{"id":507123,"date":"2024-10-03T10:49:48","date_gmt":"2024-10-03T09:49:48","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=507123"},"modified":"2024-10-03T17:02:12","modified_gmt":"2024-10-03T16:02:12","slug":"infrastructure-investment-drives-galliford-try-turnover-to-1-8bn","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/galliford-try\/infrastructure-investment-drives-galliford-try-turnover-to-1-8bn-03-10-2024\/","title":{"rendered":"Infrastructure investment drives Galliford Try turnover to \u00a31.8bn"},"content":{"rendered":"

Focusing on work in public and regulated sectors has helped Galliford Try to achieve a \u00a31.8bn turnover.<\/p>\n

Announcing its full-year results to 30 June 2024, the tier one contractor \u2013 ranked 15th in the latest CN100 table<\/a> \u2013 also revealed a pre-tax profit of \u00a332.7m. This was 39.7 per cent higher than the previous year\u2019s \u00a323.4m.<\/p>\n

Galliford Try\u2019s<\/a> year-end cash at hand was \u00a3227m. The firm has no debt and no pension liabilities.<\/p>\n

Chief executive Bill Hocking told Construction News: <\/em>\u201cWe have a very strong order book. We never have to take on work because we need to.\u201d<\/p>\n

The dividend to shareholders will be \u00a324.2m \u2013 up from \u00a323.5m the year before. The firm also announced a share buyback programme up to a maximum of \u00a310m, \u201creflecting both a corporation tax refund and its confidence in future cash generation\u201d.<\/p>\n

Headcount stood at an average monthly figure of 4,200 people.<\/p>\n

Hocking said that keeping a strong risk management culture among senior leaders was central to the firm\u2019s success. \u201cWe are very selective about what we do and what we don\u2019t do. We\u2019re very disciplined about saying no to jobs that don\u2019t fit the bill,\u201d he said.<\/p>\n

He revealed Galliford Try\u2019s order book was now worth \u00a33.8bn. It has 92 per cent of work in hand for 2025 and 70 per cent of work confirmed for 2026.<\/p>\n

The firm\u2019s big wins in 2024 came from water infrastructure upgrades including the Anglian Framework, contracts from Southern Water and the \u00a33.7bn Wessex framework<\/a>. It currently has 54 live frameworks in water.<\/p>\n

In the building sector, the firm highlighted work at Brent Cross as a standout result and, on roads, the recent Aylesbury contract<\/a> was also singled out.<\/p>\n

Hocking told CN <\/em>the firm had defence contracts worth \u00a3110m.<\/p>\n

He added: \u201cWe\u2019re always pleased with any win, to be honest.\u201d<\/p>\n

Looking ahead, the firm reaffirmed its strategic targets of \u00a32.2bn turnover and a margin of 4 per cent by 2030.<\/p>\n

Among the factors cited for this was the government\u2019s focus on affordable housing \u2013 the firm has announced it is returning to the market<\/a> \u2013 as well as its commitment to investing in infrastructure.<\/p>\n

Hocking told CN<\/em> the firm was not concerned by the chancellor\u2019s upcoming Budget on 30 October. \u201cThey [the government] are not saying they\u2019re going to stop the type of work that we do such as schools and prisons. The type of work that we do is very strong,\u201d he said.<\/p>\n

He added: \u201cWe\u2019re very positive about the outlook. I don\u2019t understand some of the doom and gloom that goes around the sector sometimes.\u201d<\/p>\n

Analysts responded positively to the announcement of a major firm that had \u201cadeptly weathered the storm\u201d, said Julie Palmer, partner at Begbies Traynor.<\/p>\n

She added: \u201cThe construction firm is in a prime position to leverage the new government\u2019s focus on infrastructure development.<\/p>\n

\u201cThis strong showing, ahead of analysts\u2019 expectations, is particularly notable as the sector contends with a rise in insolvencies, underscoring the economic pressures facing the industry. The easing of interest rates may offer some relief, yet the spectre of further collapses, such as ISG, looms over the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Focusing on work in public and regulated sectors has helped Galliford Try to achieve a \u00a31.8bn turnover. Announcing its full-year results to 30 June 2024, the tier one contractor \u2013 ranked 15th in the latest CN100 table \u2013 also revealed a pre-tax profit of \u00a332.7m. This was 39.7 per cent higher than the previous year\u2019s …<\/p>\n","protected":false},"author":149995,"featured_media":386826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[549,552,533],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\t\n\t\n\t\n