Galliford Try (GFRD) Trading Update summary

Financial performance and outlook

• Full year revenue and adjusted profit before tax expected slightly above the upper end of analyst forecasts (£1,864.7m–£1,885.6m revenue; £40.1m–£41.6m profit before tax).

• Margin progression continues, moving towards a 4.0% sustainable target by 2030 and 3.0% in 2026.

• Strong performance in water (AMP7 run-off) and highways delivery sustained in H2.

• Positive trading and tight working capital management drove average month-end cash up 15.4% to £178.7m.

• Year-end cash at £237.6m, with no pensions liabilities or bank debt; RCF facility undrawn.

Strategic initiatives and order book

• Completed a £10m share buyback, cancelling 2,690,861 shares at an average price of £3.72.

• Robust order book of £4.1bn at 30 June 2025, up from £3.8bn in 2024, with 90% of new year revenue secured.

• Secured major frameworks: £1.0bn NEPO Civil Engineering, £850m Yorkshire Water, £814m Pagabo Facilities Management.

• Won significant contracts in building and fire safety, including projects for the Ministry of Justice and RAF Digby.

• Well positioned to benefit from UK government infrastructure and housing investment.

Business confidence and future outlook

• High-quality order book and long-term pipeline supported by recent government spending and infrastructure plans.

• Focus remains on modern methods of construction and sustainable growth targets for 2030.

• Strong balance sheet seen as a differentiator in securing contracts and attracting talent.

• Leadership expresses confidence in continued strong performance and value delivery for stakeholders.

• Operations predominantly in public and regulated sectors, with national reach across the UK.