Published On: Wed, Mar 6th, 2024

Galliford Try says order book has grown to £3.7bn as profits and revenue surge | Personal Finance | Finance

Galliford Try, a construction company, has seen its profits and revenue increase. The firm revealed that it had grown its order book over the past year, thanks to increased spending from water companies.

The company’s order book had risen to £3.7 billion at the end of December, up from £3.5 billion the previous year.

The firm also reported a 20.6 percent increase in revenue to £819 million in the six months leading up to the end of December. Pre-tax profit also rose from £11.7 million to £15.6 million during the same period, according to Galliford.

Bill Hocking, the chief executive, said: “I am very pleased with the group’s performance in the first half of the financial year,”.

He added: “There is strong momentum in the business and our continued excellent performance is a reflection of our disciplined strategy, committed people and long-established relationships with our supply chain and clients.”

Hocking also stated: “The group has delivered increased revenue and divisional operating margin, as we make accelerated progress towards our strategic objectives, and we will continue to provide long-term sustainable value for our stakeholders.”

Galliford focuses on construction for public sector or regulated businesses such as the water industry. The company said its environment unit is benefiting from high levels of spending from its clients in the water sector.

The building arm saw a 12 percent rise in revenue to £446.0 million during the period, and operating profit rose by £1.3 million to £10.6 million before amortisation.

Galliford has stated that the building sector has seen benefits from work that was delayed due to inflation and challenges in public sector procurement in 2022.

The company’s building unit has an order book worth £2.2 billion, with a quarter of it in education, just under a third in defence and custodial, 15 percent in facilities management and four percent in health.

Mr Hocking said: “Our strong and high quality order book, predominantly in long term frameworks, provides visibility and security of future workloads and continued growth prospects well beyond the current financial year,”.

He added: “Our performance, over the last three years, together with our excellent people and our strong balance sheet, gives us confidence to announce our updated strategy to 2030 at a capital markets event on May 23 2024.”

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