Galliford Try Holdings plc has postponed the publication of its financial results due to additional auditing requirements, highlighting ongoing challenges in construction industry auditing.
- The company’s financial results, initially scheduled for release this week, have been delayed as auditors BDO LLP require more time for quality control procedures.
- Galliford Try reassures stakeholders with expectations of revenue and profit exceeding analyst forecasts, despite the delay in results.
- The topic of construction company audits remains sensitive following significant industry failures, such as Carillion’s collapse in 2018.
- Galliford Try maintains confidence in its strategic direction, with promising prospects for long-term value and sector growth.
The anticipated release of the financial results of Galliford Try Holdings plc has experienced an unexpected delay. Originally set to be disclosed this week, the results have been deferred as auditors BDO LLP have requested additional time to finalise their audit quality control processes. While an updated release date remains unconfirmed, Galliford Try has indicated it will announce a revised date soon.
This delay comes amid heightened scrutiny of construction industry audits, a consequence of notable past failures such as the collapse of Carillion in 2018. The serious repercussions of inadequate auditing, evidenced by the substantial fines imposed on firms like KPMG and PwC for their previous auditing oversights, underscore the sector’s sensitivity to these processes. Consequently, the industry and its stakeholders are acutely aware of the implications and challenges tied to audit practices.
Despite the postponement, Galliford Try has sought to reassure stakeholders, stating that there is little cause for concern regarding the impending financial disclosures. The company has communicated that both revenue and profit before tax, excluding exceptional items, are forecasted to surpass the upper echelon of analyst predictions. This optimistic outlook aligns with the firm’s strategic plans extending to 2030, reflecting confidence in its capacity to achieve sustainable growth and robust returns.
The construction industry’s audit procedures have been a focal point since major corporate failures highlighted the necessity for rigorous checks. The echoes of these failures resound in the current climate, but Galliford Try’s commitment to transparency and its positive financial stance offer some reassurance against the backdrop of historical industry vulnerabilities.
Galliford Try remains committed to transparency and stakeholder confidence, despite auditing delays.
