Galliford Try (GFRD) Investor presentation summary

Sustainable growth strategy and market positioning

• Focus on disciplined risk management, selective bidding, and a high-quality order book with strong pipeline visibility.

• Operates across key UK sectors: environment, defence, health, education, infrastructure, and affordable homes.

• Growth strategy targets revenue over £2.2bn and divisional adjusted operating margin of 4.0% by 2030.

• Expansion into higher-margin adjacent markets and re-entry into the affordable homes sector.

• 94% repeat clients and 87% of work secured through frameworks, ensuring long-term visibility.

Financial performance and outlook

• H1 2026 revenue rose 1.3% to £935m, with adjusted operating margin up 54bps to 3.2%.

• Adjusted profit before tax increased 20.5% to £24.7m; interim dividend per share up 18.2%.

• Order book reached £4.1bn, with 98% of FY26 and 80% of FY27 work already secured.

• Strong balance sheet: £211.7m period-end cash, no bank debt or pension liability, and £25m undrawn RCF.

• On track to meet 2030 strategic growth targets, with 11 consecutive half periods of sequential growth.

Divisional performance

• Building division revenue up 2.0% to £476.5m, driven by education, custodial, and defence sectors.

• Infrastructure division revenue up 0.6% to £454.2m, with margin improvement from major highways and environment projects.

• Investments division managed costs amid market delays, with interest income exceeding operating results.