Galliford Try ups expectations after strong year

Revenue and profit have both risen at Galliford Try, with the group reporting a "strong performance across all operations".

For the year to 30 June 2023, the listed construction company reported revenue of £1.39bn compared to £1.24bn during the prior period.

Pre-tax profit before exceptional items was up from £19.1m to £20.6m, while at a statutory level it increased from £5.4m to £10.1m.

Chief executive Bill Hocking said: "Galliford Try continues to perform strongly and we are making good progress on our Sustainable Growth Strategy of risk-managed controlled growth - supporting our financial and non-financial targets to 2026.

"Our commitment to robust risk management, careful contract selection and operational excellence continues to underpin our performance and prospects.

"We are doing what we said we would do, consistently delivering increased revenue and profit, supported by our great people, a strong balance sheet, excellent order book and good supply chain and client relationships."

Hocking added that the group has a "high-quality order book", which "provides visibility and security of future workloads".

"Our business is not exposed to the short-term economic cycle as our sectors are critical to the UK's future growth," he said.

"Together with our excellent people and our strong balance sheet, this gives confidence in our ability to deliver our Sustainable Growth Strategy to 2026 and beyond and continue to provide long-term sustainable value for our stakeholders.

"We are encouraged that the momentum in the business has carried into the first quarter of the new financial year and our expectations for the full year to June 2024 have now increased."