Topic Business, Results
Date 21 Sep 2022
Galliford Try, the parent group of Morrison Construction, has reported a strong and improving performance with its full year results.
The Group has seen an increased pre-exceptional profit, up by 68%, with the margins for the business increasing to 2.4% from 2% a year ago and representing a further step towards the 2026 target of 3% set by its Sustainable Growth Strategy.
The order book has increased year-on-year up to £3.4bn, with the business remaining committed to rigorous project selection and risk management processes.
Highlights of the past 12 months include the acquisitions of the nmcn water business (including Lintott), which when combined with increased activity in the water sector’s AMP7 frameworks, has boosted revenue past the £1.2bn mark. This does not include MCS Control Systems, which was acquired in July.
Underlining the robust condition of the business and the strong cash position, the Galliford Try Board has demonstrated its confidence in current performance by announcing an intended buy-back of shares worth £15m.
Commenting on the performance, Bill Hocking, Chief Executive of Galliford Try, said: “The Group has had another successful and progressive year. We have made an excellent start to our Sustainable Growth Strategy, delivering risk managed controlled growth while making good progress towards our margin improvement target. With our passionate teams, strong balance sheet, market-leading sector positions, excellent client and supplier relationships and high-quality order book, we look forward to the future with confidence.”
Recognising the national cost of living challenge, the Group looked at how it could support employees and agreed to make a one-off payment in Autumn 2022 of circa £1.0m, in total, to over 1,800 of its staff.
For the full announcement, see https://www.gallifordtry.co.uk/investors/