Galliford sees strong start after 'significant' contract wins
New construction contracts and the sale of its residential homes unit provided a boost for UK construction group Galliford Try, the company said on Thursday.
Galliford said it now had an order book of £3.2bn, helped by “significant contract wins.
It forecast that that performance would be weighted to the second half of the financial year due to market uncertainty and the settlement of claims in the first half relating to the Aberdeen motorway project.
The company is in talks with Balfour Beatty to settle claims over the late completion of the project.
Galliford offloaded its residential business to Bovis Homes, now called Vistry Group.
Bovis agreed to pay £300m in cash and £675m in shares for the housing arm in a deal that will create a top five national housebuilder with the capacity to deliver more than 12,000 homes a year over the medium term.
Galliford's proforma cash balance at the end of 2019 was £225m, with average month-end cash balances for the second half of the financial year expected to be more than £100m.