reports
- Colin Smith
Galliford Try - Excellent 1HFY24 results - strong momentum
Galliford Try has published an excellent set of results for the half to end December 2023 demonstrating strong momentum and continuing growth. Revenue jumped 21% YoY to £819m while the divisional operating margin improved to 2.5% (1HFY23 2.3%) driving a 33% increase in underlying profit before tax to £15.6m. Management underscored confidence in the sustainability of the results with a 33% hike in the interim dividend to 4.0p. Despite the strength of the performance, management did not raise guid...
- Colin Smith
Galliford Try - Consensus forecasts increased, post positive trading s...
Galliford Try published a positive trading statement for 1HFY24 on 17 January 2024 which included guidance that revenue and pre-exceptional profit before tax (Adjusted PBT) for FY24 would be c5% ahead of then market expectations. That prompted four of the five covering brokers to revise their forecasts including one additional broker extending forecasts through FY26. On average, revenue forecasts increased by 3.9% for FY24 with estimates for adjusted PBT increasing by 4.9% and estimates for EPS ...
- Colin Smith
Galliford Try - HY24 trading statement – expectations raised
Galliford Try has published a positive trading statement for 1HFY24 noting higher trading YoY, ahead of the Board's expectations. With good visibility over 2HFY24, guidance for FY24 has been raised, with revenue and PBT anticipated to be c5% ahead of current market expectations. Given excellent progress to date, Galliford Try expects to update its strategic targets in 2Q calendar 2024, extending them out to FY30. The order book closed the half at £3.7bn (£3.5bn at 1HFY23) and month-end cash for...
- Colin Smith
Galliford Try - FY23 Results
Galliford Try has reported a strong set of above consensus results for FY23 with pre-exceptional profit before tax up 23% YoY to £23.4m and ahead of the £23m consensus estimate. The group has improved target dividend cover to 1.8x, from 2.0x, resulting in a 31% hike in total ordinary dividend to 10.5p together with the 12p special dividend announced with the legal settlement in June. The group is on track to deliver its FY26 targets and expects FY24 results to be at the upper end of the current ...
- Colin Smith
Galliford Try - FY23 Trading Statement
Galliford Try has announced a positive trading update for the full year to end June 2023. Management guidance is for FY23 pre-exceptional profit before tax to be at the upper end of the current £22.1m-£22.3m consensus range. The group delivered a strong performance across all operations and made good progress against its strategic targets, including the integration of the most recent acquisitions. Cash at YE23 was c£220m (£195.8m at 31 Dec 2022) and the group had repurchased £11.1m shares toward...
- Colin Smith
Galliford Try - Settlement and 12p special dividend
Galliford Try has agreed a settlement in its long-standing dispute with a major infrastructure fund. As a result of the settlement, Galliford Try will receive a cash payment of £26m and expects to report a one-off, non-cash write-off of c£3m. Further to this settlement, Galliford Try has declared a special dividend of 12p per share, amounting to c£13m or half the agreed payment. This settlement brings to a conclusion a complex and challenging multi-contract dispute resulting in a substantial cas...
- Colin Smith
Galliford Try - Post 1H23 Results Consensus Overview
Earlier this month, Galliford Try reported a strong set of interim results including a 65% YoY increase in adjusted profit before tax and an increase in the Divisional operating margin. The financial performance prompted a 36% YoY increase in the interim dividend to 3.0p per share. In our view these results confirmed that Galliford Try is making good progress against its Sustainable Growth Strategy. Following the results, changes to consensus estimates were modest with the most notable being a 4...
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
LIBERUM: Galliford Try - Strong outlook & continued delivery
Galliford’s H1 23 results showed continued progress towards its FY 26 targets and were ahead of our FD EPS estimate. We make four key points: 1) Galliford’s disciplined approach and the strength of the balance sheet remain key to achieving the FY 26 targets, which imply 77% upside to our FY 23 EBIT estimate; 2) H1 23 average cash plus the PPP are worth 186p/share vs a share price of 171p, unfairly attributing negative value to the trading businesses; 3) That is before we consider the potential t...
- Colin Smith
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 p...
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
LIBERUM: Galliford Try - Impressive H1 and a confident outlook
H1 23 FD EPS of 8.2p represents a 45% increase on H1 22 and was significantly ahead of our estimate. Average net cash decreased from £174m at FY 22 to £154m in H1 23, in line with guidance, due to investment in the business and shareholder returns. We maintain our earnings estimates and expect FY 23 FD EPS of 16.7p, noting we were already at the top end of consensus. We maintain our FY 23 average net cash estimate of £160m, which reflects the acquisitions in H1 and the ongoing £15m buy-back. Tar...
- Oliver Juggins
Galliford Try - HY Trading Update
Galliford Try has today released a trading update for 1H23 confirming trading was in line with board expectations, and the business is “well placed” to deliver on full year expectations. Encouragingly, there was no material impact from supply chain disruptions, and the £3.5bn order book was slightly ahead of the June year end and continues to provide strong earnings visibility. There remains a robust pipeline and the balance sheet remains exceptionally strong, with a portfolio of PPP assets, no...
- Oliver Juggins
Galliford Try - FY22 Results Update - New Consensus
Now includes new consensus. Galliford Try has delivered strong financial and operational results in FY22, well ahead of consensus by most metrics including adj. PBT of £19.1m (+68%) and a divisional operating margin of 2.4%, well on its way to management's 3% target for 2026. It currently enjoys strong momentum, increased stability/much-reduced risk, and a strong balance sheet – this management team is delivering exactly what it has promised since joining. It also enjoys a favourable, inflation...
- Oliver Juggins
Galliford Try - FY22 Results Update
Galliford Try has delivered strong financial and operational results in FY22, well ahead of consensus by most metrics including adj. PBT of £19.1m (+68%) and a divisional operating margin of 2.4%, well on its way to management's 3% target for 2026. It currently enjoys strong momentum, increased stability/much-reduced risk, and a strong balance sheet – this management team is delivering exactly what it has promised since joining. It also enjoys a favourable, inflation-protected outlook and is di...
- Oliver Juggins
Galliford Try - Trading Update - Jul 2022
The year to 30th June was a great success. It saw Galliford Try's revenue and operating margin increase – and pre-exceptional PBT is now expected to be at the top end of the consensus range of £16.4m-£18m. It also saw the order book grow, no impact from inflation, and the successful integration of nmcn's water business.
- Oliver Juggins
Galliford Try - Quick Take - HY Results
Galliford Try continues to steadily progress towards its £1.6bn revenue and 3% divisional operating margin target, and with its strong pipeline the outlook is highly positive in our view. At the risk of sounding repetitive, the current (£205m) market cap is still below the sum of the £180m average month end cash and the £48.3m of PPAs, which seems unjustifiable to us.
- Oliver Juggins
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 ne...
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