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Galliford Try raises trading forecast for second time

Bill Hocking

Galliford Try raises trading forecast for second time

Construction & Build

Galliford Try has raised its forecast for the year after a strong first half of trading and improved order intake, particularly from the build to rent market.

In a second uplift in forecast performance in less than six months, chief executive Bill Hocking said: “With good visibility over the second half, revenue for the full financial year is now expected to be approximately 5% ahead of current market expectations with an increase in expected pre-tax profit.

“Galliford Try continues to perform strongly and consistently, and our performance in the first half of the financial year provides increased confidence for the full year.

“We continue to see a robust pipeline of opportunities across our chosen sectors, supported by our strong track record and focus on the public and regulated sectors alongside high-quality private clients. ”

The firm’s order book is improved on a year ago at £3.7bn (2023: £3.5bn).

Recent awards include an £87m order for a build-to-rent project at Brent Cross Town, north London for Related Argent and Invesco Real Estate.

In the first half of the year, the building business was also appointed to undertake the £72m remodelling and refurbishment of Adelaide House in central London and in Cardiff, the businesses signed contracts with a major build to rent operator for a £52m.

The average month-end cash for the six months ended 31 December 2023 was £149m (£135m: year to 30 June 2023).

Written by Aaron Morby at Construction Enquirer