Total depreciation |
13 & 14 |
9.0 |
13.3 |
0.3 |
0.9 |
23.5 |
Share-based payments |
25 |
0.8 |
0.6 |
0.4 |
1.6 |
3.4 |
Amortisation of intangible assets |
11 |
– |
0.9 |
– |
– |
0.9 |
Infrastructure |
Total |
|||||
restated |
restated |
|||||
Building |
(note 34) |
Investments |
Central |
(note 34) |
||
Year ended 30 June 2024 |
Notes |
£m |
£m |
£m |
£m |
£m |
Contracting revenue |
938.3 |
810.7 |
– |
– |
1,749.0 |
|
Total depreciation |
13 & 14 |
7.5 |
9.9 |
0.4 |
0.6 |
18.4 |
Share-based payments |
25 |
0.2 |
0.6 |
0.2 |
0.8 |
1.8 |
Acquisition of intangible assets 1 |
30 |
– |
1.0 |
– |
– |
1.0 |
Amortisation of intangible assets |
11 |
1.0 |
1.1 |
– |
0.2 |
2.3 |
Revenue stream |
Nature, timing of satisfaction of performance obligations and significant payment terms |
Fixed price |
A number of projects within these segments are undertaken using fixed-price contracts. |
Contracts are typically accounted for as a single performance obligation; even when a contract (or multiple combined |
|
contracts) includes both design and build elements, they are considered to form a single performance obligation as the |
|
two elements are not distinct in the context of the contract given that each is highly interdependent on the other. |
|
The Group typically receives payments from the customer based on a contractual schedule of value that reflects the |
|
timing and performance of service delivery. Revenue is therefore recognised over time (the period of construction) |
|
based on an input model (reference to costs incurred to date). The Group also recognises revenue over time on the |
|
output method based on payments from customers on a contractual schedule of value that reflects the timing and |
|
performance of service delivery (reference to milestone reached, units delivered or work certified). Un-invoiced |
|
amounts are presented as contract assets. |
|
No significant financing component typically exists in these contracts. |
|
Cost-reimbursable |
A number of projects within these segments are undertaken using cost reimbursable/target-price (possibly with |
a pain/gain share mechanism) contracts. |
|
These projects are often delivered under frameworks. Individual performance obligations under the framework |
|
are normally determined at a project level, however, projects are combined where appropriate. Where projects are |
|
combined, the Group constrains revenue and calculates any pain/gain mechanism at the combined level. |
|
The Group typically receives payments from the customer based on actual costs incurred. Revenue is therefore |
|
recognised over time (the period of construction) based on an input model (reference to costs incurred to date). |
|
Un-invoiced amounts are presented as contract assets. |
|
No significant financing component typically exists in these contracts. |
|
Facilities management * |
Contracts undertaken within the Building segment that provide full life-cycle solutions to clients, are accounted for |
as a single performance obligation, with revenue recognised over time and typically on a straight-line basis. |
Revenue stream |
Nature, timing of satisfaction of performance obligations and significant payment terms |
Investments |
The Group has investments in a number of Public-Private Partnerships (PPP) Special Purpose Vehicles (SPVs), delivering |
major building and infrastructure projects. |
|
Development fees and land sales on co-development private rental schemes represent a performance obligation that is |
|
recognised at a point in time when control is deemed to pass to the customer (on financial close). |
|
The business additionally provides management services and project manages developments under Management |
|
Service Agreements (MSA) or separate development arrangements. Revenue for these services is typically recognised |
|
over time as and when the service is delivered to the customer. |
|
The business additionally provides management services to the SPVs under Management Service Agreements (MSA). |
|
Revenue for these services is typically recognised over time as and when the service is delivered to the customer. |
2028 |
||||
2026 |
2027 |
onwards |
Total |
|
Revenue – year ended 30 June 2025 |
£m |
£m |
£m |
£m |
Building |
736.6 |
180.1 |
56.4 |
973.1 |
Infrastructure |
500.3 |
176.3 |
52.4 |
729.0 |
Total Construction |
1,236.9 |
356.4 |
108.8 |
1,702.1 |
Investments |
3.1 |
2.7 |
24.4 |
30.2 |
Total transaction price allocated to performance obligations yet to be satisfied |
1,240.0 |
359.1 |
133.2 |
1,732.3 |
2027 |
||||
2025 |
2026 |
onwards |
Total |
|
Revenue – year ended 30 June 2024 |
£m |
£m |
£m |
£m |
Building |
660.1 |
177.0 |
1.9 |
839.0 |
Infrastructure |
572.3 |
157.9 |
16.6 |
746.8 |
Total Construction |
1,232.4 |
334.9 |
18.5 |
1,585.8 |
Investments |
2.8 |
2.5 |
25.3 |
30.6 |
Total transaction price allocated to performance obligations yet to be satisfied |
1,235.2 |
337.4 |
43.8 |
1,616.4 |
2024 |
||
Restated |
||
2025 |
(note 34) |
|
£m |
£m |
|
Contract losses 1 |
– |
(11.7) |
Implementation costs of cloud based arrangements 2 |
– |
(2.6) |
Finance income 3 |
– |
0.8 |
Loss before tax |
– |
(13.5) |
Associated tax credit on items above (note 8) |
– |
3.4 |
Exceptional income tax credit (note 8) 3 |
– |
9.6 |
Total |
– |
(0.5) |
Group |
Company |
||||
2025 |
2024 |
2025 |
2024 |
||
Notes |
£m |
£m |
£m |
£m |
|
Wages and salaries |
250.3 |
229.2 |
– |
– |
|
Social security costs |
28.9 |
27.8 |
– |
– |
|
Other pension costs |
29.0 |
25.4 |
– |
– |
|
Share-based payments |
25 |
3.4 |
1.8 |
– |
– |
Total |
311.6 |
284.2 |
– |
– |
Group |
Company |
|||
2025 |
2024 |
2025 |
2024 |
|
Number |
Number |
Number |
Number |
|
By business: |
||||
– Building |
1,358 |
1,296 |
– |
– |
– Infrastructure |
2,680 |
2,575 |
– |
– |
Construction |
4,038 |
3,871 |
– |
– |
Investments |
58 |
58 |
– |
– |
Central |
200 |
193 |
6 |
6 |
Total |
4,296 |
4,122 |
6 |
6 |
2025 |
2024 |
|
£m |
£m |
|
Salaries and short-term employee benefits |
4.7 |
3.5 |
Retirement benefit costs |
0.3 |
0.3 |
Share-based payments |
2.1 |
1.1 |
Total |
7.1 |
4.9 |
2025 |
2024 |
|
Group |
£m |
£m |
Finance income on bank deposits |
5.2 |
4.6 |
Finance income from PPP Investments and joint ventures |
3.7 |
4.2 |
Finance income before exceptional items |
8.9 |
8.8 |
Finance costs on lease liabilities |
(3.5) |
(2.9) |
Other finance costs |
(1.0) |
(0.5) |
Finance costs before exceptional items |
(4.5) |
(3.4) |
Exceptional items |
– |
0.8 |
Net finance income |
4.4 |
6.2 |
2024 |
|||
Restated |
|||
2025 |
(note 34) |
||
Notes |
£m |
£m |
|
Employee benefit expense |
5 |
311.6 |
284.2 |
Total depreciation |
13 & 14 |
23.5 |
18.4 |
Amortisation and impairment of intangible assets |
11 |
0.9 |
2.3 |
Repairs and maintenance expenditure on property, plant and equipment |
1.5 |
1.6 |
|
Exceptional items |
4 |
– |
13.5 |
2025 |
2024 |
|
£m |
£m |
|
Fees payable to the Company’s auditor for the audit of Parent Company and consolidated financial statements |
0.2 |
0.2 |
Fees payable to the Company’s auditor for other services: |
||
The audit of financial statements of the Company’s subsidiaries |
2.2 |
2.0 |
Audit-related assurance services |
0.1 |
0.1 |
Total other services |
2.3 |
2.1 |
Total |
2.5 |
2.3 |
2024 1 |
|||
Restated |
|||
2025 |
(note 34) |
||
Group |
Notes |
£m |
£m |
Analysis of expense in year |
|||
Current year’s income tax |
|||
Current tax |
4 |
4.6 |
1.8 |
Deferred tax |
22 |
6.2 |
3.2 |
Adjustments in respect of prior years |
|||
Current tax |
4 |
– |
(9.7) |
Deferred tax |
22 |
(0.3) |
(3.5) |
Income tax expense/(credit) |
10.5 |
(8.2) |
|
Tax on items recognised in other comprehensive income |
|||
Tax recognised in other comprehensive income |
– |
– |
|
Total tax expense/(credit) |
10.5 |
(8.2) |
2024 |
||
Restated |
||
2025 |
(note 34) |
|
£m |
£m |
|
Profit before income tax |
44.1 |
19.2 |
Profit before income tax multiplied by the standard corporation tax rate in the UK of 25.0% (2024: 25.0%) |
11.0 |
4.8 |
Effects of: |
||
Expenses not deductible for tax purposes |
– |
0.2 |
Non-taxable income |
(0.2) |
(0.2) |
Adjustments in respect of prior years |
(0.3) |
(13.1) |
Other |
– |
0.1 |
Income tax expense/(credit) |
10.5 |
(8.2) |
2025 | 2024 | |||
pence per | pence per | |||
Group and Company | £m | share | £m | share |
Previous year final | 11.9 | 11.5 | 7.7 | 7.5 |
Special | – | – | 12.5 | 12.0 |
Current year interim | 5.6 | 5.5 | 4.0 | 4.0 |
Dividend recognised in the year | 17.5 | 24.2 |
2025 | 2024 | |||
pence per | pence per | |||
£m | share | £m | share | |
Interim | 5.6 | 5.5 | 4.0 | 4.0 |
Final | 13.8 | 13.5 | 11.9 | 11.5 |
Dividend relating to the year | 19.4 | 19.0 | 15.9 | 15.5 |
2025 | 2024 | |||||
Per share | ||||||
Weighted | Earnings | Weighted | amount | |||
average | Per share | restated | average | restated | ||
Earnings | number of | amount | (note 34) | number of | (note 34) | |
£m | shares | pence | £m | shares | pence | |
Basic EPS | ||||||
Earnings attributable to ordinary shareholders | 33.6 | 99,627,362 | 33.7 | 27.4 | 100,051,095 | 27.3 |
Basic EPS – Adjusted (note 32) 1 | ||||||
Adjusted earnings attributable to ordinary shareholders | 34.3 | 99,627,362 | 34.4 | 29.6 | 100,051,095 | 29.6 |
Effect of dilutive securities: | ||||||
Options | n/a | 4,668,120 | n/a | n/a | 4,315,217 | n/a |
Diluted EPS | 33.6 | 104,295,482 | 32.2 | 27.4 | 104,366,312 | 26.2 |
Diluted EPS – Adjusted (note 32) 1 | 34.3 | 104,295,482 | 32.9 | 29.6 | 104,366,312 | 28.4 |
Customer |
||||
contracts and |
Computer |
|||
relationships |
software |
Total |
||
Group |
Notes |
£m |
£m |
£m |
Cost |
||||
At 1 July 2023 |
17.7 |
11.5 |
29.2 |
|
Additions |
30 |
1.0 |
– |
1.0 |
At 30 June 2024 |
18.7 |
11.5 |
30.2 |
|
Disposals |
– |
(10.9) |
(10.9) |
|
At 30 June 2025 |
18.7 |
0.6 |
19.3 |
|
Accumulated amortisation and impairment loss |
||||
At 1 July 2023 |
(12.5) |
(11.1) |
(23.6) |
|
Amortisation in year |
(1.9) |
(0.4) |
(2.3) |
|
At 1 July 2024 |
(14.4) |
(11.5) |
(25.9) |
|
Amortisation in year |
(0.9) |
– |
(0.9) |
|
Disposals |
– |
10.9 |
10.9 |
|
At 30 June 2025 |
(15.3) |
(0.6) |
(15.9) |
|
Net book amount |
||||
At 30 June 2025 |
3.4 |
– |
3.4 |
|
At 30 June 2024 |
4.3 |
– |
4.3 |
|
At 30 June 2023 |
5.2 |
0.4 |
5.6 |
Group |
Notes |
£m |
Cost |
||
At 30 June 2023 |
92.7 |
|
Additions |
30 |
0.9 |
At 30 June 2024 |
93.6 |
|
Additions |
– |
|
At 30 June 2025 |
93.6 |
|
Aggregate impairment at 30 June 2023, 2024 and 2025 |
– |
|
At 30 June 2023, 2024 and 30 June 2025 |
– |
|
Net book amount |
||
At 30 June 2025 |
93.6 |
|
At 30 June 2024 |
93.6 |
|
At 30 June 2023 |
92.7 |
2025 |
2024 |
|
£m |
£m |
|
Building |
40.0 |
40.0 |
Infrastructure |
53.6 |
53.6 |
93.6 |
93.6 |
Land and |
Plant and |
Fixtures and |
||
buildings |
machinery |
fittings |
Total |
|
Group |
£m |
£m |
£m |
£m |
Cost |
||||
At 1 July 2023 |
3.3 |
4.2 |
4.3 |
11.8 |
Additions |
0.2 |
0.6 |
0.8 |
1.6 |
Disposals |
(0.2) |
(3.4) |
(0.3) |
(3.9) |
At 1 July 2024 |
3.3 |
1.4 |
4.8 |
9.5 |
Additions |
1.4 |
0.1 |
0.9 |
2.4 |
Disposals |
– |
– |
(1.1) |
(1.1) |
At 30 June 2025 |
4.7 |
1.5 |
4.6 |
10.8 |
Accumulated depreciation |
||||
At 1 July 2023 |
(0.9) |
(0.9) |
(2.8) |
(4.6) |
Charge for the year |
(0.3) |
(0.2) |
(0.5) |
(1.0) |
Disposals |
0.2 |
0.9 |
0.3 |
1.4 |
At 1 July 2024 |
(1.0) |
(0.2) |
(3.0) |
(4.2) |
Charge for the year |
(0.4) |
(0.5) |
(0.8) |
(1.7) |
Disposals |
– |
– |
1.1 |
1.1 |
At 30 June 2025 |
(1.4) |
(0.7) |
(2.7) |
(4.8) |
Net book amount |
||||
At 30 June 2025 |
3.3 |
0.8 |
1.9 |
6.0 |
At 30 June 2024 |
2.3 |
1.2 |
1.8 |
5.3 |
At 30 June 2023 |
2.4 |
3.3 |
1.5 |
7.2 |
Land and |
Plant and |
Motor |
||
buildings |
machinery |
vehicles |
Total |
|
Cost |
£m |
£m |
£m |
£m |
At 30 June 2024 |
18.8 |
13.0 |
48.5 |
80.3 |
At 30 June 2025 |
19.1 |
16.0 |
56.6 |
91.7 |
Accumulated depreciation |
||||
At 30 June 2024 |
(6.2) |
(4.8) |
(17.9) |
(28.9) |
At 30 June 2025 |
(6.7) |
(8.4) |
(25.5) |
(40.6) |
Net book amount |
||||
At 30 June 2025 |
12.4 |
7.6 |
31.1 |
51.1 |
At 30 June 2024 |
12.6 |
8.2 |
30.6 |
51.4 |
2025 |
2024 |
|
£m |
£m |
|
Current |
22.7 |
20.5 |
Non-current |
31.1 |
32.5 |
Total lease liabilities |
53.8 |
53.0 |
Interest |
||||||
payments |
||||||
(presented as |
||||||
Opening |
Financing |
Interest |
operating |
Closing |
||
balance |
cash flows |
New leases |
expense |
cash flows) |
balance |
|
2024 |
39.1 |
(16.7) |
30.6 |
2.9 |
(2.9) |
53.0 |
2025 |
53.0 |
(21.2) |
22.0 |
3.5 |
(3.5) |
53.8 |
2025 |
2024 |
|
£m |
£m |
|
Depreciation of right-of-use assets: |
||
– Land and buildings |
2.5 |
2.5 |
– Plant and machinery |
5.7 |
4.2 |
– Motor vehicles |
13.6 |
10.7 |
Interest expense (included in finance cost) |
3.5 |
2.9 |
Expense relating to short-term leases (included in cost of sales and administrative expenses) |
16.8 |
13.2 |
Expense relating to leases of low-value assets that are not shown above as short-term leases |
||
(included in administrative expenses) |
1.2 |
0.7 |
Total expenses |
43.3 |
34.2 |
Land and |
Plant and |
Motor |
||
buildings |
machinery |
vehicles |
Total |
|
As at 30 June 2025 |
£m |
£m |
£m |
£m |
Less than 1 year |
3.1 |
4.6 |
15.0 |
22.7 |
Between 1 and 5 years |
8.1 |
3.6 |
21.2 |
32.9 |
More than 5 years |
6.9 |
0.1 |
– |
7.0 |
Total |
18.1 |
8.3 |
36.2 |
62.6 |
Land and |
Plant and |
Motor |
||
buildings |
machinery |
vehicles |
Total |
|
As at 30 June 2024 |
£m |
£m |
£m |
£m |
Less than 1 year |
3.0 |
4.1 |
13.4 |
20.5 |
Between 1 and 5 years |
8.9 |
1.8 |
24.1 |
34.8 |
More than 5 years |
8.8 |
– |
– |
8.8 |
Total |
20.7 |
5.9 |
37.5 |
64.1 |
2025 |
2024 |
|
Company |
£m |
£m |
Cost |
||
As at 1 July 2024 and 2023 |
189.2 |
188.5 |
Additions |
0.5 |
0.7 |
At 30 June |
189.7 |
189.2 |
Aggregate impairment |
||
As at 1 July 2024 and 2023 |
– |
– |
At 30 June |
– |
– |
Net book value |
||
At 30 June |
189.7 |
189.2 |
Galliford Try Construction Limited |
|
Galliford Try Infrastructure Limited 1 |
|
Galliford Try Investments Limited |
|
Galliford Try Facilities Management Limited |
|
Galliford Try Services Limited |
|
Galliford Try Limited 2 |
2025 |
2024 |
|
Group |
£m |
£m |
At 1 July |
41.8 |
44.6 |
Disposals and subordinated loan repayments |
(1.3) |
(1.3) |
Movement in fair value |
(1.9) |
(1.5) |
At 30 June |
38.6 |
41.8 |
Aberdeen Roads (Finance) Plc |
Aberdeen Roads Limited 1 |
|||
2025 |
2024 |
2025 |
2024 |
|
£m |
£m |
£m |
£m |
|
Revenue 2 |
– |
– |
(2.1) |
(1.9) |
Depreciation and amortisation |
– |
– |
– |
– |
Finance income |
22.4 |
23.3 |
29.0 |
29.7 |
Finance expense |
(22.4) |
(23.3) |
(22.4) |
(23.3) |
Income tax expense |
– |
– |
– |
– |
Profit (100%) |
– |
– |
– |
– |
Other comprehensive (expense)/income |
(1.2) |
(2.1) |
– |
– |
Total comprehensive income (100%) |
(1.2) |
(2.1) |
– |
– |
Group’s share of profit and total comprehensive income |
(0.4) |
(0.7) |
– |
– |
Dividends received by the Group during the year |
– |
– |
– |
– |
Balance sheet – extracts |
||||
Cash and cash equivalents |
0.7 |
0.9 |
28.7 |
28.0 |
Other current assets |
– |
– |
4.8 |
4.9 |
Current assets |
0.7 |
0.9 |
33.5 |
32.9 |
Non-current assets |
496.2 |
515.1 |
505.9 |
520.2 |
Current external borrowings – bank/listed bonds |
(19.1) |
(19.5) |
– |
– |
Other current liabilities |
(3.1) |
(3.4) |
(43.7) |
(39.5) |
Current liabilities |
(22.2) |
(22.9) |
(43.7) |
(39.5) |
Non-current external borrowings – bank/listed bonds |
(430.6) |
(445.3) |
– |
– |
Other non-current liabilities |
(42.9) |
(45.4) |
(495.7) |
(513.6) |
Non-current liabilities |
(473.5) |
(490.7) |
(495.7) |
(513.6) |
Net assets (100%) |
1.2 |
2.4 |
– |
– |
Group |
|||
2024 |
|||
Restated |
|||
2025 |
(note 34) |
||
Notes |
£m |
£m |
|
Current assets: |
|||
Trade receivables |
47.2 |
43.7 |
|
Less: provision for impairment of receivables |
(0.4) |
(0.4) |
|
Trade receivables – net |
46.8 |
43.3 |
|
Contract assets |
21 |
295.9 |
290.5 |
Amounts due from joint ventures and associates |
6.9 |
0.8 |
|
Research and development expenditure credits |
5.1 |
5.4 |
|
Other receivables |
9.9 |
14.0 |
|
Prepayments |
24.0 |
17.2 |
|
388.6 |
371.2 |
2025 |
2024 |
|
£m |
£m |
|
Number of days past due date |
||
Less than 30 days |
5.1 |
9.3 |
Between 30 and 60 days |
3.7 |
0.7 |
Between 60 and 90 days |
0.7 |
0.1 |
Between 90 and 120 days |
0.7 |
1.1 |
Greater than 120 days |
2.0 |
3.3 |
12.2 |
14.5 |
2025 |
2024 |
|
£m |
£m |
|
Number of days past due date: |
||
Greater than 120 days |
0.4 |
0.4 |
0.4 |
0.4 |
Group |
Company |
|||
2025 |
2024 |
2025 |
2024 |
|
£m |
£m |
£m |
£m |
|
Cash at bank and in hand and per the statement of cash flows |
237.6 |
227.0 |
113.5 |
110.0 |
Group |
|||
2024 |
|||
Restated |
|||
2025 |
(note 34) |
||
Notes |
£m |
£m |
|
Trade payables |
124.9 |
107.6 |
|
Contract liabilities |
21 |
124.7 |
131.3 |
Other taxation and social security payable |
48.1 |
70.4 |
|
Other payables |
2.8 |
2.4 |
|
Accruals |
308.6 |
309.6 |
|
609.1 |
621.3 |
Onerous |
Total |
||
Group |
contracts |
Rectification |
£m |
At 30 June 2023 |
(2.0) |
(27.9) |
(29.9) |
Balance sheet reclassification 1 |
(0.5) |
(4.5) |
(5.0) |
Utilised |
1.6 |
3.6 |
5.2 |
Released |
– |
2.3 |
2.3 |
Additions |
(0.6) |
(8.2) |
(8.8) |
At 30 June 2024 |
(1.5) |
(34.7) |
(36.2) |
Utilised |
0.5 |
11.4 |
11.9 |
Released |
– |
1.3 |
1.3 |
Additions |
– |
(25.6) |
(25.6) |
At 30 June 2025 |
(1.0) |
(47.6) |
(48.6) |
2025 |
2024 |
|||
Contract |
Contract |
|||
asset |
liability |
|||
Contract |
Contract |
restated |
restated |
|
asset |
liability |
(note 34) |
(note 34) |
|
£m |
£m |
£m |
£m |
|
At 1 July |
290.5 |
(131.3) |
204.9 |
(106.6) |
Revenue recognised in the year |
1,819.5 |
55.7 |
1,715.9 |
47.8 |
Net cash received in advance of performance obligations being fully satisfied |
– |
(49.1) |
– |
(72.5) |
Transfers in the year from contract assets to trade receivables |
(1,814.1) |
– |
(1,630.3) |
– |
30 June |
295.9 |
(124.7) |
290.5 |
(131.3) |
Group |
||
2024 |
||
Restated |
||
2025 |
(note 34) |
|
£m |
£m |
|
Deferred income tax assets |
11.6 |
18.5 |
Deferred income tax liabilities |
(0.6) |
(0.6) |
Net deferred income tax |
11.0 |
17.9 |
Group |
||
2024 |
||
Restated |
||
2025 |
(note 34) |
|
£m |
£m |
|
At 1 July |
17.9 |
15.5 |
Current year’s deferred income tax – expense taken to income statement |
(6.2) |
(3.2) |
Current year’s deferred income tax – credit/(expense) taken to equity |
1.2 |
(0.7) |
Adjustment in respect of prior years |
0.4 |
4.5 |
Transfer (to)/from current tax assets |
(2.3) |
1.4 |
Acquisition of subsidiaries |
– |
(0.2) |
Disposal of subsidiaries |
– |
0.6 |
At 30 June |
11.0 |
17.9 |
Tax |
||||
losses |
Total |
|||
Share-based |
restated |
restated |
||
payments |
(note 34) |
Other 1 |
(note 34) |
|
Group |
£m |
£m |
£m |
£m |
At 1 July 2023 |
0.3 |
13.2 |
3.1 |
16.6 |
Expense taken to income statement |
(0.3) |
(2.5) |
(0.5) |
(3.3) |
Credit in respect of prior years taken to income statement |
0.8 |
2.7 |
– |
3.5 |
Expense taken to equity |
(0.7) |
– |
– |
(0.7) |
Net transfer from current tax income tax asset |
– |
1.4 |
– |
1.4 |
Credit in respect of prior years taken to equity |
1.0 |
– |
– |
1.0 |
At 30 June 2024 – restated |
1.1 |
14.8 |
2.6 |
18.5 |
Credit/(expense) taken to income statement |
0.1 |
(5.9) |
(0.4) |
(6.2) |
Credit/(expense) in respect of prior years taken to income statement |
– |
0.5 |
(0.2) |
0.3 |
Net transfer (from)/to current tax income tax asset |
– |
(2.3) |
0.1 |
(2.2) |
Credit in respect of prior years taken to equity |
1.2 |
– |
– |
1.2 |
At 30 June 2025 |
2.4 |
7.1 |
2.1 |
11.6 |
Accelerated |
Intangible |
||
tax |
assets |
||
depreciation |
acquired |
Total |
|
Group |
£m |
£m |
£m |
At 30 June 2023 |
(0.4) |
(0.7) |
(1.1) |
(Expense)/credit taken to income statement |
(0.1) |
0.2 |
0.1 |
(Expense)/credit in respect of prior years |
(0.1) |
0.1 |
– |
Acquisition of subsidiary |
– |
(0.2) |
(0.2) |
Disposal of subsidiary |
0.6 |
– |
0.6 |
At 30 June 2024 |
– |
(0.6) |
(0.6) |
At 30 June 2025 |
– |
(0.6) |
(0.6) |
2024 |
|||||
2025 |
Restated (note 34) |
||||
Book value |
Fair value |
Book value |
Fair value |
||
Notes |
£m |
£m |
£m |
£m |
|
Financial liabilities: |
|||||
Current financial liabilities measured at amortised cost |
19 |
436.3 |
436.3 |
419.6 |
419.6 |
Financial assets: |
|||||
PPP and other investments |
16 |
38.6 |
38.6 |
41.8 |
41.8 |
Current assets measured at amortised cost |
17 |
364.6 |
364.6 |
354.0 |
354.0 |
Cash and cash equivalents |
18 |
237.6 |
237.6 |
227.0 |
227.0 |
2025 |
2024 |
|||
Level 3 |
Total |
Level 3 |
Total |
|
£m |
£m |
£m |
£m |
|
Assets |
||||
Fair value through other comprehensive income |
||||
– PPP and other investments |
38.6 |
38.6 |
41.8 |
41.8 |
Total |
38.6 |
38.6 |
41.8 |
41.8 |
2025 |
2024 |
|
£m |
£m |
|
At 1 July |
41.8 |
44.6 |
Movement in fair value |
(1.9) |
(1.5) |
Disposals and subordinated loan repayments |
(1.3) |
(1.3) |
Closing balance |
38.6 |
41.8 |
Ordinary |
Share |
|||
Number of |
shares |
premium |
Total |
|
Group |
shares |
£m |
£m |
£m |
At 30 June 2023 |
104,869,194 |
52.4 |
– |
52.4 |
Allotted under share option schemes |
1,323,592 |
0.7 |
0.8 |
1.5 |
Cancellation of shares |
(2,217,000) |
(1.1) |
– |
(1.1) |
At 30 June 2024 |
103,975,786 |
52.0 |
0.8 |
52.8 |
Allotted under share option schemes |
856,343 |
0.4 |
0.8 |
1.2 |
Cancellation of shares |
(2,690,861) |
(1.3) |
– |
(1.3) |
At 30 June 2025 |
102,141,268 |
51.1 |
1.6 |
52.7 |
Ordinary |
Share |
|||
Number of |
shares |
premium |
Total |
|
Company |
shares |
£m |
£m |
£m |
At 30 June 2023 |
104,869,194 |
52.4 |
– |
52.4 |
Allotted under share option schemes |
1,323,592 |
0.7 |
0.8 |
1.5 |
Cancellation of shares |
(2,217,000) |
(1.1) |
– |
(1.1) |
At 30 June 2024 |
103,975,786 |
52.0 |
0.8 |
52.8 |
Allotted under share option schemes |
856,343 |
0.4 |
0.8 |
1.2 |
Cancellation of shares |
(2,690,861) |
(1.3) |
– |
(1.3) |
At 30 June 2025 |
102,141,268 |
51.1 |
1.6 |
52.7 |
Employee |
||||||||||
turnover |
||||||||||
Shares under |
Share price |
Exercise |
Contract |
Expected |
Option life |
Risk free |
Dividend |
before |
Fair value |
|
Grant date |
option |
at grant date |
price |
date |
volatility |
(years) |
rate |
yield |
vesting |
per option |
13.04.22 |
135,276 |
174p |
143p |
01.06.22 |
58% |
3 |
1.5% |
3.3% |
10% |
70p |
14.04.23 |
776,489 |
174p |
137p |
01.06.23 |
54% |
3 |
3.6% |
4.5% |
10% |
67p |
12.04.24 |
852,013 |
244p |
201p |
01.06.24 |
30% |
3 |
4.2% |
4.5% |
10% |
61p |
03.04.25 |
939,331 |
341p |
296p |
01.06.25 |
31% |
3 |
3.8% |
4.1% |
10% |
83p |
2025 |
2024 |
|||
Weighted |
Weighted |
|||
average |
average |
|||
Number |
exercise price |
Number |
exercise price |
|
Outstanding at 1 July |
2,806,642 |
158p |
3,481,546 |
127p |
Awards |
951,335 |
296p |
936,197 |
201p |
Forfeited |
(123,330) |
170p |
(148,347) |
129p |
Cancelled |
(66,407) |
178p |
(128,780) |
135p |
Expired |
(8,788) |
132p |
(10,382) |
115p |
Exercised |
(856,343) |
135p |
(1,323,592) |
112p |
Outstanding at 30 June |
2,703,109 |
213p |
2,806,642 |
158p |
Exercisable at 30 June |
134,149 |
143.9 |
221,765 |
112p |
Vesting |
Fair |
|||||
Shares |
Share price at |
period/option |
Risk-free |
Dividend |
value per |
|
Grant date |
under option |
grant date |
life (months) |
rate |
yield |
option |
23.09.22 |
1,369,284 |
161p |
36 |
4.0% |
5.0% |
139p |
23.09.23 |
987,710 |
225p |
36 |
4.3% |
4.7% |
195p |
08.10.24 |
1,040,245 |
322p |
36 |
3.9% |
4.8% |
279p |
2025 | 2024 | |
Number | Number | |
Outstanding at 1 July | 3,533,585 | 6,466,295 |
Granted | 1,040,245 | 1,244,171 |
Exercised | (1,037,753) | (3,156,934) |
Forfeited | (138,838) | (1,019,947) |
Outstanding at 30 June | 3,397,239 | 3,533,585 |
Exercisable at 30 June | – | – |
2025 | 2024 | |
Number | Number | |
Outstanding at 1 July | 725,969 | 821,646 |
Granted | 159,345 | 126,350 |
Exercised | (291,518) | (52,969) |
Forfeited | – | (169,058) |
Outstanding at 30 June | 593,796 | 725,969 |
Exercisable at 30 June | – | – |
2025 | 2024 | |
Number | Number | |
Outstanding at 1 July | 129,136 | – |
Granted | 159,526 | 129,136 |
Exercised | (123,453) | – |
Forfeited | (5,683) | – |
Outstanding at 30 June | 159,526 | 129,136 |
Exercisable at 30 June | – | – |
Retained |
|||
earnings |
|||
Other |
restated |
||
reserves |
(note 34) |
||
Group |
Notes |
£m |
£m |
At 1 July 2023 |
135.3 |
(69.1) |
|
Profit for the year – restated |
– |
27.4 |
|
Dividends paid |
9 |
– |
(24.2) |
Share-based payments |
25 |
– |
1.8 |
Tax relating to share based payments |
– |
2.0 |
|
Movement in fair value of PPP and other investments |
16 |
– |
(1.5) |
Purchase of own shares |
– |
(12.0) |
|
Cancellation of shares |
1.1 |
– |
|
At 30 June 2024 – restated |
136.4 |
(75.6) |
|
Profit for the year |
– |
33.6 |
|
Dividends paid |
9 |
– |
(17.5) |
Share-based payments |
25 |
– |
3.4 |
Tax relating to share based payments |
– |
2.0 |
|
Movement in fair value of PPP and other investments |
16 |
– |
(1.9) |
Purchase of own shares |
– |
(12.3) |
|
Cancellation of shares |
1.3 |
– |
|
At 30 June 2025 |
137.7 |
(68.3) |
Other |
Retained |
||
reserves |
earnings |
||
Company |
Notes |
£m |
£m |
At 30 June 2023 |
135.3 |
115.0 |
|
Profit for the year |
– |
23.3 |
|
Dividends paid |
9 |
– |
(24.2) |
Share-based payments |
– |
0.7 |
|
Purchase of shares |
15 |
– |
(4.4) |
Cancellation of shares |
1.1 |
– |
|
At 30 June 2024 |
136.4 |
110.4 |
|
Profit for the year |
– |
30.1 |
|
Dividends paid |
9 |
– |
(17.5) |
Share-based payments |
– |
0.5 |
|
Purchase of shares |
15 |
– |
(10.0) |
Cancellation of shares |
1.3 |
– |
|
At 30 June 2025 |
137.7 |
113.5 |
Sales to |
Amounts owed by |
|||
related parties |
related parties |
|||
2025 |
2024 |
2025 |
2024 |
|
£m |
£m |
£m |
£m |
|
Trading transactions |
||||
Related parties |
69.4 |
79.3 |
39.4 |
35.1 |
Interest and dividend income |
||
from related parties |
||
2025 |
2024 |
|
£m |
£m |
|
Non-trading transactions |
||
Related parties |
4.0 |
3.8 |
Interest and dividend income |
||
from related parties |
||
2025 |
2024 |
|
£m |
£m |
|
Non-trading transactions |
||
Subsidiary undertakings |
29.8 |
22.9 |
£m |
|
Recognised amounts of identifiable assets acquired and liabilities assumed |
|
Property plant and equipment (including right-of-use assets) |
1.0 |
Intangible assets |
1.0 |
Trade and other receivables |
2.5 |
Cash and cash equivalents |
1.0 |
Trade and other payables |
(0.9) |
Corporation tax liability |
(0.3) |
Lease liabilities |
(0.5) |
Deferred tax liability |
(0.2) |
Total identifiable net liabilities |
3.6 |
Goodwill |
0.9 |
Total |
4.5 |
Consideration |
|
Cash |
4.5 |
Total |
4.5 |
2024 | ||
Restated | ||
2025 | (note 34) | |
£m | £m | |
Contract losses 1 | – | (11.7) |
Implementation costs of cloud based arrangements 2 | – | (2.6) |
Finance income 3 | – | 0.8 |
Amortisation of acquired intangible assets | (0.9) | (2.3) |
Loss before tax | (0.9) | (15.8) |
Associated tax credit on items above | 0.2 | 3.9 |
Exceptional income tax credit (note 8) 3 | – | 9.6 |
Total | (0.7) | (2.3) |
Building | Infrastructure | Investments | Central | Total | |
£m | £m | £m | £m | £m | |
Year ended 30 June 2025 | |||||
Statutory operating profit/(loss) | 28.1 | 26.5 | (0.4) | (14.5) | 39.7 |
exclude: amortisation of acquired intangible assets (note 11) | – | 0.9 | – | – | 0.9 |
exclude: exceptional items (note 4) | – | – | – | – | – |
Adjusted operating profit/(loss) | 28.1 | 27.4 | (0.4) | (14.5) | 40.6 |
Revenue | 964.7 | 902.5 | 8.0 | – | 1,875.2 |
Adjusted operating margin | 2.9% | 3.0% | n/a | n/a | 2.2% |
Year ended 30 June 2024 | |||||
Statutory operating profit/(loss) – restated (note 34) | 23.0 | 7.3 | (1.0) | (16.3) | 13.0 |
exclude: amortisation of acquired intangible assets (note 11) | 1.0 | 1.1 | – | 0.2 | 2.3 |
exclude: exceptional items (note 4) – restated (note 34) | – | 11.7 | – | 2.6 | 14.3 |
Adjusted operating profit/(loss) | 24.0 | 20.1 | (1.0) | (13.5) | 29.6 |
Revenue – restated (note 34) | 938.3 | 810.7 | 14.7 | – | 1,763.7 |
Revenue on material loss making contracts | – | 18.6 | – | – | 18.6 |
Adjusted revenue | 938.3 | 792.1 | 14.7 | – | 1,745.1 |
Adjusted operating margin | 2.6% | 2.5% | n/a | n/a | 1.7% |
2024 1 | ||
Restated | ||
2025 | (note 34) | |
£m | £m | |
Statutory profit before tax | 44.1 | 19.2 |
exclude: exceptional items (note 4) | – | 13.5 |
exclude: amortisation of acquired intangible assets | 0.9 | 2.3 |
Adjusted profit before tax | 45.0 | 35.0 |
2024 |
||||||
2025 |
Restated (note 34) |
|||||
Weighted |
Weighted |
|||||
average |
average |
|||||
Earnings |
number of |
EPS |
Earnings |
number of |
EPS |
|
£m |
shares |
pence |
£m |
shares |
pence |
|
Statutory results |
33.6 |
99,627,362 |
33.7 |
27.4 |
100,051,095 |
27.3 |
exclude: exceptional items (note 4) |
– |
n/a |
n/a |
0.5 |
n/a |
n/a |
exclude: amortisation of acquired intangible assets |
0.7 |
n/a |
n/a |
1.7 |
n/a |
n/a |
Adjusted earnings per share 1 |
34.3 |
99,627,362 |
34.4 |
29.6 |
100,051,095 |
29.6 |
Shareholding |
||
(direct or |
||
Entity name |
Registered office or principal place of business |
indirect) |
Charles Grip Surfacing Limited |
Miller House, Pontefract Road, Normanton, WF6 1RN |
100% |
Construction Holdco 1 Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Asset Intelligence Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Building 2014 Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
Galliford Try Construction Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Construction & Investments Holdings Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Corporate Holdings Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
Galliford Try Employment Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Estates Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Facilities Management Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try HPS Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Infrastructure Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
Galliford Try Investments Consultancy Services Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Investments Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Investments NEPS Limited 1 |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Plant Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Properties Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Construction Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Shareholding |
||
(direct or |
||
Entity name |
Registered office or principal place of business |
indirect) |
Galliford Try Secretariat Services Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Services Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Digital Infrastructure Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try (Water) Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT (Leeds) Lift Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT (Leicester) Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT (North Hub) Investments Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
GT (North Tyneside) Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT Camberwell (Holdings) Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT Camberwell Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT Car Parks Leicester (Holdings) Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT Car Parks Leicester Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Galliford Try Developments Limited 2 |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
GT Inverness Investments Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
GT Telford Holdings 3 |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
GT TMGL Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
GTFM (Cavalry) Limited 4 |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Ham Baker Engineering Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Kingseat Development 1 Limited |
Morrison House, Kingseat Business Park, Kingseat, Newmachar, |
100% |
Aberdeenshire, AB21 0AZ |
||
Leicester GT Education Company Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Lintott Control Systems Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Lintott Environmental Technologies Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
MCS Control Systems Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
AVRS Systems Limited |
Avrs Systems Ltd Lonning End, Ponsonby, Seascale, Cumbria, |
100% |
England, CA20 1BU |
||
Morrison Construction Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
100% |
Morrison Highway Maintenance 3 |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Oak Specialist Services Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Regeneco (Services) Limited 3 |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Regeneco Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Try Construction Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
100% |
Proportion of |
Financial |
||
Entity name |
Registered office or principal place of business |
capital held |
year-end |
Aberdeen Roads (Finance) PLC |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
33% |
31-Dec |
Aberdeen Roads Holdings Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
33% |
31-Dec |
Aberdeen Roads Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
33% |
31-Dec |
ACP: North Hub Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
31-Dec |
GBV JV Limited |
3 Frayswater Place, Uxbridge, UB8 2AD |
50% |
30-Jun |
GT Equitix Inverness Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
31-Mar |
GT Equitix Inverness Holdings Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
31-Mar |
Hub South East Scotland Limited |
8 Melville Street, Edinburgh, EH3 7NS |
50% |
31-Mar |
Kingseat Development 2 Limited |
Morrison House, Kingseat Business Park, Kingseat, Newmachar, |
50% |
30-Jun |
Aberdeenshire AB21 0AZ |
|||
Space Scotland Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
83% 1 |
31-Mar |
Urban Vision Partnership Limited |
First Floor, 2 Kingdom Street, Paddington, London, W2 6BD |
30% |
31-Dec |
Proportion of |
||
capital held by |
||
Entity name |
Registered office or principal place of business |
class |
Aberdeen Community Health Care Village Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Alliance Community Partnership Limited |
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business |
10% |
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ |
||
Galliford Try Qatar LLC |
PO Box 11726 Doha, State of Qatar (incorporated in Qatar) |
49% |
Hub North Scotland (Alford) Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Hub North Scotland (FWT) Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Hub North Scotland (O&C) Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Hub North Scotland (O&C) Holdings Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Hub North Scotland Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
James Gillespie’s Campus Subhub Holdings Limited |
8 Melville Street, Edinburgh, EH3 7NS |
50% |
James Gillespie’s Campus Subhub Limited |
8 Melville Street, Edinburgh, EH3 7NS |
50% |
LBP DBFM Holdco Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
LBP DBFMco Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
Newbattle DBFM HoldCo Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
Newbattle DBFMCo Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
ELCH DBFMCo Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
ELCH DBFM Holdco Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
WCHS DBFMCo Ltd |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
WCHS DBFM Holdco Ltd |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
JICC DBFMCo Ltd |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
Proportion of |
||
capital held by |
||
Entity name |
Registered office or principal place of business |
class |
JICC DBFM Holdco Ltd |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
KHS DBFM HoldCo Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
KHS DBFMCo Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
QHS DBFMCo Ltd |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
QHS DBFM Holdco Ltd |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
REH Phase 1 Subhub Holdings Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
REH Phase 1 Subhub Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
50% |
Hub North Scotland (I&F) Holdings Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Hub North Scotland (I&F) Limited |
2nd Floor, 2 Lochside View, Edinburgh, Scotland, EH12 9DH |
30% |
Hub South West Scotland Limited |
2 Atlantic Square, 31 York Street, Glasgow, Scotland G2 8AS |
6% |
Hub SW Cumbernauld DBFMCo Limited |
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business |
6% |
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ |
||
Hub SW Cumbernauld Holdco Limited |
Avondale House Suites 1b-1e, Phoenix Crescent, Strathclyde Business |
6% |
Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ |
2024 | 2024 | ||
Previously | |||
reported | Adjustment | Restated | |
£m | £m | £m | |
Revenue | 1,772.8 | (9.1) | 1,763.7 |
Cost of sales | (1,641.4) | (2.6) | (1,644.0) |
Gross profit | 131.4 | (11.7) | 119.7 |
Administrative expenses | (106.7) | – | (106.7) |
Operating profit | 24.7 | (11.7) | 13.0 |
Finance income | 9.6 | – | 9.6 |
Finance costs | (3.4) | – | (3.4) |
Profit before income tax | 30.9 | (11.7) | 19.2 |
Income tax credit | 5.3 | 2.9 | 8.2 |
Profit for the year | 36.2 | (8.8) | 27.4 |
Earnings per share | |||
Basic | |||
Profit attributable to ordinary shareholders | 36.2p | 27.3p | |
Diluted | |||
Profit attributable to ordinary shareholders | 34.7p | 26.2p |
2024 | 2024 | ||
Previously | |||
reported | Adjustment | Restated | |
£m | £m | £m | |
Assets | |||
Non-current assets | |||
Deferred income tax assets | 15.0 | 2.9 | 17.9 |
Other non-current assets | 196.4 | – | 196.4 |
Total non-current assets | 211.4 | 2.9 | 214.3 |
Current assets | |||
Trade and other receivables | 370.8 | 0.4 | 371.2 |
Other current assets | 238.6 | – | 238.6 |
Total current assets | 609.4 | 0.4 | 609.8 |
Total assets | 820.8 | 3.3 | 824.1 |
Liabilities | |||
Current liabilities | |||
Trade and other payables | (609.2) | (12.1) | (621.3) |
Other current liabilities | (56.7) | – | (56.7) |
Total current liabilities | (665.9) | (12.1) | (678.0) |
Non-current liabilities | |||
Total non-current liabilities | (32.5) | – | (32.5) |
Total liabilities | (698.4) | (12.1) | (710.5) |
Net assets | 122.4 | (8.8) | 113.6 |
Equity | |||
Share capital | 52.0 | – | 52.0 |
Share premium | 0.8 | – | 0.8 |
Other reserves | 136.4 | – | 136.4 |
Retained earnings | (66.8) | (8.8) | (75.6) |
Total equity | 122.4 | (8.8) | 113.6 |
2024 | 2024 | ||
Previously | |||
reported | Adjustment | Restated | |
£m | £m | £m | |
Cash flows from operating activities | |||
Profit for the year | 36.2 | (8.8) | 27.4 |
Adjustments for: | |||
Income tax credit | (5.3) | (2.9) | (8.2) |
Net finance income | (6.2) | – | (6.2) |
Profit before finance costs and taxation | 24.7 | (11.7) | 13.0 |
Depreciation, amortisation and impairment of non-current assets | 20.7 | – | 20.7 |
Share-based payments | 1.8 | – | 1.8 |
Other non-cash movements | (0.4) | – | (0.4) |
Net cash generated from operations before changes in working capital | 46.8 | (11.7) | 35.1 |
Increase in trade and other receivables | (84.1) | (0.4) | (84.5) |
Increase in trade and other payables | 84.9 | 12.1 | 97.0 |
Increase in provisions | 6.3 | – | 6.3 |
Net cash generated from operations | 53.9 | – | 53.9 |
Net cash generated from operating activities | 56.2 | – | 56.2 |
Net increase/(decrease) in cash and cash equivalents | 6.8 | – | 6.8 |
Previously | |||
reported | Adjustment | Restated | |
£m | £m | £m | |
Current assets: | |||
Contract assets | 290.1 | 0.4 | 290.5 |
Other trade and other receivables | 80.7 | – | 80.7 |
370.8 | 0.4 | 371.2 |
Previously | |||
reported | Adjustment | Restated | |
£m | £m | £m | |
Contract liabilities | 121.8 | 9.5 | 131.3 |
Accruals | 307.0 | 2.6 | 309.6 |
Other trade and other payables | 180.4 | – | 180.4 |
609.2 | 12.1 | 621.3 |