Almost half of Galliford Try’s staff will receive a one-off payment of up to £750 as the firm looks to support its employees with the cost-of-living crisis.
The contractor, which is making the payment to around 1,800 individuals, claims to be one of the first construction companies to provide this type of support to its staff. It comes after full-year financial results for the group showed a halving of its pre-tax profit, which dropped to £5.4m for the year ending 30 June 2020, down from £11.4m for the previous comparable period.
Commenting on the payment, which will land in employees’ bank accounts at the end of October, Galliford Try chief executive Bill Hocking said: “We recognise that the rising cost-of-living is challenging many households across the UK. As a people-orientated, values-driven organisation, we are committed to supporting our people through a variety of means. This is just the latest step of many, offering added support where we can make a difference.”
The support builds on other measures to better aid employees financially. Earlier this year, the tier one announced it would pay employees in line with the real living wage, thereby investing in an overall pay rise for staff. It also runs the ‘Be Well’ programme, a wellbeing initiative that gives staff access to online health check tools and discounts on fitness products.
Despite a fall in pre-tax profits, caused largely by exceptional costs relating to an IT infrastructure upgrade and the acquisition of NMCN’s water business last October, the firm boosted its divisional operating margin to 2.4 per cent, up from 2 per cent in 2021.
It also used its annual accounts to announce the launch of a £15m share buyback programme after its average month-end cash increased to £174m, up £10m on 2021’s accounts.