GALLIFORD Try has recorded a pre-exceptional £59.7 million pre-tax loss in its annual results for the year ended 30 June 2020.
The contractor revealed that revenue for the year was £1.1 billion, down from £1.4 billion the previous year, having been impacted by the Covid-19 pandemic.
The business said the results were in line with expectations and that the firm was ‘well placed’ for the new financial year with an order book valued at £3.2 billion.
The year was described as one of ‘significant change’ for the group, involving the strategic disposal of Linden Homes and Partnerships housing divisions and a ‘disciplined approach’ to risk management and contract selection.
Exceptional items in the year totalled a profit of £25.1 million, including a £28 million net gain on the settlement of the Aberdeen bypass project final account, less £2.9 million of restructuring costs incurred in the year.
Chief executive Bill Hocking said, “This year has been a period of significant change for the group. We have successfully transitioned to a well-capitalised UK construction business and I am confident about our future. The group responded rapidly and effectively to the challenge of the Covid-19 pandemic and I have been particularly impressed by, and thankful for, the outstanding efforts of our staff throughout this period. All of our construction sites are now operational, and productivity is close to normal levels. Working with all stakeholders we will continue to maintain the highest safety, wellbeing and Covid-19 secure practices throughout all aspects of our operations.
“The group is performing well and focusing on its core strengths of building, highways and environment. In recent months we have secured a number of significant project wins and we are well placed to benefit from planned future investment in our areas of operation.
“Our strategy is focused on sustainable growth, careful cash management and margin progression. This strategy is underpinned by our commitment to operating sustainably, balancing financial performance with our obligations to all stakeholders, in order to drive long-term value creation.
“The group is well capitalised with a strong order book. We are well positioned to make progress on our strategic priorities and margin improvement targets. The management team and board look forward to the new financial year with confidence.”