Galliford Try swung to an interim loss in the first half of its current financial year, as it repositions its business to balance financial targets with wider commitments.
The construction firm has recorded a pretax loss of £2.6m for the six months to the end of 2021, compared with £4.1m profit posted a year earlier. This comes amid Galliford Try’s investment in the cloud-based ERP systems and acquisition of NMCN’s water business. Excluding those costs, the company’s pretax profit would have been £7.1m, up 73% year-on-year.
Revenue grew by 9.6% to £594m from £542m, with the company’s order book also advancing slightly to £3.4bn from the £3.3bn recorded at the end of 2020.
Bill Hocking, chief executive at Galliford Try, said: “The group has continued to perform well in the first half of the financial year, successfully managing industry-wide material shortages and inflation.
“The group continues to trade well and is well placed to continue to deliver strong performance and long-term sustainable value for all our stakeholders.”
Galliford Try declared an interim payout of 2.2p per share, up 83% from 1.2p.
The company is now set to focus on making further progress against its financial targets to 2026, which includes revenue growth towards £1.6bn. Other strategic priorities are set across risk management and commercial discipline, margin progression, and strong cash flows.
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @gre_eve
