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Highlights
- Profit Growth: Galliford Try reported a pre-exceptional profit before tax of £32.7 million for the year ending July 1, 2024, marking a 39.7% increase from £23.4 million the previous year.
- Dividend Increase: The company announced a final dividend of 11.5 pence, raising the total dividend for the financial year to 15.5 pence.
- Strong Order Book: Galliford Try's order book stands at £3.8 billion, with 92% of expected revenue for FY25 already secured, indicating strong future growth potential.
Galliford Try Holdings PLC (LSE:GFRD) has announced a strong financial performance for the year ending July 1, 2024, surpassing analysts' expectations. The company reported significant increases in both revenue and profit, alongside a robust operational outlook.
Key Financial Highlights
- Profit Growth: Pre-exceptional profit before tax surged by 39.7%, rising to £32.7 million from £23.4 million in the previous year. This substantial increase reflects the company’s effective operational management and strategic initiatives.
- Operating Margin: The divisional operating margin improved by 13 basis points, reaching 2.5% compared to 2.4% in the prior year, indicating enhanced efficiency across operations.
- Dividend Increase: Galliford Try announced a final dividend payment of 11.5 pence, up from 7.5 pence the previous year. With an interim dividend of 4.0 pence, the total dividend for the financial year is now 15.5 pence, representing a remarkable 47.6% increase.
- Strong Balance Sheet: The company reported a well-capitalised and debt-free balance sheet, with £227.0 million in cash, an increase from £220.2 million in 2023. The average month-end cash balance for the year was £154.8 million, up from £134.7 million the previous year. Additionally, the PPP (Public Private Partnership) asset portfolio stands at £41.8 million, down slightly from £44.6 million in the prior year, and the company has no pension liabilities.
Outlook and Strategic Developments
- Order Book Strength: Galliford Try holds a high-quality order book valued at £3.8 billion, compared to £3.7 billion in 2023. Notably, 92% of the anticipated revenue for FY25 has already been secured, positioning the company favorably for continued growth.
- Capital Return: The company has initiated a £10 million share buyback programme, indicating confidence in its financial health and commitment to returning capital to shareholders.
- Growth Strategy: A Capital Markets Event held on May 23, 2024, outlined the Group's updated growth strategy and targets extending to 2030. This plan builds on the strong operational and financial performance achieved since 2021.
- Leadership Update: Kris Hampson joined the Group as Chief Financial Officer on September 2, 2024, bringing valuable expertise to support the company's ongoing development.
