Company
LON:GFRD
Galliford Try is one of the UK's leading construction groups, working to improve the UK’s built environment and delivering lasting change for the communities it works in. The company's purpose is to improve people’s lives through building the facilities and infrastructure that communities need.
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"Education is very much a key sector for our business and a major part of how we intend to deliver our sustainable growth strategy," said chief executive Bill Hocking
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Selling off the housing business two years ago gave the new management team a strong balance sheet and a new start
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The construction group said it is maintaining a strong cash position with profit margins in line with management expectations
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The broker has raised its June 2022E profits estimate to £18mln
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Contractor nmcn entered administration on Monday (4 October)
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“We have already delivered a number of high-quality projects through LHC's previous frameworks and we look forward to continuing our relationship with them as they seek to grow throughout the public sector," said chief executive Bill Hockin
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Liberum has a target price of 250p and a ‘buy’ recommendation but of that cash amounts to 148p a share
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"I am very proud of the progress the group has made over the last year," said CEO Bill Hocking, as the company returned to profit
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All businesses were operating during the interim period
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The construction group said it is back to profitability in the first half
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Galliford Try anticipates they will be jointly worth up to £60m per annum.
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The order book stands at £3.2bn, with 90% of the new financial year's target revenue already secured
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Orders now stand at £3.2bn against £2.9bn at this time a year ago.
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Galliford Try's fiscal year runs to the end of June so it has withdrawn guidance for the current fiscal year and the next
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The team has a clear path to delivering on its financial targets, the company said in its interim results - clear enough to realise the path is a bit longer than previously thought
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Average month cash balances are forecast to be £100mln
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"We are delighted to have been appointed to these frameworks having established an excellent relationship with Southern Water and Yorkshire Water over previous AMPs."
Underlying profit before tax fell 17% to £155.5mln, which was in line with what the market was expecting
Meanwhile, FTSE 250, seen as a better indicator of the current state of the UK economy, surged 243.30 points at 19,982.16
Other numbers in the diary include Futura Medical, Advanced Medical Solutions, Anpario and S4 Capital
Galliford said the restructuring of its construction business is complete and its current order book is valued at £2.9bn
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In Europe, the German DAX is around 90 points lower at 12,341, while the French CAC 40 is down around 42
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The latest price inflation data, if it once again hits the Bank of England's 2% like last month, could cause some concerns at Threadneedle Street
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It looks set to be a busy week of corporate announcements and UK economic data
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Aside from the two housebuilders, corporate updates in the coming week will also be delivered by retailers Ocado, Superdry and Dunelm
Oil major guides to total dividends and share buy-backs of US$125bn “or more” between 2021 and 2025
"With many years of relevant commercial and board experience, I am confident that he will successfully lead Bunzl," said Philip Rogerson, who is due to vacate the chair of Bunzl in April 2020.
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Galliford said the proposal “does not fully value the Linden Homes and Partnerships & Regeneration divisions and is not in the interests of all shareholders”
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The UK blue-chip index ended 7.78 points lower at 7,265.98, just off the day's worst level of 7,263.80 after a topsy-turvey session which saw it hit a session high of 7,314.85 early on
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A look at the day's major movers, including Topps Tiles, Mortgage Advice, Shoe Zone, Knight's Group, UDG, GYG and Galliford Try.
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The housebuilding and regeneration group said restructuring its construction arm will accelerate margin improvement
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The UK's premier shares index closed up around ten points at 7,320
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The Day Ahead will bring trading updates from the likes of stores groups Halfords, Topps Tiles, and WH Smith
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The Week Ahead will also bring news from power firm SSE and water groups Severn Trent and United Utilities, plus the latest UK inflation and retail sales numbers
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Of Peel Hunt’s 117 house stocks, only ten of them are down as a ‘hold’, and Galliford Try is now one of those
The housebuilder is writing down the value of some of its big construction contracts, including the Queensferry Crossing, which has run well over budget
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It plans to build homes in Redcar, Cheshire, Staffordshire and Dorset.
The managerial merry-go-round does another circuit. Expect a bit of comment in the press about directors' remuneration.
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Almost every data point is pointing to a slowing UK housing market, but that hasn’t affected Galliford Try, which is benefitting from margin improvements
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The more UK-company focused FTSE 250 gained over 147 points to close at 18,972
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The data will have a distinctly Brexity flavour after the UK's impending exit from the bloc was blamed for lacklustre GDP growth of 0.2% in the fourth quarter of 2018 reported on Monday
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Aside from all the company news, the Week Ahead also brings the latest UK inflation and GDP growth data for investors to digest, while the Brexit saga will continue to roll on
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In a note to clients, the broker upgraded Barratt, Bovis Homes, and Crest Nicholson to ‘Buy’ from ‘Hold’ off what it said was an upside of “at least 20%” if a smooth Brexit materialised
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Numis said it sees "scope for upside on an absolute basis" for Galliford Try following its strong full year results performance
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Galliford said its Linden Homes business was boosted by the Help-to-Buy scheme, good mortgage availability and the cut in stamp duty for first-time buyers
The UK blue chip index rose 34 points to 7,308 around 3.40pm
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Homeware retailer Dunelm, housebuilder Galliford Try and football pitches group Goals Soccer Centres are all due up on what looks set to be a fairly quiet Wednesday in London
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The week ahead includes annual results from Wetherspoons, Galliford Try and Dunelm along with interims from Morrisons and trading updates from AB Foods and Ashtead
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Galliford expects to end the year with net debt of £30mln after having to spend more to build Aberdeen’s new ring road following the collapse of project partner Carillion
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Aside from Royal Mail, the day ahead will also include updates from the likes of broadband and telecoms firm TalkTalk, cheese producer Dairy Crest, and housebuilder Galliford Try
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The week ahead includes updates from Royal Mail, Unilever, Sports Direct, Rio Tinto and Anglo American along with official UK data on jobs, inflation and retail sales
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When the stock filter threw up WPP as a possible candidate, John Harrington's initial reaction was to wonder where he had stored his barge pole.
"Following the successful completion of the recent rights issue, the group is well capitalised with a strengthened balance sheet to support our planned growth," said Peter Truscott, the CEO of Galliford Try
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It might not be Friday but it could be a messy one in the Square Mile nonetheless, particularly for the pub chains, which are likely to have felt the force of the ‘Beast from the East’
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Week ahead includes updates from drugs giant AstraZeneca, mobile phones operator Vodafone Group, British Gas-owner Centrica, and postal delivery firm Royal Mail Group
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Shareholders will have the right to acquire one additional Galliford Try share for every three shares they own, with the new shares priced at 568p each
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Balfour recognised a one-off provision of £44mln last year stemming from the liquidation of Carillion
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An exceptional charge of £25mln stemming from Carillion’s collapse led to an 11% decline in pre-tax profit in the first half
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The blue-chip index closed at 7,214, up 46 points on the day
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Investors will also be keen to see more integration synergies from the addition of Baxalta.
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Week ahead includes the latest UK and US consumer price indexes, plus corporate updates from RELX PLC, Coca Cola HBC PLC, Shire PLC and ConvaTec PLC
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“The company will continue to manage the situation as it develops and provide further updates as appropriate,” John Laing said
HICL expects a further £50mln hit from the demise of Carillion
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Galliford, Balfour and Carillion were working together on a new road in Aberdeen, while the latter two have a couple of other ongoing projects as well
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Total completions and the average selling price of homes grew in the first half
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A study from RICS on Thursday suggested that gloom has started to descend over the UK housing market but Galliford said on Friday it is seeing “good market conditions” across its businesses
The record-breaking recent rallies seen across the global markets seems to have come to an end this week...
Natural resources firm Vedanta is likely to provide Friday's highlight corporate news.
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Sterling's strength weighed on FTSE 100 stocks today
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Galliford's full year profits were hit by an exceptional charge related to legacy contracts and its failed Bovis Homes bid
The heavyweight dragged on the FTSE 100, which closed down 20.99 points
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Wednesday's calendar includes annual results from Galliford Try and Dunelm along with official UK jobs data
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Week ahead includes latest Bank of England policy meeting, UK data on inflation, unemployment, wages and retail sales, plus corporate updates from Next, Associated British Foods, Wm Morrison Supermarkets, and JD Wetherspoon
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Bovis Homes posted a drop in first half profits but its shares rose after saying its operational issues were "very fixable"
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Bovis Homes shares rose despite a decline in profits as its plan for dividend growth was seen as a sign of confidence
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Some big names are due to publish results on Thursday, but the European Centeal Bank’s decision on interest rates is what most traders will be waiting on
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UK house price growth is likely to continue, albeit at a slower pace, as the sector proves resilient amid Brexit uncertainty, according to Liberum
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Shares featured: Jangada, Ilika, Carillion, Matomy Media, Bagir Group, Abzena, Bango, Galliford Try, Highlands Natural Resources
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Galliford has left its guidance for 2018 unchanged but is cautious on the outlook due to political uncertainties
The market chose to interpret Broadbent's comments as a vote for the status quo
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M&S faces a tough UK retail market as consumers become increasingly squeezed by rising inflation and stagnant wage growth
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Week ahead: Marks & Spencer, Burberry, JD Wetherspoon...
The US broker highlighted four reasons for their preference for the builders noting, firstly. that not enough homes are being built in the UK, meaning demand outweighs supply
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The Footsie was back in black - but only just - thanks to precious metals miners
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Thursday brings the fourth quarter trading update from BT Group, while the banking AGM season continues.
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Week ahead: BT and Talk Talk: ITV, Barratt Developments, Centrica, William HIll and more ...
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The group said one of these projects will finish on site in summer 2017, while the other, which represents the larger proportion of the estimated costs, is due to complete in mid-2018
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In April, Galliford Try pulled out of a £1.2bn bid to buy Bovis after the two failed to agree on price, a week after another potential suitor Redrow had also withdrawn its interest
The US bank’s analysts upgraded their ratings for both Redrow and Countryside to ‘overweight’ from ‘neutral’, but reversed their stance on Bovis and Crest the other way, down to ‘neutral’
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Shore Capital analyst Robin Hardy said: “There have been suggestions that an offer could come from outside the industry and while that is a long-shot, it is possible and many observers will still view Bovis as being ‘in play’.”
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Greg Fitzgerald will take over as Bovis boss with effect from April 18 2017, when interim CEO Earl Sibley will resume his role as the housebuilder’s group finance director
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FTSE 100 was little changed as investors mull US President Donald Trump's next move after his healthcare setback
FTSE 100 was three points higher at 7,238, Next rises strongly.
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Next plc is facing the industry-wide pressure of rising inflation but its issues are also company-specific
Shore capital analyst Robin Hardy said: “We do not think that Redrow would really benefit from combining with Bovis, it could become a millstone"
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Week ahead: Next, Kingfisher, Smiths Group ,Satellite Solutions ...
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Bovis is continuing takeover talks with Galliford after rejecting its initial offer while discussions with Redrow have terminated following its approach
