Settlement Agreed and Special Dividend
GALLIFORD TRY HOLDINGS PLC
THURSDAY 08 JUNE 2023
Settlement agreed with major infrastructure fund and announcement of Special Dividend
Galliford Try Holdings plc, the UK construction group, today announces that it has agreed settlement terms in respect of its long-standing dispute concerning three contracts with entities owned by a major infrastructure fund. The settlement brings to a conclusion a complex and challenging multi-contract dispute. As a result of the settlement Galliford Try will receive a cash payment of £26m and anticipates reporting a one-off non-cash write-off of c£3m in the current financial year.
Given the Group's strong balance sheet, and consistent with its established capital allocation objectives, the Group intends to return to shareholders a substantial proportion of the proceeds over time while retaining an element of the proceeds to invest in its growth strategy. Accordingly, the Board has decided to declare a Special Dividend of 12 pence per share, payable following publication of the Group's results for the financial year ending 30 June 2023. The form and amount of any additional return will be considered by the Board in due course. The Special Dividend will be paid on 27 October 2023 to shareholders on the register as at 6 October 2023. The ex-dividend date is 5 October 2023.
The person responsible for making this announcement on behalf of Galliford Try is Kevin Corbett, General Counsel & Company Secretary. This announcement contains inside information.
For further enquiries please contact:
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Galliford Try |
Bill Hocking, Chief Executive Andrew Duxbury, Finance Director Kevin Corbett, General Counsel & Company Secretary
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01895 855001 |
Note to Editors
Galliford Try 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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