Galliford Try anticipates surpassing revenue expectations, driven by a robust order book and strong financial outlook.
- The company forecasts its revenue for the financial year ending 30 June 2024 to exceed £1.64bn, beating analyst predictions.
- A significant order book of £3.8bn, with 92% of next year’s revenue secured, bolsters the company’s confidence.
- Pre-exceptional profit before tax is expected to surpass current forecasts, demonstrating financial resilience and growth.
- Galliford Try’s strategic focus and financial health, with £227m cash at year-end and no debts, underline its stability.
Galliford Try, a prominent construction firm, has confidently projected its turnover will exceed £1.64bn for the financial year ending 30 June 2024, according to a trading update released this morning. The announcement came as the company disclosed that this anticipated turnover will surpass the higher end of analysts’ forecasts, which currently range between £1.44bn and £1.64bn.
The company’s optimistic financial outlook is largely attributed to a high-quality order book valued at £3.8bn. Impressively, 92% of the revenue for the upcoming financial year is already secured. This order book not only indicates robust business health but also reinforces Galliford Try’s optimism in its financial trajectory.
In terms of profitability, Galliford Try expects its pre-exceptional profit before tax to exceed current forecasts, which lie between £26.7m and £29.2m. Exceptional items, which previously impacted profits through various one-off events, are not expected to hinder this positive financial outlook.
Chief Executive Bill Hocking emphasised the importance of maintaining a strong balance sheet, highlighting the lack of pension liabilities or debt. ‘Galliford Try’s ability to maintain its balance sheet strength is key to our clients and suppliers as well as our continued success in maintaining a high-quality order book in our chosen sectors,’ he stated, further reflecting on the company’s strategic goals extending to 2030.
As of the year-end on 30 June, Galliford Try possessed a substantial cash reserve of around £227m. Hocking expressed his enthusiasm for the upcoming financial year and the company’s growth strategy leading up to 2030, underscoring the firm’s commitment to delivering long-term sustainable value to stakeholders.
Galliford Try’s strategic foresight and strong financial planning position it well for continued growth and stability.
