Galliford Try (GFRD) H1 2025 earnings summary

Executive summary

• Revenue increased 12.7% year-over-year to £923.2 million, with adjusted profit before tax up 22% to £20.5 million, driven by strong performance in both Building and Infrastructure segments.

• Order book reached £3.9 billion, up £200 million year-over-year, with 98% of FY25 and 81% of FY26 revenue secured and 92% repeat clients.

• Interim dividend increased 38% to 5.5p per share, reflecting confidence in the outlook; share buyback program underway with £8.9 million of £10 million completed.

• Strong balance sheet with net cash of £210 million, no debt or pension liabilities, and a new £25 million unsecured revolving credit facility.

• Upgraded full-year guidance: revenue and adjusted profit before tax expected above the top end of current market expectations.

Financial highlights

• Adjusted operating profit rose 25.5% to £17.7 million; divisional operating margin improved to 2.7% (up 24bps year-over-year).

• Adjusted EPS increased 11.3% to 15.7p; statutory basic EPS up 35.4% to 15.3p.

• Cash conversion remained strong at 99%, with average month-end cash at £176 million.

• Interim dividend of 5.5p per share, up 38% year-over-year.

• Shareholder returns totaled £84 million since FY21 via dividends, special dividends, and buybacks.

Outlook and guidance

• Full-year revenue and adjusted PBT expected above the top end of current market expectations, with 98% of FY25 and 81% of FY26 revenue secured.

• 2030 targets: revenue >£2.2 billion and operating margin of 4%; 2026 margin target of 3% remains a waypoint.

• Dividend for 2030 expected to be broadly double the 2024 full-year dividend.

• Strong pipeline and framework positions support long-term growth.

• Transition to larger AMP8 water frameworks and recent project wins underpin future growth.