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Galliford Try PLC (GFRD)

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daveh
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Galliford Try PLC (GFRD)

#202014

Postby daveh » February 18th, 2019, 8:17 am

Has announced a that the AWPR has been completed and handed over to the client and will be fully open tomorrow Tuesday*
and that it has signed a contract with ealing council to build 470 homes.

http://www.investegate.co.uk/article.as ... 2880Q&fe=1

* they may claim its completed, but someone is still doing lots of work in and around the AWPR as I saw this very morning as I had to use a bit of it as my usual route to work is closed for 3 weeks to repair damage done by AWPR construction traffic.

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Re: Galliford Try PLC (GFRD)

#211942

Postby daveh » April 2nd, 2019, 8:27 am

Contract announcement:
www.investegate.co.uk/article.aspx?id=2 ... 7342U&fe=1

To build 850 homes around the Englandshire bit of the UK. Its the regeneration bit of the company and they are building affordable housing as part of the Homes England Initiative.


Work will begin on the projects immediately with the first planning applications due to be submitted this month and the first homes expected to complete in spring 2020. The projects will deliver a mixture of housing tenures including open market housing, affordable rent, shared ownership, private rented sector and an extra-care development.

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Re: Galliford Try PLC (GFRD)

#217156

Postby daveh » April 25th, 2019, 8:42 am

Contract Announcement:

www.investegate.co.uk/article.aspx?id=2 ... 0186X&fe=1

Galliford Try plc, the housebuilding, regeneration and construction group, is pleased to announce that its regeneration specialist Galliford Try Partnerships has been selected by Enfield Council to build the first 725 homes at the £6 billion Meridian Water development in the Lea Valley.
This first phase represents a significant mixed tenure project including a high proportion of affordable homes as well as new public squares, shops and leisure facilities and will be located around the new Meridian Water train station. The first new homes are expected to be available in 2022.




And as its one of the profitable bits of GFRD with margins off ~5% it should at least mean cash to the bottom line and not more losses

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Re: Galliford Try PLC (GFRD)

#217467

Postby monabri » April 26th, 2019, 12:15 pm

New contracts but the share price continues to fall. I can see Prothero doing some more kitchen sinking and divi cutting.

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Re: Galliford Try PLC (GFRD)

#223353

Postby daveh » May 21st, 2019, 9:15 am

Trading statement:
www.investegate.co.uk/article.aspx?id=2 ... 6109Z&fe=1

Group
· Group trading well and we anticipate achieving a full year result consistent with the current range of analysts' expectations.2
· Strategic review of Construction to restructure and refocus business complete and being implemented, with resized business well placed to deliver improved performance.
· Linden Homes is enjoying stable trading conditions and continues to perform well.
· Partnerships & Regeneration continues to deliver a strong performance.
· Average net debt for the full year expected to be in line with previous guidance of between £170m and £190m.


Which seems decent and the market likes it - up 12% as I type.

Construction still seems to be the worrying area:

Construction
As previously announced the Group has undertaken a review of its Construction business with plans being implemented to simplify the business and management structure and to refocus on key strengths in markets and sectors with long-term growth and profitability potential. The business will concentrate on its core strengths in Building, Water and Highways (having already ceased bidding on fixed-price major projects in 2016) resulting in a reduction of up to 350 personnel across the UK. The restructured business's target annual revenue will reduce to approximately £1.3bn generating annualised cost savings of up to £15m from 2021, accelerating progress towards our target operating margins of 2% by 2021.

Construction's profitability in the current year will, as previously announced, be impacted by the division's strategic review, with a write down of approximately £40m to be recognised in the year, in respect of restructuring costs and legacy and current projects. With regard to the claim in respect of the completed Aberdeen Western Peripheral Route, and the previously disclosed £38m work in progress balance in respect of three contracts for a single client, our position is unchanged.



So there are still write downs for the legacy contracts and they are only targeting margins of 2% for the business. This seems to me very low with not much wiggle room for any errors in pricing. However they have stopped bidding on large fix priced contracts so that should help.

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Re: Galliford Try PLC (GFRD)

#224359

Postby monabri » May 25th, 2019, 1:58 pm

"Bovis approaches rival Galliford Try about housebuilding merger
A tie-up of Bovis and Galliford Try's Linden Homes unit would create one of the UK's biggest housebuilders"


https://news.sky.com/story/amp/bovis-ap ... r-11728118

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Re: Galliford Try PLC (GFRD)

#225365

Postby monabri » May 29th, 2019, 8:46 pm

"Galliford Try’s building business has signed contracts worth £31m within the defence sector"

"Keith Yarham, Defence Director for Galliford Try, said: “Defence is a key sector for our business and one in which we have a growing reputation for building high-quality, technically demanding facilities"

('Technically demanding"? - looks like they're planning to build what looks like a car park ;) )


http://www.constructionenquirer.com/201 ... -projects/

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Re: Galliford Try PLC (GFRD)

#237170

Postby idpickering » July 17th, 2019, 7:04 am

Trading Statement.

Group

· The Group continues to trade well and expects to report full year profit before tax in line with the current range of analysts' expectations1.

· Full year result to include £40m of previously reported exceptional items2.

· Linden Homes has maintained its sales rate and strong margin and continues to improve its customer satisfaction.

· Partnerships & Regeneration continues to achieve strong growth ahead of targets, increasing both revenues and margins, and successfully completing the acquisition of the Strategic Team Group in Yorkshire.

· The strategic review of Construction is now complete, and underlying operations are performing well.

· Net debt at 30 June 2019 of £60m (2018: net cash £98m) with average net debt of £187m, in line with previous guidance for the full year.


https://www.investegate.co.uk/galliford ... 00027410F/

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Re: Galliford Try PLC (GFRD)

#250653

Postby daveh » September 10th, 2019, 8:40 am

Merger with Bovis homes.
Posted on the HYP practical board here:
viewtopic.php?f=15&t=19420&p=250652#p250652

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Re: Galliford Try PLC (GFRD)

#250915

Postby 77ss » September 11th, 2019, 8:58 am

daveh wrote:Merger with Bovis homes.
Posted on the HYP practical board here:
viewtopic.php?f=15&t=19420&p=250652#p250652


Interesting, but what to do?

At current share prices (673p for GFRD and 1033p for BVS), this deal appears to value the two house building divisions at over 7 times the value of the construction rump. A ratio that varies wildly with the GFRD share price.

If consummated at the current share prices, this would give me a reasonable holding in BVS (about 60% of median) and a ridiculously small holding in the construction business (about 8% of median).

Sell the lot now, or hang in there and sell the construction rump later? I shall have to look carefully at BVS.

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Re: Galliford Try PLC (GFRD)

#251524

Postby AndyPandy » September 12th, 2019, 10:12 pm

77ss wrote:
daveh wrote:Merger with Bovis homes.
Posted on the HYP practical board here:
viewtopic.php?f=15&t=19420&p=250652#p250652


Interesting, but what to do?

At current share prices (673p for GFRD and 1033p for BVS), this deal appears to value the two house building divisions at over 7 times the value of the construction rump. A ratio that varies wildly with the GFRD share price.

If consummated at the current share prices, this would give me a reasonable holding in BVS (about 60% of median) and a ridiculously small holding in the construction business (about 8% of median).

Sell the lot now, or hang in there and sell the construction rump later? I shall have to look carefully at BVS.


I sold out on the day of the Announcement in accordance with my Gift Horse policy. I'm not clever enough to understand the ins and outs so if someone is keen to have a share I hold I let them have it, regroup and reinvest. I don't let possible better offers or deals falling through bother me, there are always other shares on my watchlist to recycle into.

As it happens I got 7.36 for them, which is up on current price anyway (but still a small loss - some you win...it was sitting at a big loss for ages).

Never say never. I sold Standard Life on the merger announcement spike (Gift Horse policy again) but recently bought back SLA after its tumble. Once the dust settles I'll look at both BVS and the GFRD rump figures, although not really keen on Construction or Housebuilders at the moment.

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Re: Galliford Try PLC (GFRD)

#253496

Postby daveh » September 24th, 2019, 9:44 am

Contract wins for the Construction Arm (Highways):
www.investegate.co.uk/article.aspx?id=2 ... 3679N&fe=1

Galliford Try plc, the leading housebuilding, regeneration and construction group, announces its Highways business has been appointed to new projects valued at a total of £461m.




Lets hope they have priced the contracts correctly and they can make a decent margin on the projects as it was road schemes (Queensferry Crossing and AWPR) that caused problems in the past.

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Re: Galliford Try PLC (GFRD)

#263841

Postby monabri » November 12th, 2019, 11:49 pm

"Galliford Try Partnerships has secured a £23m contract with Homes England to deliver 600 homes at the former Lea Castle Hospital site near Kidderminster in Worcestershire."

https://www.constructionenquirer.com/20 ... er-scheme/

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Re: Galliford Try PLC (GFRD)

#276154

Postby daveh » January 9th, 2020, 11:56 am

Trading update post house building sell off to Bovis (now Vistry).


https://www.investegate.co.uk/galliford ... 00052149Z/

Now free of debt (cash of £225m) and expect to remain so for the full year.

No mention of dividend policy, but half year results to be announced on 12th March - so I guess we'll get a better idea of where they are going in the future at that point.

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Re: Galliford Try PLC (GFRD)

#289872

Postby daveh » March 11th, 2020, 2:58 pm

Contract win.
Rebuild of Scottish women's' prison:
https://www.investegate.co.uk/galliford ... 00026636F/

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Re: Galliford Try PLC (GFRD)

#340561

Postby daveh » September 16th, 2020, 9:05 am

Final results can be found here:

https://www.investegate.co.uk/galliford ... 00060977Z/

Highlights - Financial and Operational (continuing operations)



· Final results in line with expectations; business well-placed for new financial year

· Pre-exceptional revenue of £1,090m, reflecting the business' focus on core sectors and the impact of Covid-19 (2019: £1,403m)

· Rapid and effective response to Covid-19; all sites across the UK fully operational and successfully implementing new working practices

· Focus on cost management and commercial discipline

· Well-capitalised debt-free balance sheet, with cash at 30 June 2020 of £197m (2019: net debt of £57m) and PPP portfolio of £41m



Highlights - Strategy and Outlook



· Successful strategic disposal of Linden Homes and Partnerships housing divisions completed 3 January 2020

· Strategy in place to deliver long-term value; restructured and refocused business to deliver improved performance

· Disciplined approach to risk management and contract selection

· High quality £3.2bn order book (2019: £2.9bn) in focused sectors with 90% of revenue secured for FY21 (2019: 89%)

· Reinstating financial guidance, with strong platform for return to profitability in FY21



No final dividend (not unexpected).

DIVIDEND

In light of the coronavirus pandemic, the Board considered it prudent to cancel the previously announced Interim dividend in March 2020. The Board continues to recognise the importance of dividends to all its shareholders, however, given the significant impact of Covid-19 and the importance of maintaining our strong balance sheet, is not proposing a final dividend for the year ended 30 June 2020. The Group has a strong outlook and the Board anticipates reinstating dividend payments, following a return to profitability.

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Re: Galliford Try PLC (GFRD)

#340582

Postby Dod101 » September 16th, 2020, 10:45 am

Those that are currently reinstating their dividend should never have cancelled it in the first place; others are prudently waiting to see how things work out.

Dod

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Re: Galliford Try PLC (GFRD)

#340628

Postby daveh » September 16th, 2020, 1:06 pm

Dod101 wrote:Those that are currently reinstating their dividend should never have cancelled it in the first place; others are prudently waiting to see how things work out.

Dod

In GFRD's case their statement could equally have read "in light of our lack of profitability we do not think it appropriate to announce a final dividend"

Though the market seems to have liked the results - up 16% last time I looked. Guess they must be pleased that it looks like they might be profitable this coming year - but margins at only 2% are very tight.


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