1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Dear Guest, we realise advertising is annoying, it is however necessary to help us be a sustainable resource for all, if you want to go advert free then please use the following link to subscribe for £5 a month: Click here
    Dismiss Notice

(GFRD) Galliford Try Plc share chat

Discussion in 'General Share Chat' started by Steamy, Nov 6, 2015.

  1. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    Galliford Try Holdings plc

    Trading Update

    20 January 2021


    Galliford Try Holdings plc, the UK construction group, today provides an update on trading for the half year period from 1 July 2020 to 31 December 2020. The Group expects to announce its results for the half year on 4 March 2021.


    Update on Current Trading

    All our projects have been fully operational since the start of the financial year on 1 July 2020 and, in line with the latest Government and industry guidelines, we are continuing to trade at normal levels through the current restrictions. The Group is performing well, with trading for the period in line with the Board's expectations. As previously announced, the Board expects to report a return to profitability and a resumption of dividend with its half year results to 31 December 2020.


    Balance Sheet

    The Group has maintained a strong cash position, leaving us well placed to manage lockdowns and to continue to support the business. Average month-end cash for the six months ended 31 December 2020 was £158m (six months to 30 June 2020: £141m). The Group has a PPP asset portfolio, no debt and its period-end cash at 31 December 2020 was £209m (30 June 2020: £197m).


    Order Book and Outlook

    We continue to see a strong pipeline of opportunities in our core sectors and in line with our disciplined approach to risk management and contract selection. Our strong position in the public and regulated sectors positions the Group well to benefit from increasing Government construction and infrastructure spending. At 31 December 2020 the Group had a high-quality order book of £3.3bn (H1 2020: £3.2bn), benefitting from recent contract awards which align to our strategic focus. Notable awards include Thames Water's £590m AMP 7 framework, our appointment to the £10.5bn NHS Shared Business Services framework and our appointment to the £2.1bn Construction West Midlands framework.


    Bill Hocking, Chief Executive, commented:

    "The health, safety and wellbeing of our colleagues is of paramount importance, especially during the current lockdown. Our staff and supply chain's response to the challenges faced in 2020 was exemplary and I am pleased with the trading performance that we have delivered. Despite the ongoing challenges from Covid-19, our strong balance sheet, market leading sector positions and high-quality order book give me confidence in our future performance."
     
  2. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    02 February 2021

    Galliford Try Holdings plc

    ("Galliford Try")


    Update Statement on 2020 AGM results


    Galliford Try issues this further statement in relation to the 2020 AGM vote on the Directors' Remuneration Report (Resolution 2).

    At Galliford Try's AGM held on 13 November 2020, the advisory vote on the Directors' Remuneration Report (Resolution 2) was passed by shareholders with 64.43% voting in favour. In consultation withmajor shareholders and proxy advisors, the Board understands that shareholders' concern was the Finance Director's 2019/20 annual bonus where 50% was based on the successful completion of the disposal of the Group's housebuilding divisions in January 2020.

    Whilst appreciating the view of many shareholders that 'transaction-focused' measures should not be regularly included in Executive Director incentives, the Remuneration Committee's decision to base half of the Finance Director's 2019/2020 annual bonus on the successful completion of the disposal reflected that this transformational corporate transaction represented a significant focus of the Finance Director's duties and responsibilities in the 2019/20 financial year. In making the award in respect of the disposal, the Remuneration Committee carefully considered the one-off nature of the transaction in the context of the Finance Director's wider contribution and the underlying performance of the Group. This decision was permitted under the remit of the Remuneration Committee and the Company's Remuneration Policy.

    The Board will continue to engage with shareholders to ensure their views are fully understood and considered and can be taken into account by the Committee in the future.
     
  3. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    Screenshot_20210304-071008_Vox Markets.jpg


    Galliford Try's next Trading Update is scheduled for 15 July 2021.


    Presentations

    A conference call for analysts and institutional investors will be held at 09:30am GMT today, Thursday 4 March 2021. To register for this event please follow this link:

    https://webcasting.brrmedia.co.uk/broadcast/601d2b94a6bfbf43d06ada5d

    Should you wish to ask a question, please dial-in on +44 (0)330 336 9126 using confirmation code 4589402, it will not be possible to submit a question via the webcast link.

    An open presentation and Q&A session for retail investors will be held on Monday 8 March 2021 at 12.30pm GMT. Investors can register for the event via this link https://www.investormeetcompany.com/galliford-try-holdings-plc/register-investor



    STRATEGY

    Our strategy is underpinned by our commitment to operating sustainably, balancing financial performance with our obligations to all stakeholders, to create long-term value.


    The Group is focused on construction in the public and regulated sectors, and for high-quality private sector clients, through our regional building businesses and national highways and environment businesses.

    - Building operates across England and Scotland and has proven expertise in markets with significant future opportunities, particularly education, defence, health, and the commercial sectors.

    - Highways works with both Highways England and Local Authorities in England.

    - Environment specialises in water and wastewater services, primarily through frameworks in England and Scotland.


    We continue to develop our Facilities Management, Investments and co-development businesses which provide lower risk margin enhancing returns.

    The Group has a clear strategy to retain our strong platform for sustainable growth, with a particular focus on our progressive culture, risk management and commercial discipline; to improve our operational performance and drive margin progression; and to deliver strong predictable cash flows, margin growth and sustainable returns.


    Risk management and order book

    The Group's strategy is founded on risk management and commercial discipline, and we remain selective about the contracts that we take on. This approach is reflected in the contracts in our order book, with 87% of work through frameworks.

    At 31 December 2020 the Group had a high-quality order book of £3.3bn (H1 2020: £3.2bn) of which 89% is in the public and regulated sectors and 11% is in the private sector. 96% of projected revenue for the current financial year is secured, and 76% is secured for the next financial year (H1 2020: 96% and 72% respectively).

    We welcome the publication of the Government's Construction Playbook in December 2020. Its focus aligns with our own approach, including for example our focus on values, long term client relationships, modern methods of construction, sustainability, and digital investment.


    Financial targets and guidance

    The Group's strategy and sector focus mean that we have been able to operate normally during national lockdowns and are well placed to emerge strongly from the Covid-19 pandemic. Specifically, the Government's commitment to investment in infrastructure and the built environment will provide further opportunities for the Group to contribute to the UK's economic recovery from the pandemic.


    The Group's medium term financial targets, which build on those set out in September 2020, are:

    - Revenue: Target range £1.2bn to £1.5bn, based on disciplined contract selection.

    - Divisional operating margin: Minimum 2.0% across Building and Infrastructure, pre-central costs, by 2022; targeting divisional margins in excess of 2.5% in the medium term.

    - Cash generative, with positive average month-end cash.


    Further detail of our strategic ambitions will be provided with our full year results in September.

    As previously announced, the Group expects to report a profit in the current financial year with divisional operating margins (pre-central costs of circa £10m) expected to be 1.4% to 1.6% on revenues of £1.1bn to £1.3bn. Average month end cash is now expected to be in the range £145m to £165m, which is higher than previous expectations.


    Dividend policy and interim dividend

    The Board recognises the importance of dividends to shareholders, and in formulating its dividend policy has taken into account the Group's return to profitability, its strong balance sheet and high quality order book as well as its longer term prospects.

    The Board is committed to maintaining a strong balance sheet and continues to review the Group's overall capital position. Our priorities are to support the Group's ongoing operational requirements and strategic opportunities and to pay a dividend to shareholders.

    Consistent with this approach, the Group expects dividend per share to increase with earnings, with dividend cover expected to be in the range of 2.0-2.5 times earnings. Taking into account the Group's available cash resources, the Board will continue to review opportunities to further reduce the dividend cover in the future.

    The directors have reviewed the Group's results and outlook for the current financial year and have declared an interim dividend of 1.2p per share which will be paid on 9 April 2021 to shareholders on the register at close of business on 12 March 2021.


    OUTLOOK

    We continue to see a strong pipeline of opportunities in our key sectors and in line with our disciplined approach to risk management and contract selection. Our strong weighting in the public and regulated sectors positions the Group to benefit from increasing Government construction and infrastructure spending.

    The Group is performing well with all of our projects fully operational since the start of the financial year on 1 July 2020 and, operating in line with current Government and industry guidelines, we are continuing to trade at near normal levels through the ongoing lockdown. We do not currently anticipate significant Covid-19 related disruption to our business through the remainder of the financial year.

    The Group is confident that it is well positioned to capitalise on the current market opportunities. We have a strong balance sheet and order book and are operating in sectors with significant future opportunities.


    FINANCIAL REVIEW

    Revenue for the half year to 31 December 2020 was £541.7m (H1 2020 pre-exceptional: £636.2m), in line with our expected performance. The prior period figure relates only to the continuing business, following the demerger of our housebuilding business in January 2020.

    Operating profit before amortisation was £3.9m (H1 2020 pre-exceptional: £6.7m loss), with building and infrastructure delivering a divisional operating margin of 1.6%. The improved performance is in line with our targets for the financial year and driven by the performance of newer contracts in the order book. Net interest income of £1.2m was lower than the net income in the prior year of £2.1m due to timing on recognition of PPP interest. Profit before tax from continuing operations was £4.1m (H1 2020 pre-exceptional: £5.6m loss).

    The Group withdrew from the Government's Job Retention Scheme in August 2020, as previously announced, and is now in the process of repaying all amounts that were claimed from the scheme in the current financial year (£1.5m). The repayment of such amounts will be charged in the second half of the year.

    There were no exceptional items in the period. In the previous half year to 31 December 2019 the Group reported a net exceptional profit of £22.2m, being £28.0m exceptional net income on settlement of a contract less £5.8m transaction costs related to the demerger of our housebuilding business.

    The taxation charge for continuing operations of £0.3m reflects a forecast effective tax rate for continuing operations of 7.1% (H1 2020: 19.1%) for the year to 30 June 2021. We anticipate a similar effective tax rate for the following financial year, due to the utilisation of tax credits on historic contract losses.

    A post-tax loss of £2.1m in discontinued operations was recorded in the period, related to the finalisation of the disposal of the Group's housebuilding business in January 2020.

    Based on continuing earnings per share of 3.4p (H1 2020: loss per share 4.1p), and the outlook for the remainder of the financial year, the Board has declared an interim dividend of 1.2p (H1 2020: 0.0p).

    As previously disclosed, the Group provided services in respect of three contracts with entities owned by a major infrastructure fund of a blue-chip listed company. Our work on these contracts formally ceased on their termination in August 2018. Costs were significantly impacted by client-driven scope changes and the Group has submitted claims and variations to the value of circa £95m in respect of these costs (June 2020: £95m). The Group has received extensive advice on our entitlement, and we have been successful in two adjudications supporting the validity of the Group's position. Taking into account the requirements of IFRS 15, the Group had constrained the revenue recognised in prior periods to the extent that it was highly probable not to result in a significant reversal in the future. At 31 December 2020 the Group has updated its assessed recoverability in accordance with IFRS 15 and expected credit loss provision in accordance with IFRS 9, both of which assessments are unchanged in the period.

    Our strong balance sheet is increasingly important to our clients and supply chain. We have reported further improvements in our prompt payment performance in the period to 31 December 2020, with 92% of invoices paid within 60 days.

    The Group is well capitalised and continues to focus on disciplined cash management. The Group operates with daily net cash, no debt facilities and no defined benefit pension liabilities. Average month end cash balances for the first half year were £158m, with the equivalent amount for the full financial year now expected to be in the range £145m to £165m. The Group also benefits from a PPP asset portfolio of £44m, valued at an 8% discount rate.


    OPERATING SUSTAINABLY

    Fundamental to the Group's strategy is our belief that, for long-term value creation, we must balance our financial performance with delivering against the priorities of all our stakeholders.

    We have continued to make significant progress against our sustainability objectives and intend to publish updated targets later in the year. Our overall ESG performance is reflected by our continued inclusion in the FTSE4Good Index for the sixth consecutive year, scoring 3.3 out of 5 - well above the construction sector average of 1.9.

    The six fundamental pillars of our sustainability strategy, which are mapped to the UN Sustainable Development Goals, are as follows:


    Health, safety and wellbeing

    The health, safety and wellbeing of our staff, subcontractors, suppliers, clients and the public continues to be the Group's number one priority, particularly in our response to the ongoing Covid-19 pandemic.

    Our focus remains on providing Covid-19 secure working environments. All our workplaces have specific Covid-19 risk assessments to ensure works are carried out in full compliance with the latest Construction Leadership Council Site Operating Procedures, as well as adhering to our own strict protocols. Recent accreditation to the new ISO 45001 confirmed our focus on continual improvement in Health and Safety.

    Our industry-leading behavioural programme 'Challenging Beliefs, Affecting Behaviour' forms the backbone of our approach to health and safety. Having reduced our Accident Frequency Rate to 0.06, we are placing increasing emphasis on proactive measures that will lead to further improvements as we instil a zero-harm culture across the business.


    Environment and climate change

    It is clearer than ever that the number one sustainability priority for our clients, investors and regulators is tackling climate change. We already manage and mitigate our environmental impacts through our ISO 14001 certified management system.

    We continue to reduce our carbon footprint, measured by Scope 1 & 2 emissions, focusing for instance on our offices, site accommodation, fleet, and site waste. As an example of our progress, over 35% of our fleet is now electric or hybrid and our fleet carbon emissions will reduce by a further 60% over the next five years.

    We also help our clients to achieve their own carbon reduction objectives by incorporating modern methods and sustainable environmental considerations into our design standards and construction practices.


    Clients

    Our clients expect us to design and construct assets to a high quality. Through the creation of our Technical Services team, we are investing in the development and deployment of new technology to help us drive continuous improvement in the quality of the assets we build. In Building, our client net promoter score is 89% and customer satisfaction 83%.


    Our people

    Recognising the challenges of working on site, in the office or at home during Covid-19, we have increased our focus on wellbeing. Alongside our award-winning 'Be Well' initiative we have introduced an extensive programme of support that is available to all of our staff and their families.

    Our commitment to developing the workforce of the future continues to be recognised as we were again named a 'Top Graduate & Apprentice Employer' by TheJobCrowd - the UK's only graduate and apprentice employer ranking system based on employee feedback. Galliford Try was listed as a top three employer in construction and civil engineering, as well as being 18th out of 100 across all graduate employers UK-wide.

    Promoting inclusivity facilitates the diversity of thought, innovative approaches and experiences that create stronger, better balanced teams which enhance our offering for our stakeholders. Since before the pandemic, our investment in agile working has supported our ability to be flexible for those who have a requirement or preference to work from home, so we can recruit from a more diverse pool of candidates.

    Our Employee Forum, chaired by the Group's Senior Independent Non-executive Director, provides direct engagement with individuals from across the Group and enables us to better understand how we can be an employer of choice.


    Communities

    We are committed to creating a positive legacy in the communities in which we operate and have launched a national Galliford Try Social Value Calculator across the business, with a focus on local employment, work placements, spend with the local supply chain and volunteering. As Partners of the Considerate Constructors Scheme, during 2020 we achieved an average score of 40.3, significantly higher than the industry average, and received 17 awards for the positive impact we make.


    Supply chain

    Our approach to our supply chain establishes and maintains long-term trading relationships with key suppliers and manufacturers. We have further improved our performance in respect of the Government's Prompt Payment Code, and our Advantage through Alignment programme provides selected suppliers with greater insight into our operations and access to our training programmes. We remain a Gold member and Partner of the Supply Chain Sustainability School.

    Galliford Try Hldgs - Half-year Report #GFRD @gallifordtry https://www.voxmarkets.co.uk/rns/announcement/960216bb-9507-46b1-8ed6-8f0e731be6f0 #voxmarkets
     
  4. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374


    4 March 2021



    Vistry Group PLC - Full year results


    Vistry Group PLC (the "Group") is today issuing its full year results for the 12-month period ended 31 December 2020.


    Full year highlights

    · Strong second half performance with adjusted full year profit before tax(1) of £143.9mahead of our expected range

    · On a reported basis after exceptional items and amortisation the Group made a profit before tax of £98.7m (2019: £174.8m)

    · Significant deleverage resulting in a year-end net cash(2) position of £38m down from net debt of £357m as at 30 June 2020, having started the year with net cash of £362mprior to the acquisition

    · Sustained step up in demand with H2 2020 weekly private sales rate per outlet up 15% to 0.62 (H2 2019: 0.54)

    · Further improvement in quality and customer satisfaction and expect to be awarded the maximum 5-star HBF customer satisfaction rating for 2020 and started 2021 well

    · Completed full review and stakeholder consultation on strategy for sustainability, defining a range of targets and commitment to set clear roadmap in 2021 for Group to achieve net zero carbon

    · Excellent progress at Vistry Partnerships with higher margin mixed tenure volumes up 70% in the second half on the prior year equivalent period, and an increase in adjusted operating margin in the year to 6.7%

    · Housebuilding delivered 4,652 (2019 proforma(3): 6,884) completions at an average selling price of £303k, with the H1 performance significantly impacted by Covid-19

    · Firm pricing with 0.5% to 1.0% price increase and resilient supply chain with low-cost inflation

    · Active in the land market maintaining controlled land bank size at 40,218 plots whilst reducing land creditors since acquisition by £79m to £323.2m

    · Resumption of dividends with 20 pence per share final dividend proposed in respect of 2020


    Current trading and outlook

    · Strong start to the year with private sales per active site per week of 0.66 in first 8 weeks (2020: 0.64) and the underlying sales rate ahead of the positive start to 2020

    · Last 4 weeks particularly strong with private sales rate of 0.78

    · Pricing remains firm and good supply of material and labour

    · Selling well for completions post 31 March 2021, with little impact from changes to HTB and previously expected end to stamp duty holiday

    · Strong forward sales position with 64% of total Housebuilding and Partnerships mixed tenure forecast units for 2021 already secured, totalling £1,747m

    · Partner delivery forward order book totalling £880m

    · Forecast increase in land and WIP investment in 2021 of c. £100m supporting Partnerships' growth plans

    · On track to deliver full synergy run rate of £44m by end of 2021, 26% ahead of initial target and at a lower than expected cost

    · Assuming stable market conditions, the Group is positioned to more than double adjusted profit before tax(1) in 2021 to at least £310m with EPS in 2021 higher than 2019

    · Group is targeting an improved net cash position for 31 December 2021 and an average month-end net debt for 2021 of less than £200m (2020: £350m)

    · Resumption of dividends with progressive dividend policy and a move towards 1.75x dividend cover over time


    Greg Fitzgerald, Chief Executive, commented:

    "The Group has achieved an enormous amount in 2020, and despite the challenges I am in no doubt we start 2021 as a stronger business.

    We had a strong second half performance with a sustained step up in demand, firm pricing, and a robust supply chain. Vistry Partnerships made excellent progress against its growth targets of £1bn revenue and a 10% plus operating margin by 2022, delivering a 70% increase in H2 2020 mixed tenure completions and adjusted operating margin progression in the year to 6.7%.

    Our firm focus on cash management resulted in a year end net cash position of £38m. As a result of these actions and our positive performance, the Board is pleased to resume dividend payments with a proposed final dividend of 20 pence in respect of 2020.

    2021 has started well with strong demand across all areas. We have seen no impact from the national lockdown or changes to the Help to Buy scheme and the expected end to the Stamp Duty exemption. We have a strong forward sales position, with 64% of forecast units for 2021 already secured. Assuming stable market conditions, the Group is confident it will more than double profits in the year, with a profit before tax of at least £310m.

    On behalf of myself and the rest of the Board, I would like to thank all our employees, subcontractors and suppliers for their incredible hard work and commitment during what has been a uniquely challenging period."

    Vistry Group PLC - Final Results #VTY https://www.voxmarkets.co.uk/rns/announcement/8270766a-1359-4d89-a875-ef117cd2e374 #voxmarkets
     
  5. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    01 April 2021

    GALLIFORD TRY APPOINTED TO SCOTTISH WATER £700m FRAMEWORK

    Galliford Try, one of the UK's leading construction groups, announces that its Environment business has been appointed to Scottish Water's new Non-Infrastructure Framework for the SR21-27 investment programme, in joint venture with MWH Treatment.

    The new framework is valued at £700m over a six-year time frame beginning this year, and will see the 50:50 joint venture, known as ESD, support the capital delivery functions of Scottish Water, providing process design and build solutions for water and wastewater treatment works across Scotland.

    The previous ESD joint venture delivered over 150 projects for Scottish Water during the six-year SR15 investment programme.

    Bill Hocking, Chief Executive of Galliford Try, commented: "The water sector remains a key focus for the infrastructure side of our business and I am delighted that we have renewed our position on this framework. We are a long-term partner for Scottish Water and look forward to continuing our excellent relationship, providing high-quality solutions for their investment programme needs."
     
  6. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    17 May 2021

    Vistry Group PLC

    Trading Update for the period covering 1 January 2021 to date


    Vistry Group PLC (the "Group") is today providing an update on trading in the period from 1 January 2021 to date ahead of its Annual General Meeting ("AGM") which is being held at 12:00 noon today.


    · Very positive start to the year with strong demand across all areas of the business and an average weekly private sales rate of 0.75, up 21% on 2019 (2020: 0.44, 2019: 0.62)

    · Housebuilding on track to deliver a significant step-up in completions in FY21 to c. 6,500 units (FY 20: 4,652), ahead of our previous expectations, and an improvement in gross margin

    · Vistry Partnerships continues its excellent progress towards FY22 targets of £1 billion revenue and a 10% plus operating margin

    · Group month-end average net debt for 2021 to be less than £150m, below our previous target of less than £200m

    · Group forward sales position further strengthened to £2.7 billion, with 83% of forecast FY21 total Housebuilding units and Partnership margin mixed tenure units secured

    · Delivering high quality homes remains a top priority and we are pleased to maintain our 5-star HBF Customer satisfaction rating with the Group delivering ahead of the 2020 level

    · The Group has previously guided to adjusted profit before tax(1) for FY21 of at least £310m. Reflecting the strong trading in H1 and increased expectations for FY21 Housebuilding completions, the Group now expects adjusted profit before tax for FY21 to be c. £325m, whilst maintaining its expectations for FY22


    Strong demand

    We have seen consistently strong demand across all areas of the business in the year to date, with our private sales rate per site per week at 0.75 (2020: 0.44, 2019: 0.62). This is an increase of 70% on the equivalent rate for 2020 and 21% increase on the 2019 pro forma. During the period we have transitioned to the new Help to Buy scheme designed for first time buyers only and are seeing good demand for this new product.


    The Group's forward sales position has further strengthened to £2.7 billion. Housebuilding forward sales total £1,490m and Partnerships' mixed tenure forward sales total £448m, with 83% of forecast FY21 total Housebuilding units and Partnership mixed tenure units secured. Partner Delivery forward order book totals £808m with 92% of forecast FY21 Partner Delivery revenue secured.


    Operations

    Delivering high quality homes remains a key priority across the Group as we forecast a significant step up in completions for 2021. Our sites are operating well with build rates at pre-pandemic levels or above, and the Group's HBF Customer Satisfaction score maintained at 5-star, with both Housebuilding and Partnerships delivering at this level.

    Aligned with the strong demand in the market we have seen some improvement in pricing across all our business units. We are also seeing modest levels of build cost inflation across both our labour and material supplies, with the agreements entered into on the formation of Vistry Group providing some protection in respect of our material procurement. Our focus on strong supply chain relationships and well-controlled procurement is benefitting us during a period of high demand.


    High quality land acquisition

    We continue to see a good supply of high-quality land opportunities that at least meet our minimum hurdle rates, and in particular larger sites, where there is a lower level of competition. The Group is well positioned to maximise this opportunity with the value we can achieve from larger sites now enhanced by our ability to deploy the differing development approaches of both Housebuilding and Partnerships, as well as offering dual brands. Strategic land remains a key source and our strategic land team has made good progress in the year to date, securing options over 1,350 plots across 3 developments and has a strong pipeline.

    Housebuilding has secured 3,230 plots across 13 developments totalling £145m in the year to date and has excellent visibility on land, with 94% of land required for forecast FY22 completions now secured. Partnerships has stepped up its land acquisition to support its strong growth in mixed tenure completions. In the year to date, Partnerships has secured 1,177 plots on 5 sites for mixed tenure development, and now has 98% of land required for forecast FY22 mixed-tenure completions secured.


    Balance sheet and liquidity

    The positive performance in the year to date is mirrored in an improved cash position. We now expect Group month-end average net debt for 2021 to be less than £150m, below our previous target of less than £200m. We expect to deliver a much stronger year on year net cash position as at 31 December 2021 (31 December 2020: £38.0m net cash).


    Sustainability

    Having launched our new sustainability strategy earlier this year we are making good progress. Our work is well under way in determining our Science-Based Targets and route to Net Zero and we will provide the details of this with our half year results in September.


    Dividends

    As previously announced, the Group is pleased to resume the payment of dividends and intends to pay a 2020 final ordinary dividend of 20 pence per share on 21 May 2021, subject to shareholder approval at today's AGM. Looking forwards, the Group is targeting to maintain a strong balance sheet while operating with a progressive dividend policy which allows the Group to move towards a 1.75x dividend cover over time.


    Outlook

    The Group continues to see strong demand across all areas of the business. Our sites are operating well, and we are seeing the strategic benefits of the enlarged Group coming through. We anticipate that our half year performance will be significantly ahead of our previous expectations in terms of profit and cash.

    For the full year, Housebuilding is on track to deliver a significant step-up in completions to c. 6,500 units, ahead of previous guidance, and an improvement in adjusted gross margin to c. 22%. Partnerships expects to deliver significant growth in higher margin mixed tenure completions in FY21 and is on track to meet its FY22 targets of £1bn revenue and an adjusted operating margin of 10% plus.

    The Group has previously guided to adjusted profit before tax(1) for FY21 of at least £310m. Reflecting the strong trading in H1 and increased expectations for FY21 Housebuilding completions, the Group now expects adjusted profit before tax for FY21 to be c. £325m, whilst maintaining its expectations for FY22.


    Greg Fitzgerald, Chief Executive commented:

    "It has been a very positive start to the year with strong demand across all areas of our business and our private sales rate increasing to 0.75. As we approach the end of our first half, we anticipate results for the six months will be well ahead of our previous expectations.

    Vistry Housebuilding is firmly on track to deliver a significant step up in completions in FY21 and remains firmly focused on driving profitability to deliver the expected improvement in gross margin.

    Vistry Partnerships holds an exciting and unique market position and has a clear growth strategy. The business is making excellent progress towards its targets of increasing revenues from £728m last year to £1bn in FY22 accompanied by operating margin improvement to at least 10%.

    Delivering high quality homes and excellent customer service remains a top priority for the Group. We are pleased to have maintained our 5-star HBF Customer satisfaction rating and continue to make progress, with the Group now achieving scores ahead of 2020 levels."


    Greg Fitzgerald, Graham Prothero and Earl Sibley will host a call for analysts today at 8:00am.
    To join the call please dial: +44 (0)330 336 9126, Confirmation code: 4563344

    Screenshot_20210517-072959_Vox Markets.jpg
     
  7. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    7 July 2021

    GALLIFORD TRY APPOINTED TO MAJOR ENVIRONMENT FRAMEWORK WORTH £350M

    Galliford Try is pleased to announce that its Environment business has successfully secured a place on a strategically targeted framework with Scottish Water worth £350m.

    Scottish Water, a key client, has appointed Galliford Try to lot 2 of its Delivery Vehicle 2 programme, covering planned civil engineering projects including pipelaying, drainage and capital maintenance of its assets. The framework is worth up to £350m over six years, with an extension option of up to six years.

    This appointment complements our recent appointment, announced in April 2021, to the Scottish Water Non-Infrastructure Framework for the SR21-27 investment programme.


    Bill Hocking, Chief Executive of Galliford Try, said: "This success represents our latest strategic win as we build on our capability of water asset optimisation. We look forward to continuing our strong working relationship with Scottish Water to efficiently deliver the facilities deserved by their communities, and further showcasing our position as a leading contractor of sustainable and value-adding solutions to the sector."
     
  8. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    GALLIFORD TRY HOLDINGS PLC TRADING UPDATE

    THURSDAY 15 JULY 2021


    Galliford Try Holdings plc, the UK construction group, today provides an update on trading for the year ended 30 June 2021. The Group expects to announce its results for the full year on 16 September 2021.


    Highlights

    · Strong performance resulting in improved profitability and high quality order book.

    · Good progress against our margin improvement target, with full year profit before tax expected to be towards the upper end of the analysts' current range1.

    · Well-capitalised, with circa £215m of cash at 30 June 2021 (2020: £197.2m) and average month-end cash during the financial year of circa £164m.

    · All our construction sites are fully operational since the start of the financial year and progressing in line with our medium term margin targets.

    · Positive outlook, with a high quality order book, in our chosen sectors, of £3.3bn (2020: £3.2bn). 90% of revenue for the new financial year secured (2020: 90%) and strong pipeline of future orders.

    · Published commitment to achieve net zero2 across the Group's own operations by 2030 and across all activities by 2045, validated by Science Based Targets.


    Current Trading

    In March 2021 we announced a return to profitability and resumption of dividends and are pleased to confirm that we have made further good operational progress. We expect to report full year profit before tax towards the upper end of the analysts' current range.1

    We continue to prioritise the health, safety and wellbeing of everyone on our sites and in our offices. All the Group's construction sites are operating in accordance with strict Covid safety procedures with productivity at normal levels.

    Our disciplined approach to bidding and active engagement with our supply chain have proved particularly important during the current period of materials shortages and inflation. We have successfully managed and mitigated these challenges without any material impact on trading. Our continuing investment in modern construction practices and digitalisation enables us to deliver quality to our customers and further improve our operational performance.


    Balance Sheet

    The Group's strong balance sheet continues to be a differentiator for our clients and supports our ability to win high quality contracts and framework positions. Our financial strength also provides confidence to our supply chain, and we have further improved our prompt payment performance during the financial year. The average month-end cash for the financial year to 30 June 2021 was circa £164m and, in addition, the Group has a portfolio of PPP assets, no pensions liabilities and no debt or associated covenants.


    Order Book

    Throughout the financial year we have been successful in winning key projects and positions on strategic frameworks. We are encouraged by the pipeline of new opportunities across our chosen sectors, which align to our disciplined approach to risk management and contract selection.

    Our focus on the public and regulated sectors makes us well placed to benefit from increasing Government investment in economic and social infrastructure, and our pipeline of work with high quality private sector clients continues to be robust. Major contract wins during the period, included in our £3.3bn order book, include:

    - in Environment, for Scottish Water, the £350m SR21 Non-Infrastructure framework and the £350m Delivery Vehicle 2 programme;

    - in Highways, our involvement in the £400m NEPO Civil Works framework and for Leicestershire County Council the £48m Grantham Southern Relief Road; and

    - in Building the £41m Wallyford School for East Lothian Council and Hub South East.


    Bill Hocking, Chief Executive, commented:

    "We are pleased with the good progress we have made. Our people, working off firm foundations of risk management and contract discipline, have delivered strong financial results. We are meeting our objectives of operating sustainably and delivering controlled growth, cash generation and improved margins. The Group has an excellent order book and is strongly positioned to contribute to the UK's economic recovery.

    We were pleased to publish our net zero carbon targets recently, which build on our successful track record of reducing carbon emissions over the last decade. Operating sustainably is fully integrated into our strategy, and we will provide further details of our sustainability commitments with our annual results in September.

    I am grateful for the dedication and resilience of all our people, which has contributed to the Group's strong performance. We start the new financial year in an excellent position. The quality of our people, our balance sheet and our order book mean that I look forward to the new financial year with confidence."


    A conference call for Analysts and Investors will be held at 09:00am BST today, Thursday 15 July 2021:

    Dial-in: +44 20 3936 2999
    Access code: 394407
     
  9. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
  10. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
  11. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    7 October 2021


    Galliford Try Holdings plc ("Galliford Try")

    Acquisition of nmcn's Water business from nmcn plc (in administration) ("nmcn") and nmcn Sustainable Solutions Limited (in administration)

    The Board of Galliford Try is pleased to announce that it has agreed to acquire substantially all of nmcn's Water business including the specialist water process and control businesses Nomenca and Lintott (together, "nmcn Water" or the "Water Business") for an aggregate consideration of £1.0 million in cash (the "Transaction").


    Commenting on the Transaction, Bill Hocking, Chief Executive of Galliford Try, said:

    "I am delighted to welcome the employees, clients and suppliers of nmcn Water to Galliford Try. This acquisition is an excellent strategic fit with our existing business and will accelerate the growth of our successful Environment division, providing work with new clients and increasing our capabilities. This is a very exciting time as we deliver our Sustainable Growth Strategy and I look forward to a bright future for our collective team."


    nmcn Water profile and fit with Galliford Try

    nmcn Water works with UK water utility companies to build and maintain high-quality water and wastewater treatment systems. Its geographic coverage, customer relationships and technical capabilities are all highly complementary to Galliford Try's existing operations.

    Galliford Try has a detailed understanding of nmcn Water's operations and has closely followed the evolution of the Water Business through nmcn's refinancing process and various trading and financial disclosures through 2021. In combination, this knowledge has provided us with a thorough understanding of nmcn Water and its prospects.

    The 75 year heritage and values of nmcn Water are an excellent fit with the history and values of Galliford Try. In particular, the Transaction is consistent with our recently published Sustainable Growth Strategy:

    · Providing a geographic footprint that will accelerate growth of the Water Business through a series of established frameworks with new customers for Galliford Try;

    · Extending our capabilities in the design and Mechanical, Electrical, Instrumentation, Control and Automation (MEICA) elements of the Water Business; and

    · Introducing further high quality people to strengthen our own talent pool.

    Galliford Try is especially appreciative of the efforts of nmcn's customers, suppliers, employees and management over the last year and will be engaging proactively to provide the stability to move forward. Approximately 900 nmcn Water employees will join Galliford Try as a result of the Transaction, including its senior management team.


    Details of the Transaction

    Galliford Try will acquire substantially all of nmcn's Water Business, including the specialist water process and control businesses Nomenca and Lintott. The Water Business generates annual revenue of approximately £100 million and the Transaction is expected to be immediately earnings enhancing, before transaction and restructuring costs. The Transaction has been implemented by way of an administration sale.

    In addition to the £1.0 million purchase price, Galliford Try anticipates that it will have to fund certain contractual liabilities incurred prior to the completion date of the Transaction which will be necessary to provide operational stability to the Water Business.

    For the year ended 31 December 2019, being the last year for which nmcn has published audited results, nmcn's water segment, prior to subsequent re-statements, generated operating profit of £7.6 million on turnover of £282.6 million. The gross assets of nmcn's water segment were £70.0 million as at 31 December 2019.
     
  12. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    Galliford Try Holdings plc

    Trading Update

    19 January 2022


    Galliford Try Holdings plc, the UK construction group, today provides an update on trading for the half year period from 1 July 2021 to 31 December 2021. The Group expects to announce its results for the half year on 3 March 2022.


    Update on Current Trading

    The Group is performing well, with trading in line with the Board's expectations. We have made further good operational progress in the half year and continue to execute against our Sustainable Growth Strategy.

    All of the Group's projects are fully operational in line with the latest Government and industry Covid guidelines. Our disciplined approach, investment in modern construction practices and digitalisation, and active engagement with our supply chain have proved particularly important during the recent period of materials shortages and inflation. We continue to manage these challenges effectively and without any material impact on trading.

    We are making excellent progress with the integration of the nmcn water businesses, acquired in October 2021, and are pleased with the commitment and contribution of all those associated with the acquired business. The half year results will include non-underlying costs in respect of the acquisition and integration, and in relation to our investment in cloud-based enterprise resource planning (ERP) systems.


    Balance Sheet

    The Group's strong balance sheet continues to be a differentiator, supporting our ability to win high quality contracts and framework positions as well as providing confidence to our supply chain.

    The average month-end cash for the six months ended 31 December 2021 was circa £180m (year to 30 June 2021: £164m) and period-end cash at 31 December 2021 was circa £210m (31 December 2020: £211m). The Group has a portfolio of PPP assets, no pensions liabilities and no debt or associated covenants.


    Order Book and Outlook

    We are encouraged by the pipeline of new opportunities across our chosen sectors, which align to our Sustainable Growth Strategy.Our strong track record and focus on the public and regulated sectors makes us well placed to benefit from increasing Government investment in economic and social infrastructure, and our pipeline of work with high quality private sector clients continues to be robust.

    Recent project wins, contributing to our £3.4bn order book, include our share of the £7bn Department for Education 2021 Construction Framework, the £55m Galashiels Community Campus on behalf of Scottish Borders Council and Hub South East and a £56m private rented sector (PRS) scheme in Milton Keynes.


    Bill Hocking, Chief Executive, commented:

    "We are pleased with our performance in the first half of the financial year.

    We have made strong progress on our strategic objectives. Our recent acquisition of nmcn's water business, fully aligned to our strategy, offers significant opportunity to the Group and our water sector and related clients.

    With our excellent people, strong balance sheet, market leading sector positions, and high-quality order book we are well placed to deliver strong future performance and long-term sustainable value for all stakeholders."
     
  13. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    09 February 2022

    GALLIFORD TRY APPOINTED TO MAJOR NORTH WEST FRAMEWORK

    Galliford Try, one of the UK's leading construction groups, announces that its Building and Highways businesses have been appointed to a major new public sector framework in the North West of England.

    The £1.8 billion framework is the latest iteration of the Procure Partnerships North West Framework, which is open to public sector bodies across the region to bring construction projects to market. Galliford Try has won places on six lots in total, three for its Building business and three for the first time for its Highways business.

    Bill Hocking, Chief Executive for Galliford Try, commented: "The Procure Partnerships framework is a fantastic example of the kind of collaborative, progressive framework that forms a key part of our Sustainable Growth Strategy. We are delighted therefore to have retained our place on the Building framework and to have gained places on the infrastructure lots for our Highways team. We look forward to working with all the stakeholders involved to create fantastic public facilities and infrastructure for local communities across the region."
     
  14. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
  15. Groucho

    Groucho Member

    Messages:
    9,018
    Reputation:
    374
    GALLIFORD TRY HOLDINGS PLC

    TUESDAY 10 MAY 2022

    BUSINESS BRIEFING


    Galliford Try Holdings plc, one of the UK's leading construction groups, will be holding a Business Briefing for analysts and institutional investors today at 2:30pm at the offices of Peel Hunt LLP, 7th Floor, 100 Liverpool Street, EC2M 2AT.

    The Business Briefing will focus on the drivers of sustainable growth, in line with the Group's Sustainable Growth Strategy. It will include presentations from senior management on the Group's key sectors and activities including Environment, Building and Low Carbon Construction, followed by an opportunity to meet management from across the Group. The presentations and a recording of the event will be made available on the Company's website on 11 May 2022 at https://www.gallifordtry.co.uk/investors/reports-presentations/.

    We continue to trade in line with management expectations, are making good progress against our sustainable growth strategy and our target operating margin.

    At the Business Briefing the Group will not be discussing current trading and no new financial information will be provided during the presentations.

    Galliford Try's next trading update is expected to be made on 14 July 2022.
     

Share This Page