GALLIFORD Try has hailed a ‘strong’ financial performance after the release of the firm’s half-year results for the period ending December 31, 2021.
The contractor revealed that pre-tax profit rose to £7.1 million (from £4.1 million for the same period 12 months earlier) before exceptional costs relating to the acquisition of nmcn’s water business and the implementation of cloud-based ERP systems.
Revenue increased by 10% to £594 million, while divisional operating margin is up to 2.2% (H1 2021: 1.6%).
Galliford Try highlighted the group’s ‘strong’ balance sheet, with average month-end cash for the period of £180 million and PPP asset portfolio of £48 million.
In terms of outlook, there is an order book of £3.4 billion, with 95% and 81% of projected FY22 and FY23 revenue secured.
Chief executive Bill Hocking said, “The group has continued to perform well in the first half of the financial year, successfully managing industry-wide material shortages and inflation. I am pleased to report that we are making good progress against our Sustainable Growth Strategy, and our target of 3% divisional operating margin across Building and Infrastructure.
“The acquisition of nmcn’s water businesses is fully aligned with our strategy and offers significant opportunity for our growing environment business – enhancing our water, engineering, off-site build and asset optimisation capabilities.
“I am excited about the future given our excellent people, strong balance sheet, market leading sector positions, investment in supplier relationships and high-quality order book. The group continues to trade well and is well placed to continue to deliver strong performance and long-term sustainable value for all our stakeholders.”