Trading Statement
Summary by AI BETAClose X
GALLIFORD TRY HOLDINGS PLC TRADING UPDATE
WEDNESDAY 15 JULY 2026
STRONG FULL YEAR PERFORMANCE WITH PROFIT AT TOP END OF MARKET EXPECTATIONS AND CONTINUED CONFIDENT OUTLOOK
Galliford Try Holdings plc, the UK construction group, today provides an update on trading for the year ended 30 June 2026. The Group expects to announce its audited results for the full year on 17 September 2026.
2026 Full Year Trading Update
Momentum from the first half of the year continued through the second half, and the Group expects to report a sixth consecutive year of revenue, profit and cash growth. Full year revenue is expected to have grown circa 3% with commercial discipline and quality project execution across both Building and Infrastructure leading to adjusted profit before tax at the top end of analysts' current forecasts1. We also expect to report consecutive, year on year margin progression towards our 2030 margin target of 4.0%.
1 The range of analysts' forecasts for the year ended 30 June 2026, compiled by the group, based on forecasts at 1 July 2026, is £51.4m to £53.4m for adjusted profit before tax.
Balance Sheet and Capital Allocation
Average month-end cash for the year ended 30 June 2026 was up 21.0% at £216.2m (2025: £178.7m), reflecting continuing strong cash conversion on growing profits. The year-end cash at 30 June 2026 was £258.8m (2025: £237.6m) and in addition the Group has a circa £37.2m (2025: £38.6m) portfolio of marketable Public Private Partnership (PPP) assets, no pensions liabilities and no bank debt. The Group's revolving credit facility remains undrawn since placement.
In February 2026, we completed the acquisition of Nene Valley Fire and Acoustic Limited, extending our capabilities in the attractive passive fire prevention sector. The integration of this higher-margin bolt-on business is progressing well, enhancing our existing passive and active specialist fire brand, Asset Intelligence, with trading ahead of our pre-acquisition investment case. During the second half of the year, the Group completed its third share buyback programme, announced on 22 April 2026, purchasing and cancelling 1,957,703 ordinary shares at an average price of approximately £5.11 per share, at a total cost of £10m. Overall in the year, operating profits funded £38.4m of capital allocations through the above activities and c £20.3m of dividends in line with our sector-leading 1.8x cover progressive dividend policy.
The Group's resilient balance sheet enhances our ability to secure high quality contracts and frameworks, to attract highly skilled supply chains, attract and retain people and to continue to invest in the business through our active organic and acquisition pipelines, allowing us to deliver growing shareholder returns within our disciplined and balanced capital allocation policy.
Order Book and Outlook
The Group has a robust order book of £4.3bn at 30 June 2026 (2025: £4.1bn) providing visibility of long-term future workload with c90% of revenue of the new financial year secured.
The Group's operations are predominantly in frameworks in the public and regulated sectors, and through these long-term positions on major national frameworks, we continue to see significant opportunities in water, transportation, energy infrastructure, education, defence, custodial and health. The diversified operations of the Group are well placed to support the Government's growth agenda and £725bn long term infrastructure investment plan.
Since January 2026, we have won places on major frameworks and new projects including:
- our first affordable housing scheme (£26m) for Clarion Housing in Chester.
- the £15.4bn Department for Education (DfE) Construction Framework 25 (CF25).
- the £1.5bn YORbuild Major Works 2 Framework procured by Leeds City Council.
- a major £750m affordable homes framework by Sovereign Network Group.
- three schools, totalling £139m, for Scottish Borders, Midlothian Council and Balgores Road in Romford.
- £60m munitions handling facility at RAF Lakenheath.
Bill Hocking, Chief Executive, commented:
"I am pleased that all our operations have performed well throughout the year, and we expect to report our sixth consecutive year of revenue, profit and cash growth at our full year results presentation in September.
Our reputation for selecting and delivering quality projects together with our financial discipline and balance sheet strength continue to be key to all stakeholders. We support Government and regulated investment in the UK's social and economic infrastructure and affordable housing. As a UK only contractor, our confidence in the future is supported by our high-quality order book, a long-term pipeline of future opportunities in our chosen sectors and our ability to re-invest selectively in earnings-accretive growth opportunities.
We benefit from great people and committed project teams, and we look forward to delivering continued progress and long-term value for all stakeholders as we deliver our strategy to 2030."
For further enquiries please contact:
|
Galliford Try |
Bill Hocking, Chief Executive Kris Hampson, Chief Financial Officer Kevin Corbett, General Counsel & Company Secretary
|
01895 855001 |
|
Teneo |
James Macey White/ Ffion Dash
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020 7260 2700 |
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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