Galliford Try expects to report an increase in revenue and pre-tax profit for the year to the end of June, it has revealed in a trading update.
The company said that, after making good progress on its strategic goals, it expected to report full-year pre-tax profit “at the upper end of current analysts’ forecasts”, which are between £22.1m and £23.3m.
This figure excludes a previously announced £3m write-off resulting from the resolution of a complex contractual dispute and “exceptional costs” related to investment in cloud-based IT software.
The company said it had “successfully integrated” recent acquisitions, including NMCN’s £100m water businesses and various operations from product maker Ham Baker, adding that it was “starting to see the impact positive of these specialized teams”.
The company confirmed it will pay a special dividend to shareholders following the resolution of the contract dispute, in which it was awarded £26m.
Galliford Try said it had a “very strong” order book worth £3.7bn, after delays in awarding new contracts experienced last year eased.
Recent work the firm has won includes a £75m residential development at Brent Cross, as well as places in the £5.1bn Defense Asset Optimization portfolio and a £4.5bn framework covering the south of England.
The company had £220m in cash at June 30 this year, compared to £219m in 2022.
Chief executive Bill Hocking said the group “looks forward to reporting another year of strong performance across all of its operations”.
“An important differentiator for our customers and suppliers is the group’s ability to maintain the strength of its balance sheet and continue our success in maintaining a high-quality order book in our chosen public and regulated sectors,” has added
The group will announce its full-year results on 20 September 2023.
