TIDMGFRD
RNS Number : 8101U
Galliford Try PLC
17 July 2018
GALLIFORD TRY PLC
TRADING UPDATE
TUESDAY 17 JULY 2018
Galliford Try plc, the housebuilding, regeneration and
construction group, today provides the following update on trading
for the year ended 30 June 2018. All figures are as at 30 June
2018, unless otherwise stated, and all comparatives relate to the
prior year equivalent period. The Group expects to announce its
results for the full year on 12 September 2018.
Peter Truscott, Chief Executive, commented:
Galliford Try has achieved a strong underlying performance in
the financial year and continues to make good progress against its
growth plans to 2021 across all three businesses.
Linden Homes has delivered sales growth in line with
expectations and at a further significantly improved operating
margin, and enters the new financial year with sales exchanged and
reserved of GBP366m.
Partnerships & Regeneration continues to make excellent
progress against the stretching growth and margin targets set for
the business, significantly increasing revenue and profit. The
business has a strong order book, benefiting from growing demand
and opportunities in both contracting and mixed tenure.
Construction's underlying performance is good with current and
new projects expected to deliver improved margins, operating on
multiple secured frameworks and in our chosen sectors.
The Aberdeen Western Peripheral Route joint venture continues to
make progress on site, with sections of the road already opened to
traffic, and substantial completion expected to be achieved this
summer. We continue to anticipate a further exceptional charge in
the second half, in line with previous guidance (ie expected to be
lower than the charge of GBP25m taken in the first half), and the
final out-turn remains dependent upon the result of several
significant claims.
The Group expects to report strong pre-exceptional full year
results, in line with previous guidance, and net cash at 30 June
2018 of GBP97m (2017: GBP7.2m), with average net debt for the year
below previous guidance at GBP227m (excluding the benefit of the
rights issue receipt of GBP150m net). The outlook for the current
financial year remains in line with management's expectations.
Linden Homes
-- The business expects to report strong overall performance and
further significant improvement in margin representing very good
progress against our strategic objectives.
-- 3,442 unit completions, including units in joint ventures (2017: 3,296 units).
-- Sales rate for the year was 0.59 units per site per week from
85 average outlets (2017: 0.62 and 77).
-- GBP366m year-end sales carried forward position representing
2,326 units (2017: GBP373m and 2,229 units).
-- GBP367,000 average private sales price, up 4% (2017: GBP354,000).
-- 11,400 plot landbank (2017: 10,650) with all plots secured
for the new financial year and 81% of plots secured for FY
2020.
Partnerships & Regeneration
-- Impressive performance continues, with significant growth in
both revenue and profit, against a backdrop of increasing demand
and opportunities.
-- GBP1.2bn contracting order book (2017: GBP1.05bn) and mixed
tenure sales carried forward of GBP160m (2017: GBP77m).
-- 3,300 plot landbank, up 22% (2017: 2,700).
Construction
-- Improved underlying performance. Net debt position expected
to be lower than GBP30m (2017: net cash of GBP137m); the
deterioration since the prior year principally reflects the burden
of the AWPR joint venture.
-- GBP3.3bn risk managed high quality order book (2017:
GBP3.5bn) with 86% in the public and regulated sectors.
-- 87% of revenue for the new financial year secured (2017: 84%).
Capital Markets Day
The housebuilding businesses, Linden Homes and Partnerships
& Regeneration, will host a Capital Markets Day for
institutional investors and analysts in London on the afternoon of
11 October 2018. Further details will be provided in due
course.
A conference call for Analysts and Investors will be held at
08:00 am today (UK time)
UK dial in: +44 333 300 0804
US dial in: +1 631 913 1422
International dial-in: Please click here to access a full list
of international numbers
Participant PIN: 22345337#
For further enquiries please contact:
Galliford Try Peter Truscott, Chief Executive
01895 855001
Graham Prothero, Finance Director
Tulchan Communications James Macey White / Martin Pengelley /
Elizabeth Snow
0207 353 4200
Galliford Try plc is a leading UK housebuilding, regeneration
and construction group. It is listed on the London Stock Exchange
and a member of the FTSE 250. Housebuilding - through our Linden
Homes business - develops private and affordable homes in prime
locations. Galliford Try Partnerships - our regeneration business -
delivers mixed-tenure solutions working with housing association,
local authority and private sector partners. Operating as Galliford
Try and Morrison Construction, our Construction business carries
out building and infrastructure with clients in the public, private
and regulated sectors. At the end of the last financial year to 30
June 2017, the Group generated revenue of GBP2.8bn.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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