Galliford Try | FY24 results – top end results, distributions hiked
Another set of results, another beat to expectations. After a particularly strong 2HFY24 performance, Galliford Try beat the top end of consensus expectations for revenue and nearly did the same for adjusted profit before tax, notwithstanding hefty upgrades following the positive FY24 trading update. The strength of the performance was underscored by a 48% hike in the dividend for the year to 15.5p, more than 20% above the top end of consensus, together with the announcement of a further £10m share buyback programme. The results benefitted from the bow wave of water infrastructure spending as AMP 7 transitions to AMP 8 and the recovery in public sector project expenditure delayed from 2022, but remain set for growth with 92% of planned FY25 revenue already covered by the £3.8bn order book. The shares continue to perform strongly as the company's risk management mantra backed up by the results it is delivering build shareholder confidence.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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