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Highlights:
- Solid Order Book: Increased to £3.9bn, offering strong predictability for future trading.
- Revenue Growth: Revenue up 12.7% to £923.2m, with wide-ranging operational growth.
- Improved Profitability: Adjusted profit before tax increased by 22% to £20.5m, with operating margins progressing towards a 4.0% target.
- Shareholder Returns: Interim dividend increased by 37.5% to 5.5p per share.
- Robust Balance Sheet: Strong cash position at £210.0m and a new £25m unsecured Revolving Credit Facility boosting resilience.
Galliford Try Holdings PLC (LSE:GFRD) has reported impressive half-year results for the six months ended 31 December 2024, reflecting sustained momentum and strategic focus that underscore the company’s solid performance and optimistic outlook for the full financial year. The construction and housebuilding giant has not only demonstrated resilience in a competitive market but has also delivered significant progress on key long-term frameworks and sustainability targets.
The company’s strategy centers on leveraging its strong order book—now valued at £3.9 billion, up from £3.7 billion in H1 2024—to support the UK Government’s growth ambitions and ensure predictable trading. With 98% of projected FY25 revenue and 81% of FY26 revenue already secured, Galliford Try is well positioned to capitalise on emerging opportunities in the construction sector. This robust revenue visibility has provided the board and management team with enhanced confidence in delivering above-market expectations for both revenue and adjusted profit before tax by the end of the financial year.
In H1 2024, Galliford Try achieved a 12.7% increase in revenue, reaching £923.2 million compared to £819.1 million in the same period last year. This growth was underpinned by broad-based performance across its operations, highlighting the company’s ability to drive sustainable progress even in challenging market conditions. Alongside revenue gains, the group’s divisional adjusted operating margin improved to 2.7%—up 24 basis points from 2.5%—demonstrating steady progress towards the strategic target of a 4.0% margin by 2030.
The company also reported a 22.0% rise in adjusted profit before tax, which climbed to £20.5 million from £16.8 million year-over-year. This notable increase, coupled with a 37.5% boost in the interim dividend to 5.5p per share (up from 4.0p), reinforces the company’s commitment to delivering value to its shareholders. Galliford Try’s financial discipline is further highlighted by its robust balance sheet. The average month-end cash over the last 12 months stood at £176.4 million, an improvement from £154.8 million recorded at the end of June 2024. Although PPP assets experienced a slight decline to £40.2 million from £41.8 million, net cash remained strong at £210.0 million as of 31 December 2024, compared to £227.0 million in June 2024.
To further enhance its financial agility and resilience, the company has secured a new £25 million unsecured Revolving Credit Facility (RCF). This facility provides Galliford Try with additional operational flexibility, ensuring that it remains well-equipped to seize growth opportunities and manage market uncertainties as it continues to expand its portfolio and support long-term strategic objectives.
