Galliford Try - 1HFY23 Results
Galliford Try reported a 65% YoY increase in adjusted profit before tax to £11.7m on revenue up 14% YoY to £679m. The Divisional operating margin increased to 2.3% (1HFY22 2.2%) while the balance sheet remains bullet proof. The financial performance prompted a 36% YoY increase in the interim dividend to 3.0p per share. Galliford Try expects FY23 adjusted profit before tax to be at the upper end of the current consensus range of £20.3m-£23.3m. The order book remains strong at £3.5bn with 95% of projected FY23 revenue secured. This was a positive set of results, in our view, emphasised by the hike in the interim dividend and guidance on profit which might well see consensus estimates for both profit and dividend nudged up, we expect.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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