Galliford Try set to smash profit predictions as it eyes £2.2bn revenue

Housebuilder Galliford Try said it expects to exceed its profit predictions as its order book continues to grow.

The London-listed firm, which builds everything from flats to roads, said it had made “strong progress” in the year ended June 30, 2024, and that it expected to see growth in both its revenue and pre-tax profit.

In a trading statement issued today, Galliford Try reported an order book of £3.8bn, compared to £3.7bn in the year before, with 92 per cent of its revenue for the new financial year already secured.

The construction company added it expected to report it had ended its financial year with £227m in cash and a monthly average cash balance of £155m.

The company’s diverse portfolio means it has not been hit as hard as UK housebuilders who have seen their earnings ravished by weak buyer demand. 

Chief executive Bill Hocking said: “We expect to report another year of strong performance across all our operations with increased revenue and profit as we continue to progress our updated sustainable growth strategy to 2030.

“Galliford Try’s ability to maintain its balance sheet strength is key to our clients and suppliers as well as our continued success in maintaining a high-quality order book in our chosen sectors. 

“Our confidence in the future is supported by our order book as well as a long-term pipeline of future opportunities. 

“I continue to be impressed by our people, their professionalism and work ethic.   We are excited about the new financial year, our strategy to 2030 and the opportunity to deliver further strong performance and long-term sustainable value for all stakeholders.”

In May the company reset its targets for 2030. The updated targets include growing its revenue to in excess of £2.2bn and to increase its divisional operating margin by four per cent.