Galliford Try - HY Trading Update
Another strong update from Galliford Try, with trading in line with expectations, order book growth of £100m & average month end cash up £16m since the FY21 results, a strong pipeline confirmed, and good progress made on the integration of the nmcn water business. Management is sticking to its strategy and its focus on safety, and it is paying off, yet the valuation still looks extremely cheap, with cash alone covering >90% of the market cap, and PPAs more than covering the rest - implying a negative value for the operating business.Galliford Try is a housebuilding, regeneration and construction group. Co.'s operating segments are: Linden Homes, which is a housebuilder that develops housing on sites, primarily for first-time buyers and families; Partnerships and Regeneration, which is Co.'s specialist regeneration business that works with registered providers and other partners to increase the supply of housing and build sustainable communities; and Construction, which is organised into the Building, Infrastructure and PPP Investments divisions, and also includes facilities management, telecommunications, dry lining and its national piling specialists, Rock & Alluvium.
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