TIDMGFRD
RNS Number : 1105O
Galliford Try Holdings PLC
05 October 2021
GALLIFORD TRY HOLDINGS PLC
PUBLICATION OF ANNUAL REPORT AND FINANCIAL STATEMENTS 2021 AND
NOTICE OF 2021 ANNUAL GENERAL MEETING
Galliford Try Holdings plc has today, in accordance with LR
9.6.1 R of the Listing Rules, submitted to the Financial Conduct
Authority's National Storage Mechanism copies of the following:
-- The Annual Report and Financial Statements 2021.
-- Notice of 2021 Annual General Meeting.
-- Form of Proxy for the 2021 Annual General Meeting.
The documents will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Annual Report and Financial Statements and Notice of Annual
General Meeting are also available on the Galliford Try website at
www.gallifordtry.co.uk/investors/reports-presentations/.
A condensed set of the Group's financial statements and
information on important events that have occurred during the
financial year and their impact on the financial statements were
included in Galliford Try Holdings plc's Final Results Announcement
on 16 September 2021. That information, together with the
information set out below which is extracted from the Annual Report
and Financial Statements 2021 constitute the material required by
DTR 6.3.5 of the Disclosure Guidance and Transparency Rules which
is required to be communicated to the media in full unedited text
through a Regulatory Information Service. This announcement is not
a substitute for reading the full Annual Report and Financial
Statements 2021. Page and note references in the text below refer
to page numbers and note references in the Annual Report and
Financial Statements 2021. To view the results announcement, slides
of the results presentation and the results webcast please visit
www.gallifordtry.co.uk/investors/reports-presentations/.
Our principal risks
In previous years, we have monitored and reported our principal
risks using a framework comprised of 12 risk themes. There was a
high degree of interdependence between these risk themes because in
many cases, they represented causes rather than impacts. For
example, we had separate risk themes in relation to the opportunity
pipeline, project selection and work winning, but the ultimate risk
for the Group is that we fail to secure an appropriate pipeline of
projects to achieve our revenue and profitability targets. At a
Group level, the Board now monitors risk using the following four
principal risks, a detailed analysis of which is provided
below:
Work winning.
Project delivery.
Resources.
Compliance and cyber security.
This simplified approach facilitates a more targeted focus on
the most significant risks and the actions being taken to manage
them.
At an individual business unit level, our risk management
process still captures and monitors risks and mitigations using the
12 risk themes so that we can take targeted actions to address
issues that are specific to the regions and sectors in which they
operate.
Work winning
Risk description
We fail to secure an appropriate pipeline of projects to achieve
our revenue and profitability targets.
Our risk appetite
We aim to secure a forward order book that provides a high
degree of certainty of current year plus following year revenue,
while reflecting appropriate margin, cash and risk attributes.
Maintaining discipline in the projects that we bid for is a
fundamental element of our internal control framework. We will only
bid for projects where we are confident that we have the
experience, knowledge and supply chain to deliver effectively and
where the client relationships and commercial terms support a
collaborative approach to managing risk.
Potential causes of risk
> A significant and sustained reduction in Government
investment in building and infrastructure projects reduces the
opportunity pipeline.
> Delays to and/or reduced levels of private sector
investment due to macro-economic conditions.
> Failure to secure positions on key procurement
frameworks.
> Failure to meet the increasing sustainability expectations
of our clients.
> Poor quality bid submissions.
> Failure to maintain discipline in project selection.
Current risk environment
Public sector opportunities are now coming to market quicker as
funding has been secured. Likewise, the private sector market
remains resilient with opportunities in commercial sectors such as
Private Rented Sector (PRS) and student accommodation increasing
both for Construction and Investments. Medium to longer term, the
outlook for public sector markets remains positive. However, there
is a greater degree of uncertainty in the private sector as the
longer-term impacts of the pandemic on the way we live and work,
and the buildings that are required, are not yet clear.
Maintaining discipline in project selection remains absolutely
fundamental to delivering on our strategic objectives. Our risk
management in evaluating opportunities is robust and is supported
by a clear sector focus. The Procurement Playbook sets out
principles for a more collaborative approach to sharing of risks
between client and contractor. However, these principles will take
time to become embedded in client behaviours and we still observe
some clients attempting to pass more risk on. We remain vigilant to
this risk and maintain discipline in reviewing and challenging
onerous contract conditions.
We continue to be successful in winning work and securing
positions on key frameworks with good quality clients. However, the
market remains very competitive and we must compete not just on
price, but by demonstrating our ability to deliver against the
clients' priorities, especially in relation to carbon
reduction.
Market review p16
Emerging risks
> Clients start to move away from the traditional main
contractor/subcontractor model, instead opting for more
self-delivery and enterprise delivery models.
> We innovate or adopt new technologies too early, incurring
costs associated with being an early adopter, or too late, losing
market share.
> Client attitudes to sustainability shift at differing
rates, leaving some clients focused on construction cost and others
on whole-life cost and carbon performance.
> We fail to balance the need to be competitive with
delivering long-term sustainability in the assets we build and/or
we are not adequately rewarded for the long-term value we deliver
to clients.
> PRS becomes a less attractive market to invest in, reducing
the opportunities in this market.
> The political arena in the UK continues to be increasingly
unpredictable. Radical shifts in Government policy reduce the
certainty of opportunities in the public and regulated sectors.
Mitigations
> We manage the potential impact of an economic downturn by
building a high-quality order book with projects that meet our
strict risk profile.
> We concentrate on sectors where we have core strengths and
clients with long-term growth and profitability potential.
> We focus on securing positions on key procurement
frameworks (page 48) and repeat business with key clients through a
centralised, dedicated pre-construction team. This allows for
strategic planning, better collaboration and reduced risk of
project failure.
> We have robust review and approval controls for bids and
contracts supported by a risk-based heat map tool to ensure that
project selection is aligned to our risk appetite. Any potentially
onerous terms or other misalignment to our contract selection
criteria are flagged early on in the process and escalated for
Board review.
> We typically target lower-risk contract types as described
on page 6.
> We carry out peer reviews of bids where relevant to ensure
robust review and challenge of risks and assumptions and to promote
knowledge sharing across the business.
Key risk indicators
> Percentage of planned revenue secured.
> Percentage of pipeline in frameworks.
> Order book by client type.
> Percentage of repeat business with existing clients.
Project delivery
Risk description
We fail to deliver projects safely, on time, in agreement with
contractual terms, and to a high quality for our clients.
Risk appetite
We prioritise health and safety above everything else and
believe that nothing is so important that we cannot take the time
to do it safely.
We will not tolerate poor quality and strive to deliver high
quality buildings and infrastructure for our clients that provide
safe environments for the occupiers and users of the assets.
We aim to provide realistic and transparent forecasts of project
performance with potential risks to programme and margins
identified and addressed before they materialise.
Potential causes of risk
> Changing regulations.
> Non-compliance with health and safety regulations and/or
poor safety behaviours.
> Programme delays and cost escalation.
> Poor control of client and subcontractor variations and
claims processes.
> Contractual notices not given as per contract
requirements.
> Poor record-keeping and document management.
> Poor design quality and/or co-ordination.
> Failure to comply with quality control procedures.
> Extended periods of adverse weather conditions.
> Subcontractor poor performance and/or insolvency.
> Unrealistic estimates, including cost to complete,
inflation estimates, outcomes of disputes and final value included
in project forecasts.
Current risk environment
Safety performance has remained strong through the second half
of the financial year. The Covid-19 site operating procedures are
embedded and have driven a greater focus on planning. This was
further supported by the refresh of our Challenging Beliefs,
Affecting Behaviours behavioural safety programme in the first half
of 2021. We have had an increased focus on wellbeing across the
Group through initiatives such as Wellbeing Wednesdays and Feel
Good Fridays which have been well-received by our people. Our
thinking on safety now extends to consideration of the safety in
use of the buildings we construct and, in the case of our FM
business, the buildings we operate.
The disruption to programmes caused earlier in the Covid-19
pandemic has subsided and extensions of time agreed wherever
possible. Covid-19 site operating procedures are now very well
established, and productivity has returned to normal levels. Any
additional costs associated with Covid-19 health and safety
measures are built into all project forecasts but do not have a
material impact on margins. The latest round of project commercial
health checks, performed in March 2021 again observed that project
risks are well understood and where necessary, reflected in the
forecasts.
As a side effect of the increased scrutiny of fire safety on
legacy projects, 12-year defects claims are becoming more common.
Defending these claims incurs legal costs and can take up
management resource and therefore it remains important that quality
inspection records are well maintained within Fieldview and
Viewpoint as most claims relate to defects in design or
workmanship. Our Technical Services team is working on a wide range
of initiatives to drive continuous improvement in quality,
including investment in digital tools to support better design
integration and visualisation. The revised approach to auditing
compliance with our quality management systems and processes has
been implemented and ActivSHEQ (the platform that we use for safety
auditing and reporting) is being used to record and report the
results of quality management system audits. This will drive
greater consistency in auditing and more visibility of compliance
trends.
Emerging risks
> Insurers withdraw from the market for PI cover for
construction contractors and/or insurance cover becomes
prohibitively expensive.
> We fail to adapt our processes to meet the requirements of
our clients to have better and more reliable data about the assets
we design and build for them.
> The country fails to learn from Covid-19 and any potential
new global pandemic has a significant/similar impact on the
construction industry that it had with Covid-19.
> Building designs and construction methodologies fail to
adapt to the effects of climate change, leading to reduced
productivity, programme delays and cost overruns.
Mitigations
> Continued reinforcement of our behavioural safety programme
Challenging Beliefs, Affecting Behaviour, and the introduction of
Lead Indicators which target no harm.
> A values-driven approach to project delivery focusing on
close collaboration and client satisfaction to enable achievement
of end goals for both parties.
> Robust review and approval of contractual terms,
pre-contract to ensure we do not sign up to contracts with onerous
terms. This includes the employment of margin thresholds and
escalation to the Board of any contracts that do not meet our
criteria.
> Rigorous quality control in our business management system
policies and procedures and digitalisation to improve data, quality
and efficiency.
> Due diligence to select competent designers and
subcontractors to work with and use specialist consultants at key
review stages.
> Comprehensive commercial training.
> We have introduced standardised formats (value cost
analysis and cost and value reconciliation) for monitoring and
reporting project performance and forecasts.
> Monthly cross-disciplinary contract review meetings on all
projects enable a robust assessment of programme status, risks and
commercial forecasts and are investing in upgrading our existing
ERP systems.
> A programme of commercial 'health checks' to provide an
independent assessment of the project team's reported project
performance and forecast outturn.
> Operational controls including health and safety site risk
assessments, which are monitored through a regular audit
process.
> Introduction of Technical and Business Support Forums that
drive process improvements across health and safety,
digitalisation, carbon reduction, procurement, design management,
mechanical and electrical, and commercial activities.
> Escalation processes to respond promptly and appropriately
to incidents.
Key risk indicators
> RIDDOR and AFR scores.
> Forecast project margins.
Link to our strategic priorities
Progressive culture
Socially responsible delivery
Quality and innovation
Fair and sustainable financial returns
Resources
Risk description
We fail to secure the right people and other resources necessary
to deliver our projects and manage our business.
Risk appetite
We aim to recruit employees from a diverse talent pool who are
aligned to our values and behaviours.
We seek to work with financially resilient subcontractors,
suppliers and joint venture partners who share our values in
relation to safety, quality and sustainability.
Potential causes
> We are unable to attract, retain and/or develop the right
staff to meet our future needs, we mismatch our staffing levels to
peaks and troughs in activity or lack diversity.
> Lack of capacity in the supply chain due to high levels of
activity in the construction sector.
> Subcontractor and/or client insolvency.
> Failure to comply with fair payment practices.
> Lack of geographical coverage.
Current risk environment
The availability and pricing of products and materials in most
categories are being adversely affected by a significant and
sustained demand and supply imbalance. Multiple factors including
Covid-19 disruption to manufacturers, the Suez Canal backlog, new
customs procedures, and a shortage of drivers are all causing
supply-side issues. Meanwhile, the high levels of activity in the
housebuilding and infrastructure sectors in particular are leading
to unprecedented demand. We are mitigating this risk through early
engagement with the supply chain and incorporating inflation
clauses into contracts wherever possible. If tender lead-in times
are high, we re-price projects to account for any inflation.
Subcontractor insolvency risk has reduced as most of our Aligned
subcontractors continued to work throughout the pandemic without
furloughing staff. The more significant subcontractor risk is the
current skills shortages in certain trades, including bricklayers
and joiners. Such shortages could extend to other trades as
construction activity continues to increase.
The pandemic continues to have a huge impact on people,
particularly their mental health. We are supporting our teams
through several initiatives including Wellbeing Wednesdays, Feel
Good Fridays, the Be Well Podcast Library and targeted employee
surveys. A Company-wide employee survey is planned for later in
2021. Large infrastructure schemes and a mismatch between skilled
worker supply and demand are driving salaries up and increasing the
risk of employees leaving for higher reward packages. We continue
to develop our own people and provide them with opportunities for
progression. However, it remains a competitive market for talent
and we continue to improve the way we promote the business and
develop our employee offering.
We continue to manage cash effectively and the extra disciplines
that have been introduced in the past 12 months have further
improved the accuracy of our cash forecasting and helped improve
our cash performance. The introduction of domestic reverse charge
for VAT during the year created a one-off improvement to cash flow,
but we have passed this back to our supply chain by making further
improvements in the time we take to pay.
Emerging risks
> There is a generational shortage of skills as more
experienced staff retire who are not replaced in sufficient numbers
because the construction sector cannot compete with other sectors
in attracting talent.
> Innovations in the use of technology will require us to
attract a workforce with a very different set of skills.
> Depletion or increased scarcity of non-renewable materials
may lead to greater volatility in prices and more regular
disruption to supply.
Mitigations
> The Group has an established HR strategy based on best
practice principles and relevant legislation which, among other
things, includes the regular review of remuneration and benefits
packages to ensure we remain competitive.
> Our succession planning and talent management processes
enable continuity and identification of future leaders.
> We operate graduate and trainee programmes to develop our
own pipeline of talent.
> We develop long-term relationships with key suppliers and
subcontractors to ensure that we remain a priority customer when
resources and materials are in short supply.
> Our Advantage through Alignment programme facilitates
greater engagement with our key supply chain members and provides
them with greater visibility of our pipeline of projects.
> We are committed to paying 95% of supply chain invoices
within 60 days, and achieving the new standards of the Prompt
Payment Code.
> We monitor subcontractor financial strength using a credit
tracker on the Dun & Bradstreet portal.
> Each business unit reviews its cash forecast weekly and
monthly, and the Group prepares a detailed daily cash book forecast
for the following eight-week period to highlight any risk of
intra-month fluctuations. These forecasts are reviewed at business
unit, division and Group level.
Key risk indicators
> Material and trade shortages.
> Voluntary staff churn rate.
> Prompt Payment Code performance statistics.
> Average month end cash.
Link to our strategic priorities
Progressive culture
Socially responsible delivery
Quality and innovation
Fair and sustainable financial returns
Regulatory compliance
Risk description
We fail to comply with requirements of the various legal and
regulatory regimes in which we operate, resulting in a high-profile
breach and regulatory censure.
Our risk appetite
We have zero tolerance for non-compliance with regulations. We
expect all employees and subcontractors to be aware of all
regulations relevant to their role and to comply at all times. We
also expect our people to speak up if they observe or suspect
non-compliance.
Potential causes
> Failure to update our procedures to reflect changes to key
legislation and regulations.
> Failure to provide sufficient and effective training to all
staff.
> Failure to implement effective compliance monitoring
processes.
Current risk environment
During the year, we have successfully managed the transition to
new regulatory requirements in relation to off-payroll working
(IR35) and the introduction of the Domestic Reverse Charge VAT
procedure.
We continue to monitor the findings and recommendations from the
Grenfell inquiry and will be ready to adapt to any changes in
building regulations. Where necessary, we have already incorporated
the lessons learned from Grenfell into our processes, specifically
in relation to design co-ordination and accountabilities.
We are preparing for the expected review and update of the
Modern Slavery legislation in the next 12 months. A review of the
likely changes is under way with our focus on moving beyond basic
legal compliance to adopting and advocating for good practice
throughout our supply chain.
As part of the Group's continued compliance with anti-fraud and
bribery legislation, we issued e-learning focused on the Criminal
Finances Act 2017, and new Corporate Criminal Offences (CCO)
introduced in the Act.
Emerging risks
> Greater devolution or even full independence may lead to
very different regulatory regimes in Scotland and the rest of the
UK.
Mitigations
> Galliford Try has comprehensive policies and guidance at
every level including our Code of Conduct, mandatory regulatory and
cyber security e-learning for all employees, an anonymous and
independent whistleblowing helpline, regular legal updates and
briefings, six-monthly compliance declarations, and conflict of
interest registers and authorisations.
> The Ethics and Compliance Committee, chaired by the General
Counsel & Company Secretary, provides ongoing monitoring and
oversight of policy and compliance activity in relation to key
areas of legislation.
Key risk indicators
Number of external enforcement cases.
Viability Statement
As required by provision 31 of the UK Corporate Governance Code,
the Board has assessed the prospects and financial viability of the
Group, taking account of the Group's current position and the
potential impact of the principal risks to the Group's ability to
deliver its business plan. The assessment of prospects has been
made using a period of five years, which aligns to our strategic
plan period. The assessment of viability has been made using a
period of three years, which aligns with our budget period and
provides reasonable visibility of future revenue from the existing
order book. Since the sale of the housebuilding businesses and the
recapitalisation of the business in January 2020, the Group no
longer has any debt facilities and associated covenants, therefore
viability has been assessed in terms of the headroom against
available cash reserves.
Assessment of prospects
As outlined in our Strategic report, the long-term prospects of
the business are supported by a refreshed strategy which builds on
our existing strengths and the growth opportunities in our target
markets.
Our alignment to the Government's continued investment in the
UK's social and economic infrastructure is a fundamental driver of
demand for our services and plays to our strengths in the health,
education, defence, highways and environment markets. Our ability
to achieve sustainable growth within these markets is underpinned
by our position on the most significant procurement frameworks, our
commitment to supporting the decarbonisation of the built
environment and our investment in digital technologies to drive
continuous improvement in quality and productivity.
Our people remain the key to our success and our focus on
attracting and retaining a more diverse workforce as well as
increasing the proportion of apprentices and graduates help us
access the skills and expertise required to deliver on our
sustainable growth strategy.
Assessment of viability
The base case for the cash flow projections modelled in our
assessment of viability is the budget for the three years from 1
July 2021 which incorporates appropriate contingencies against
plausible day-to-day downside risks, primarily the Group's
principal risks as disclosed previously. The base case shows
average month end net cash growing in line with earnings and
assumes that the Group continues to operate without debt
facilities.
Against this base case, we have stress-tested the forecasts and
modelled the impact on cash flow and liquidity of a number of
downside scenarios related to our principal risks, including a
combined downside scenario that includes a number of these
sensitivities occurring together. The scenarios modelled and their
link to the underlying principal risks are described in the table
below.
Although we have included a further national lockdown scenario
in our stress testing, the business and our cash performance has
shown a high degree of resilience throughout the Covid-19 pandemic.
Our sites have largely remained open and the adherence to stringent
risk mitigation measures in our sites and offices, together with
good engagement with our clients and supply chain has minimised the
disruption to project delivery.
Scenario modelled Link to principal
risks
----------------------------------------------------------------------- -----------------------
Scenario 1 * Work winning
Reduction in construction volumes
Our cash performance is correlated with earnings growth and therefore
reliant on construction activity being in line with our assumptions.
We have modelled a reduction in construction volumes that would
equate to a 10% reduction in monthly cash receipts offset by a
proportionate reduction in payments, relative to our base case
forecast.
----------------------------------------------------------------------- -----------------------
Scenario 2 * Resources
Deterioration in working capital
We have modelled the impact of a deterioration in our working capital,
which could be caused by delays in receiving payments from clients
and/or earlier payments to our supply chain.
----------------------------------------------------------------------- -----------------------
Scenario 3 * Resources
Irrecoverable cost increases
There is a risk of a prolonged period of materials cost inflation
and therefore we have modelled the impact of failing to fully mitigate
these cost increases on our projects.
Scenario 4
Covid - national lockdown * Project delivery
While considered unlikely, there is the potential for new variants
combined with seasonal pressure on the NHS to result in further
national lockdowns during the winter of 2021/22. In this scenario,
we have modelled the impact on working capital of programme delays
and reduced operational efficiency.
----------------------------------------------------------------------- -----------------------
Scenario 5
'Perfect storm' * Work winning
We also tested the unlikely but plausible scenario where all of
scenarios 1-4 combine at the same time.
* Resources
* Project delivery
----------------------------------------------------------------------- -----------------------
As part of the viability assessment, the Board also considered
the mitigations and interventions available to manage the impact of
one or more of the downside scenarios occurring. The base case
already includes significant cash contingencies and the Board has
considered further mitigating actions that are available to it.
Based on the results of this analysis, the Board has concluded
that it has a reasonable expectation that the Group will be able to
continue in operation and meet its liabilities as they fall due
over the three-year period of its assessment.
Related party transactions
Transactions between the Group and its related parties are
disclosed as follows:
Group
Amounts owed
Sales to by
related parties related parties
--------------------- ------------------ ------------------
2021 2020 2021 2020
GBPm GBPm GBPm GBPm
--------------------- -------- -------- -------- --------
Trading transactions
Related parties 110.5 75.8 42.2 35.9
--------------------- -------- -------- -------- --------
Interest and
dividend income
from related
parties
------------------------- ------------------
2021 2020
GBPm GBPm
------------------------- -------- --------
Non-trading transactions
Related parties 4.4 4.5
------------------------- -------- --------
The related party transactions above reflect continuing
operations. Sales to related parties within discontinued operations
amount to GBPnil (2020: GBP50.3m) and interest and dividend income
received from related parties amount to GBPnil (2020:
GBP11.1m).
Sales to related parties are based on terms that would be
available to unrelated third parties. Amounts owed by related
parties consist predominantly of subordinated debt within the PPP
and Other Investments portfolio, that if held to maturity would be
due over the next 27 years (2020: 28 years). These receivables are
unsecured, with interest rates varying between a range of 9% and
12%. Payables are due within one year (2020: one year) and are
interest free.
Company
Transactions between the Company and its subsidiaries which are
related parties, which are eliminated on consolidation, are
disclosed as follows:
Interest and
dividend income
from related
parties
------------------------- ------------------
2021 2020
GBPm GBPm
------------------------- -------- --------
Non-trading transactions
Subsidiary undertakings 2.0 100.0
------------------------- -------- --------
The Company has provided performance guarantees in respect of
certain operational contracts entered into between joint ventures
and a Group undertaking.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law, the directors
have prepared the Group and Parent Company financial statements in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006. Under company law,
the directors must not approve the financial statements, unless
they are satisfied that they give a true and fair view of the state
of affairs of the Group and Parent Company and of the profit or
loss of the Group and Parent Company for that period.
In preparing the financial statements, the directors are
required to:
> select suitable accounting policies and then apply them
consistently;
> make judgments and accounting estimates that are reasonable
and prudent;
> state whether they have been prepared in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006, subject to any material
departures disclosed and explained in the financial statements;
> state whether they have been prepared in accordance with
international financial reporting standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union,
subject to any material departures disclosed and explained in the
financial statements;
> prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
> prepare a Directors' report, a Strategic report and
Directors' Remuneration report which comply with the requirements
of the Companies Act 2006.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group and
Parent Company's transactions and disclose with reasonable accuracy
at any time the financial position of the Group and Parent Company
and enable them to ensure that the financial statements and the
Directors' Remuneration report comply with the Companies Act 2006
and, as regards the Group financial statements, Article 4 of the
IAS Regulation. They are also responsible for safeguarding the
assets of the Group and the Parent Company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
The directors are responsible for ensuring the Annual Report and
the financial statements are made available on a website. Financial
statements are published on the Company's website in accordance
with legislation in the United Kingdom governing the preparation
and dissemination of financial statements, which may vary from
legislation in other jurisdictions. The maintenance and integrity
of the Company's website is the responsibility of the directors.
The directors' responsibility also extends to the ongoing integrity
of the financial statements contained therein.
The directors consider that the Annual Report and Accounts,
taken as a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the Group and
Parent Company's performance, position, business model and
strategy.
Each of the directors, whose names and functions are listed on
page 56, confirms that to the best of their knowledge:
> The Parent Company financial statements have been prepared
in accordance with the applicable set of accounting standards and
Article 4 of the IAS Regulation and give a true and fair view of
the assets, liabilities, financial position and profit and loss of
the Group and the Parent Company.
> The Annual Report and Accounts includes a fair review of
the development and performance of the business and the financial
position of the Group and Parent Company, together with a
description of the principal risks and uncertainties that it
faces.
In the case of each director in office at the date the
Directors' report is approved:
> so far as the director is aware, there is no relevant audit
information of which the Group and Group's auditors are unaware;
and
> they have taken all the steps that they ought to have taken
as a director in order to make themselves aware of any relevant
audit information and to establish that the Group and Group's
auditors are aware of that information.
For and on behalf of the Board
Bill Hocking
Chief Executive
16 September 2021
Forward-looking statements
Forward-looking statements have been made by the directors in
good faith using information up until the date on which they
approved this Annual Report. Forward-looking statements should be
regarded with caution due to uncertainties in economic trends and
business risks. The Group's businesses are generally not affected
by seasonality.
For further enquiries:
Galliford Try Holdings Kevin Corbett, Company
plc Secretary 01895 855001
Clara Melia, Investor Relations 020 3289 5520
Tulchan Communications James Macey White 0207 353 4200
Giles Kernick
Notes to Editors
Galliford Try Holdings plc is a leading UK construction group
listed on the London Stock Exchange. Operating as Galliford Try and
Morrison Construction, the group carries out building and
infrastructure projects with clients in the public, private and
regulated sectors across the UK.
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