Galliford Try Holdings PLC (GFRD)

[daveh]

AGM statement:
https://www.investegate.co.uk/galliford ... 00051876F/

Good performance in first half
Cash position at top end of guidance (£125-145m)
Expected return to profitability in first half of this year
Expected return to dividends with the interim results

Which seems pretty decent performance. Not sure the dividend will amount to much in cash terms for me (the last cancelled dividend was going to be <£20). But nice to see them back in a position that they can pay a dividend.

[daveh]

Trading statement:

https://www.investegate.co.uk/galliford ... 00022245M/

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.

Results to be announced 4th March.

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).

[daveh]

Interims can be found here:
https://www.investegate.co.uk/galliford ... 00050880R/

HALF YEAR REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2020



Return to profitability and resumption of dividend. Strong balance sheet and order book provide confidence for the future.



· Profit before tax of £4.1m (H1 20201: £5.6m pre-exceptional loss) and divisional operating margin of 1.6%, in line with our expectations and strategy for sustainable earnings growth.

· Well-capitalised balance sheet, with average month-end cash for the period of £158m and PPP asset portfolio of £44m.

· High quality order book of £3.3bn (H1 2020: £3.2bn) in line with our risk-focused approach.

· Business well placed with market leading sector positions in our chosen public and regulated markets, underpinned by significant opportunities.

· All projects continue to be fully operational and delivering near normal productivity; no use of Government Covid-19 support in FY21.

· Commitment to operating sustainability reflected by our long-term inclusion in the FTSE4Good Index.

· Resumption of dividend under a new and enhanced dividend policy, with an interim dividend of 1.2p per share declared.

and dividend policy is:

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.

[daveh]

Trading statement can be found here:
https://www.investegate.co.uk/galliford ... 00022731F/

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 range 1 .

· 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.

[AsleepInYorkshire]

Galliford should be known as Rose Tinted Construction.

Their recent disposal of the family silver can only be described as fortuitous as without such a sale their balance sheet would have been worthless.

Always strawberries tomorrow for Galliford.

AiY

[daveh]

Finals:
https://www.investegate.co.uk/galliford ... 00039232L/

GALLIFORD TRY HOLDINGS PLC

ANNUAL RESULTS STATEMENT FOR THE YEAR ENDED 30 JUNE 2021


Strong Financial Performance and Sustainable Growth Strategy


· Strong operational performance delivering improved profitability.

· Profit before tax above previous guidance at £11.4m (2020: pre-exceptional loss £59.7m).

· Divisional operating margin ahead of expectations at 2.0%, showing strong progress towards our margin improvement target.

· Final dividend payment of 3.5p , together with an interim dividend of 1.2p giving a total dividend of 4.7p covered by 2.0x earnings from continuing operations. Policy to increase dividend in line with earnings, with dividend cover expected to be in the range of 2.0 - 2.5 times earnings going forward.

· Cash generative with well-capitalised debt-free balance sheet, average month end cash for the period of £164m (2020: £141m1), PPP asset portfolio of £49m (2020: £41m) and no pension liabilities.

· Positive outlook with high quality £3.3bn order book (2020: £3.2bn) positioned across our chosen sectors .

· Well placed to deliver our updated Sustainable Growth Strategy , through our market leading sector positions, commitment to achieving net zero carbon2 and refreshed sustainability and financial targets.

Dividend of 3.5p paid 10/12 ex and record dates 11&12 Nov

New Financial targets to 2026:

We publish our updated strategy today, including refreshed financial targets to 2026. Maintaining our strong focus on risk management we plan to deliver long term value for all our stakeholders.



Divisional operating margin: 3.0% across Building and Infrastructure, with a focus on bottom line growth

Revenue: growing towards £1.6bn, through disciplined contract selection and sustainable profitable growth

Cash: strong balance sheet and operating cash generation

Dividends: sustainable dividends, in the range 2.0 to 2.5 times earnings

Results don't look bad, but still very low margins so easy for cost over runs or poor contract selection to scupper those profits.

[AsleepInYorkshire]

Galliford Try acquires NMCN’s £100m water business

Galliford Try has bought the bulk of failed contractor NMCN’s water-sector interests for £1m.

AiY

[spiderbill]

Galliford Try has bought the bulk of failed contractor NMCN’s water-sector interests for £1m.

That's a lot of annual revenue for a very small outlay. But can they make a profit on it? If they can it's surely a massive bargain.

Spiderbill

[daveh]

Contract win:
https://www.investegate.co.uk/galliford ... 00040353V/

GALLIFORD TRY APPOINTED TO £7BN GOVERNMENT EDUCATION FRAMEWORK AND £55M GALASHIELS CAMPUS PROJECT

Galliford Try, one of the UK's leading construction groups, announces that it has been appointed to the £7bn Department for Education 2021 Construction Framework, and separately a new £55m contract to build the Galashiels Community Campus on behalf of Scottish Borders Council and Hub South East

The first sounds a pretty big contract so I assume they are not the only company appointed.

[daveh]

Trading Statement:
https://www.investegate.co.uk/galliford ... 00068682Y/

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.

and

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.

[daveh]

I've been away skiing in Italy last week, no-one seems to have posted GFRD's latest contract win so here it is:

https://www.investegate.co.uk/galliford ... 00060799B/

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.

[monabri]

I've been away skiing in Italy last week, no-one seems to have posted GFRD's latest contract win so here it is:

https://www.investegate.co.uk/galliford ... 00060799B/

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.

What does this translate to in terms of contracts...it has "won places" but is this the same as actually winning contracts? In the last para of the RNS they say

"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."

It seems that they have maintained their place in the list of suppliers who can bid (at low margins) for work.

[daveh]

Completely missed GFRD's half year results as they aren't on InvestEgate. They came out at the beginning of March and can be found here:
https://www.gallifordtry.co.uk/media/18 ... -dec21.pdf

Continuing strong financial and operational performance
• Profit before tax increased to £7.1m (H1 2021: £4.1m) before exceptional costs1.
• Revenue increased 10% to £594m (H1 2021: £542m).
• Divisional operating margin increased to 2.2% (H1 2021: 1.6%)2.
• Strong balance sheet, with average month-end cash for the period of £180m (H1 2021: £158m) and PPP asset portfolio of £48m
(June 2021: £49m).
• Positive outlook supported by high quality and sector focused order book of £3.4bn (H1 2021: £3.3bn) with 95% and 81% of
projected FY22 and FY23 revenue secured.
• Interim dividend up 83% to 2.2p per share (H1 2021: 1.2p), with improved future dividend cover now set at 2.0x annual earnings.
• Enlarged Environment business has successfully integrated the nmcn water business acquired in October 2021, enhancing
service delivery and capabilities.
• Delivering on our Sustainable Growth Strategy and on track for our financial targets to 2026 and carbon reduction commitments.

Interim dividend of 2.2p paid 8th April ex and record dates 10/11 March

[daveh]

looks like they are buying up some distressed assets?

https://www.investegate.co.uk/galliford ... 00049083R/

Galliford Try is pleased to announce that it has agreed to acquire MCS Controls Systems Limited, a leading systems integrator to the industrial and utilities sectors for a consideration of £1 (the "Acquisition"). MCS is based in Coventry, West Midlands and has 81 employees.

Founded in 1976, MCS is a systems integrator and manufacturer of motor control centres for a wide range of industrial market sectors, with its main area of operations being the water and wastewater treatment sector.

The 45 year heritage and values of MCS are an excellent fit with Galliford Try and the Acquisition is consistent with our Sustainable Growth Strategy.

The addition of MCS's capabilities is complementary to the operations of Galliford Try's expanding Environment business. In particular, MCS provides additional competencies that complement those acquired in October 2021 with nmcn's water business and Lintott Control Systems and will accelerate the growth of Galliford Try Environment's asset optimisation and capital maintenance strategy.

For the year ended 31 December 2020, being the last year for which MCS has published audited results, MCS generated revenue of £10.1 million, incurred a pre-tax loss of £0.5 million and had net assets of £2.0 million. In addition to the purchase consideration of £1, Galliford Try expects to fund certain contractual liabilities incurred prior to the completion date of the Acquisition to strengthen MCS's balance sheet and provide additional operational stability.

[daveh]

Trading statement:

https://www.investegate.co.uk/galliford ... 00053942S/

GOOD OPERATIONAL PROGRESS: CONFIDENT OUTLOOK



Galliford Try Holdings plc, the UK construction group, today provides an update on trading for the year ended 30 June 2022. The Group expects to announce its results for the full year on 21 September 2022.



Highlights


· Continued strong performance across operations resulting in increased revenue, pre-exceptional profit and operating margin.

· Full year pre-exceptional profit before tax expected to be at the upper end of current analyst forecasts 1 .

· Continued encouraging progress against our margin improvement target.

· Balance sheet strength, with circa £218m of cash at 30 June 2022 (2021: £216m) and average month-end cash during the financial year of circa £174m (2021: £164m).

· Successfully implementing our Sustainable Growth Strategy, including the integration of nmcn's water businesses.

· Confident outlook, with a high-quality order book of £3.4bn (2021: £3.3bn) and strong pipeline of future orders. 90% of revenue for the new financial year secured (2021: 90%).

Looks good except the repeated mention of pre exceptional profits. I wonder how large those exceptionals are going to be (they relate to the recent acquisitions that if I recall correctly were bought out of administration - at least NMCN water was).

[daveh]

Contract wins:
https://www.investegate.co.uk/galliford ... 00053287U/

GALLIFORD TRY BUILDING APPOINTED TO £56M OF PUBLIC SECTOR CONTRACTS


Galliford Try, one of the UK's leading construction groups announces that its Building business has been appointed to contracts worth a combined £56m.

Firstly, the business has been appointed to the £26m Oasis Restore Secure School in Kent, on behalf of the Ministry of Justice. The project consists of the refurbishment of the former site of Medway secure training centre to create the first secure school in the UK, including three residential blocks - creating 49 bedrooms, two educational buildings and a central services building.

Secondly, the business has concluded contracts with Worthing Borough Council to build the £30m Worthing Integrated Care Centre development. The new facility will provide GP, mental health, community and dentistry services, a pharmacy and additional services for families and young children. A multi-storey car park will also be built at the site.

[daveh]

Full Year Results:
https://www.investegate.co.uk/galliford ... 00060616A/

GALLIFORD TRY HOLDINGS PLC

ANNUAL RESULTS STATEMENT FOR THE YEAR ENDED 30 JUNE 2022

Strong Financial Performance and Confident Outlook



· Strong performance resulting in increased revenue, pre-exceptional profit and operating margin.

· Profit before tax increased by 68% to £19.1m (2021: £11.4m) before exceptional costs 1.

· Increased divisional operating margin to 2.4% (2021: 2.0%), showing excellent progress against our 3% margin target in 2026.

· Cash generative with well-capitalised debt-free balance sheet, average month end cash for the period of £174m (2021: £164m), PPP asset portfolio of £47.5m (2021: £49.1m) and no pension liabilities.

· Final dividend payment up 66% to 5.8p (2021: 3.5p), together with an interim dividend of 2.2p giving a total dividend of 8.0p, up 70%.

· Additional capital return through initial £15m share buy-back programme.

· One-off payment totalling c£1.0m to over 1,800 employees in recognition of the cost-of-living challenge.

· Delivering on our Sustainable Growth Strategy with confident outlook for disciplined growth in 2023.

· Confident outlook with high quality £3.4bn order book (2021: £3.3bn) positioned across our chosen sectors and 90% of FY23 revenue already secured .

and later in the announcement

Dividends and capital allocation

The Board is committed to maintaining a strong balance sheet, which provides the Group with a competitive advantage in its market and supports our growth strategy. Our capital allocation priorities are:

· Supporting operational requirements and strategic opportunities

A strong balance sheet is an important element in delivering the Group's Sustainable Growth Strategy, as it provides a competitive advantage in the market, supports the Group's disciplined approach, and provides confidence to our clients and supply chain. We are also able to allocate capital to assist the development of our adjacent markets, as set out above. Furthermore, and as demonstrated by our acquisition of the water businesses of nmcn plc and MCS Control Systems (in July 2022), a strong cash balance sheet enables the Group to react quickly to strategic opportunities, including bolt-on acquisitions that enhance our capabilities and increase value.

· Mitigating the effect of future market downturns

The current outlook across our markets remains encouraging and supports our strategy, but the Group also ensures that it is prepared for any adverse change in market conditions that may arise. Our strong balance sheet is particularly important for the Group to continue to operate its disciplined approach to contract selection and focus on operating margin, irrespective of any short term economic concerns. The current inflationary pressures clearly demonstrate the value and importance of the Group's risk management framework and focus.

· Paying sustainable dividends to shareholders

The Board understands the importance of dividends to shareholders, and in setting its dividend considers the Group's profitability, its strong balance sheet, high quality order book and longer term prospects. Consistent with this approach the Group expects dividend per share to increase in line with earnings, with dividend cover of 2.0 times annual earnings.

We continue to assess the cash requirements of the business to ensure the Group remains well positioned to deliver on its Sustainable Growth Strategy and has sufficient funds to invest in the business. Given the capital allocation priorities and requirements set out above, the Board anticipates retaining average month-end cash and PPP assets of £175m to £250m to support the delivery of our financial targets to 2026. For the year ended 30 June 2022, the aggregate of month-end cash and PPP assets was £221m, towards the top of this range early in the strategy period. As previously announced, where average month-end cash and PPP assets increase above the level required, the Board will consider making additional returns to shareholders.

Having reviewed the Group's results and the outlook, the Directors are recommending a final dividend of 5.8 pence per share which, subject to approval will be paid on 9 December 2022 to shareholders on the register at 11 November 2022. Together with the interim dividend of 2.2 pence per share paid in April, this will result in a total dividend for 2022 of 8.0 pence per share.

Consistent with the framework set out above, the Company has announced it intends to commence an initial share buyback programme to repurchase up to £15 million of ordinary shares of 50 pence per share. The Board has reviewed the strong cash performance of the last two financial years and the capital required to support the Group's strategic targets, and considers that this is a prudent level of additional capital to return to shareholders, whilst continuing to prioritise a strong balance sheet and sustainable growth.

From my brief skim they look a decent set of results.

[daveh]

Contract win:
https://www.investegate.co.uk/galliford ... 00020622E/

GALLIFORD TRY APPOINTED TO £65M INDUSTRIAL FACILITY CONTRACT

Galliford Try, one of the UK's leading construction groups, is pleased to announce that its Building business has been awarded a new £65m contract to build an industrial facility in Blyth, Northumberland.

JDR Cable Systems, part of the TFK.Group, has appointed Galliford Try to construct its new manufacturing facility. The 69,000 sqm factory is being created to produce undersea cabling that connects off-shore electricity production to the mainland network.

Good for GFRD and also good that we are getting to do at least some manufacturing for all the windfarms that are going up here.

[daveh]

Contract to build prison extension:
https://www.investegate.co.uk/galliford ... 00057138L/

GALLIFORD TRY APPOINTED TO HMP RYE HILL EXPANSION

Galliford Try, one of the UK's leading construction groups, announces that its Building business has been appointed to a £95m contract to deliver a new custodial facility at HMP Rye Hill.

The facility is a privately run prison which is managed by Onley Prison Services Limited and operated by G4S Care & Justice Services Limited, on behalf of the Ministry of Justice.

[daveh]

Trading statemnet:
https://www.investegate.co.uk/galliford ... 00040212N/

Galliford Try Holdings plc, the UK construction group, today provides an update on trading for the half year period from 1 July 2022 to 31 December 2022. The Group expects to announce its results for the half year on 8 March 2023.


Update on Current Trading

The Group is performing well with trading in line with the Board's expectations. We are well placed for the financial year to 30 June 2023 and continue to make good progress against our Sustainable Growth Strategy.

We continue to maintain good relationships with our supply chain and clients which, together with our strong balance sheet, has enabled us to manage the economic conditions effectively with no material impact on trading.

Capitalising on our financial strength we are pleased with our two recent acquisitions, of MCS Control Systems and Ham Baker, in the first half of the year and the integration and development of these businesses into our Environment division is progressing as planned.


Balance Sheet

The average month-end cash for the six months ended 31 December 2022 was circa £154m (year to 30 June 2022: £174m) and period-end cash at 31 December 2022 was circa £195m (31 December 2021: £211m). This is in line with the Board's expectations given the recent acquisitions, our ongoing investment in cloud-based digital systems as previously disclosed, and circa £10m of dividends and capital returns in the half year. The Group maintains a portfolio of PPP assets and has no pensions liabilities and no debt or associated covenants.

The Group's strong balance sheet supports our ability to continue to secure high quality contracts and frameworks.