Galliford Try (GFRD) H1 2026 earnings summary

Executive summary

• Achieved strong first-half momentum with revenue up 1.3% to £935 million and adjusted profit before tax up 20.5% to £24.7 million, marking 11 consecutive half-year periods of profitable growth.

• Divisional adjusted operating margin increased by 54bps to 3.2%, and adjusted EPS rose 18.5% to 18.6p.

• Interim dividend per share increased by 18.2% to 6.5p, with a third share buyback nearly complete.

• Strong order book of £4.1bn, up £200 million year-over-year, with 98% of FY26 and 80% of FY27 revenue secured.

• Strategic acquisition of Nene Valley Fire & Acoustic Ltd for £10m, expected to be margin accretive from year one and enhancing specialist fire protection capabilities.

Financial highlights

• Revenue increased by 1.3% to £934.9 million year-over-year.

• Adjusted operating profit rose 22% to £21.6 million; adjusted PBT up 20.5% to £24.7 million.

• Adjusted EPS increased 18.5% to 18.6p; interim dividend up 18.2% to 6.5p per share.

• Average month-end cash of £189.9 million, up 6.3% year-over-year; period-end cash at £211.7 million.

• No bank debt or pension liabilities; robust cash conversion from profit to operating cash.

Outlook and guidance

• Full-year revenue and adjusted profit before tax expected to exceed the top end of market expectations.

• On track to deliver 2030 strategic growth targets: revenue >£2.2bn and divisional adjusted operating margin of 4.0%.

• Strong multi-year revenue visibility, with 98% of current year and 80% of FY27 revenue secured.

• Continued growth expected in specialist businesses and affordable housing as market momentum builds.

• Continued government investment in core sectors supports future growth.