GALLIFORD Try has revealed that trading for the half-year period from 1 July 2023 to 31 December 2023 is ahead of the prior year and board expectations.
In a trading update, the group said it is ‘performing well’, with ‘strong momentum’ throughout the first six months of the financial year.
Revenue for the full financial year is now expected to be approximately 5% ahead of current market expectations, with an equivalent increase in expected profit before tax.
The average month-end cash for the six months ended 31 December 2023 was circa £149 million (year to 30 June 2023: £135 million) and period-end cash at 31 December 2023 was circa £209 million (31 December 2022: £196 million).
The order book of £3.7 billion remains predominantly in long-term frameworks and is said to provide ‘good visibility’ of future workload. Galliford Try added that it continues to see a ‘robust’ pipeline of opportunities across the firm’s chosen sectors.
Chief executive Bill Hocking said, “Galliford Try continues to perform strongly and consistently, and our performance in the first half of the financial year provides increased confidence for the full year. We are pleased with our recent acquisition of AVRS Systems, complementing our existing operations and acquisitions of specialists Ham Baker and MCS Control Systems, further adding to our ability to provide enhanced specialist services to our water sector and related clients.
“We have excellent people and project teams, a strong balance sheet and high-quality carefully selected order book in our chosen sectors. We are encouraged by the performance and momentum in the business and our expectations for the full year to June 2024 have improved accordingly.”
