Andrew Duxbury, Finance Director of Galliford Try discusses their Final Results

Andrew Duxbury, Finance Director of Galliford Try discusses their Final Results

Highlights - Financial and Operational (continuing operations)

·    Final results in line with expectations; business well-placed for new financial year

·    Pre-exceptional revenue of £1,090m, reflecting the business' focus on core sectors and the impact of Covid-19 (2019: £1,403m)

·    Rapid and effective response to Covid-19; all sites across the UK fully operational and successfully implementing new working practices

·    Focus on cost management and commercial discipline

·   Well-capitalised debt-free balance sheet, with cash at 30 June 2020 of £197m (2019: net debt of £57m) and PPP portfolio of £41m

Highlights - Strategy and Outlook

·    Successful strategic disposal of Linden Homes and Partnerships housing divisions completed 3 January 2020

·    Strategy in place to deliver long-term value; restructured and refocused business to deliver improved performance 

·    Disciplined approach to risk management and contract selection

·    High quality £3.2bn order book (2019: £2.9bn) in focused sectors with 90% of revenue secured for FY21 (2019: 89%)

·    Reinstating financial guidance, with strong platform for return to profitability in FY21

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