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Galliford Try boosts guidance on robust first half
(Sharecast News) - Galliford Try boosted its full-year outlook on Wednesday, underpinned by key project wins and ongoing investment in the wider infrastructure sector. Posting interim numbers, the contractor said 98% of projected revenues for the 2026 full year had now been secured, and 80% for 2027, following a number of recent framework and project wins.
It therefore now expects revenues and adjusted pre-tax profits to both come in above the top end of the range of current market forecasts. Analysts expect revenues in the year to 30 June to come in between £1.91bn and £1.92bn, with adjusted pre-tax profits of between £48.9m and £51.4m.
Bill Hocking, chief executive, said: "The group benefits from a strong balance sheet and a high quality, carefully-selected order book, providing good visibility of future workloads well beyond the current financial year.
"Continued investment in our people ensures consistent delivering for our clients and positions us well to support the government's committment to economic growth through major infrastructure investment."
The FTSE 250 stock sparked as trading got underway, putting on 6% at 562.5p by 0815 GMT.
The update came as Galliford posted a 1.3% uplift in revenues in the six months to 31 December, at £934.9m, supported by "good progress" across its building, infrastructure and specialist businesses.
Group adjusted pre-tax profits spiked 20.5% to £24.7m, after the divisional adjusted operating margin strengthened to 3.2% from 2.7%. The order book stood at £4.1bn at the period end, up 5.1%.
Hocking said: "I am pleased with the group's performance in the first half.
"In addition to the transition to the AMP8 water programme and our continued framework and project successes, we also see further opportunities across all our chosen sectors."
AMP8 is the current five-year regulatory cycle for the water sector, set by Ofgem and lasting until 2030, under which utilities are expected to invest billions upgrading aging infrastructure and services.
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