Profitability returns at Galliford Try
Galliford Try’s return to profit has been confirmed in its newly published half-year results for the period ending 31 December 2020, despite a drop in revenue.
The contractor posted a pre-tax profit of £4.1 million over the six months, compared to a loss of £5.6m for the same period 12 months ago, on revenue of £542m which itself is down from £636m.
The firm said it has built up a strong order book of £3.3 billion, slightly ahead of a year ago and resumed dividend payments to shareholders.
Bill Hocking, chief executive of Galliford Try, said: “The first half of the financial year has seen our people continuing to respond excellently to the challenge of the Covid-19 pandemic, maintaining the highest standards on our sites and protecting the health, safety and wellbeing of our staff, clients and stakeholders.
“We have a strong order book in our chosen sectors. We are encouraged by the expected future demand across our building, highways and environment businesses, as we maintain our disciplined approach to project selection and risk management. We welcome the publication of the Government’s Construction Playbook, which aligns with our own focus on delivering excellence.
“I am delighted to report a return to profitability in the half-year, in line with our plans and demonstrating the benefit of our strategic focus. We also announce today a resumption of dividend payments and enhanced dividend policy for the group going forward. I am confident for the future. Our strategy remains focused on sustainable growth, careful cash management and margin progression to drive long-term value creation.”