Galliford Try Holdings PLC Trading Update (8682Y)
19 January 2022 - 6:00PM
UK Regulatory
TIDMGFRD
RNS Number : 8682Y
Galliford Try Holdings PLC
19 January 2022
Galliford Try Holdings plc
Trading Update
19 January 2022
Galliford Try Holdings plc, the UK construction group, today
provides an update on trading for the half year period from 1 July
2021 to 31 December 2021. The Group expects to announce its results
for the half year on 3 March 2022.
Update on Current Trading
The Group is performing well, with trading in line with the
Board's expectations. We have made further good operational
progress in the half year and continue to execute against our
Sustainable Growth Strategy.
All of the Group's projects are fully operational in line with
the latest Government and industry Covid guidelines. Our
disciplined approach, investment in modern construction practices
and digitalisation, and active engagement with our supply chain
have proved particularly important during the recent period of
materials shortages and inflation. We continue to manage these
challenges effectively and without any material impact on
trading.
We are making excellent progress with the integration of the
nmcn water businesses, acquired in October 2021, and are pleased
with the commitment and contribution of all those associated with
the acquired business. The half year results will include
non-underlying costs in respect of the acquisition and integration,
and in relation to our investment in cloud-based enterprise
resource planning (ERP) systems.
Balance Sheet
The Group's strong balance sheet continues to be a
differentiator, supporting our ability to win high quality
contracts and framework positions as well as providing confidence
to our supply chain.
The average month-end cash for the six months ended 31 December
2021 was circa GBP180m (year to 30 June 2021: GBP164m) and
period-end cash at 31 December 2021 was circa GBP210m (31 December
2020: GBP211m). The Group has a portfolio of PPP assets, no
pensions liabilities and no debt or associated covenants.
Order Book and Outlook
We are encouraged by the pipeline of new opportunities across
our chosen sectors, which align to our Sustainable Growth Strategy.
Our strong track record and focus on the public and regulated
sectors makes us well placed to benefit from increasing Government
investment in economic and social infrastructure, and our pipeline
of work with high quality private sector clients continues to be
robust.
Recent project wins, contributing to our GBP3.4bn order book,
include our share of the GBP7bn Department for Education 2021
Construction Framework, the GBP55m Galashiels Community Campus on
behalf of Scottish Borders Council and Hub S outh East and a GBP56m
private rented sector (PRS) scheme in Milton Keynes.
Bill Hocking, Chief Executive, commented:
"We are pleased with our performance in the first half of the
financial year.
We have made strong progress on our strategic objectives. Our
recent acquisition of nmcn's water business, fully aligned to our
strategy, offers significant opportunity to the Group and our water
sector and related clients.
With our excellent people, strong balance sheet, market leading
sector positions, and high-quality order book we are well placed to
deliver strong future performance and long-term sustainable value
for all stakeholders."
For further enquiries please contact:
Bill Hocking, Chief Executive
Andrew Duxbury, Finance Director
Kevin Corbett, General Counsel
Galliford Try & Company Secretary 01895 855001
James Macey White
Tulchan Communications Victoria Boxall 020 7353 4200
Note to Editors
Galliford Try is a trading name of Galliford Try Holdings plc, 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 (environment and highways)
projects with clients in the public, private and regulated sectors
across the UK.
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END
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