Galliford Try reports profit and revenue uptick

Galliford Try has reported a £7.2m profit for the second half of 2022.

The Uxbridge-based contractor, which announced interim financial results this morning (8 March), made more profit in the period than in the whole of its 2021/22 financial year (£5.2m) after losing £2.6m in the last six months of 2021.

Galliford Try’s revenue also increased by £85m, or 14 per cent, in the six months to 31 December 2022 compared to the period a year earlier. Revenue jumped from £594m to £679m.

The group’s profit was boosted by £3.6m made from the disposal of its stake in an unnamed joint venture – and it would have been £4.5m higher but for exceptional costs relating to “investment in the implementation of cloud-based IT systems”.

Galliford Try said its operating margin increased from 2.2 per cent to 2.3 per cent on a year-to-year basis, with its profit before tax and exceptional items set to be around £22m or £23m for its full financial year, which ends 30 June.

Bill Hocking, chief executive of Galliford Try, said: “I am pleased with the group’s performance in the first half of the financial year, seeing increasing revenue and divisional operating margin, as we continue to make good progress against our strategic objectives.

“Our strong performance is a reflection of our excellent people and well-established relationships with our supply chain and clients.

“In line with our sustainable growth strategy, we acquired the specialist businesses of MCS Control Systems and Ham Baker in the first six months of [Galliford Try’s financial] year, which further enhance our environment business’ off-site build and asset optimisation offering to clients.”