Galliford Try Exceeds Revenue and Profit Expectations
Construction firm Galliford Try has reported that its revenues and profits have exceeded expectations, leading to a boost in its share prices. The company, based in Uxbridge, highlighted a strong pipeline of new opportunities that have contributed to its success.
The company’s revenues surged by 27.2% to £1.77 billion for the year ending June 30 compared to the previous year. Its building division experienced a 17.7% increase in revenues to £938.3 million, benefiting from new projects that were previously delayed due to public sector procurement issues and inflationary pressures. On the other hand, the infrastructure arm, which focuses on highways and environmental projects, saw a significant 38.8% rise in revenues to £819.8 million.
The impressive growth in revenues propelled Galliford Try’s pre-exceptional profits before tax by nearly 40% to £32.7 million. CEO Bill Hocking expressed confidence in the company’s performance, attributing its success to strong progress, careful risk management, and operational excellence.
Julie Palmer, a partner at Begbies Traynor, commended Galliford Try’s performance amidst challenges in the construction sector. She noted that the company has navigated economic pressures and insolvencies in the industry to deliver solid results.
Despite the sector’s challenges, including rising insolvencies, Galliford Try’s shares rose by 4.3% to 313p on Thursday morning, reflecting investor confidence in the company’s performance. CEO Bill Hocking reaffirmed the firm’s commitment to delivering strong results supported by professional teams, a strong balance sheet, a solid order book, and excellent client relationships.