GFRD rejected an offer of 54p from ROK I think they could make around 60p I have just bought some

Kicked myself for not topping up @ 41p, had buy finger hovering. Still, nice fat divi cheque this morning.

B.

the research of this comapny still BUY so i think still optimistic. But do anyone knwo is there any company interest in GFRD, except ROK? becuase i think GFRD jsut will consider at least 60P+ rather than ROK giveing 55p ....

This has been quietly ticking up recently. Is this in anticipation of the annual results (due end of feb) or is there more bid rumour around? Anyone heard anything?

As the thread title suggests - Anyone still holding these, post
the ROK non-take-over? Fundy - you still in or out now?

Bunny

Still got some tucked away in the ISA for the long term. Last results were good, still paying a healthy dividend and lowly rated on a Pe of less than 7. Company is continuing to improve margins in the construction side and has a very strong order book and the housebuilding arm is on track to deliver 50% growth in three years.

Thanks Fundy,
Will keep an eye on this one for a while, seems silly it is so reasonable
pricewise compared with others in the sector.

Looks a quality business, many parallels with KIE, which I have held since they demerged from Beazer and which has been very steady performer over those 10 years. Record profits every year, ungeared, some high quality PFI contracts up and running to underpin long term cash flows and a good contribution from housebuilding as well as general construction. Intend to hold for (even longer) term and would welcome Fundamentalist view.

Agree with you, Partridge. Your view looks pretty fundamentalist to me! Anyway, I too am a long-term holder. There's value here, I think.

holding...

Just bought been watching since 80p and meaning to get in also good news on Public building work bought @114

Hi, Anyone still holding this? Been on a blinding run of late - lots of promise to go higher too.

Excellent company .Never looked back since the take-over bid by Rok Properties a couple of years ago.Longterm holding I bought in originally at 18p.

Well the City Brokers are backing the stock (from across the road).....

Galliford Try PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Arbuthnot Securities
07-05-09 BUY 24.00 4.43 1.45 19.00 3.51 1.45

KBC Peel Hunt Ltd
29-04-09 BUY 24.95 4.80 1.50 21.85 4.18 1.50

ABN AMRO
30-03-09 BUY 23.00 4.21 1.40 21.00 3.82 1.40

Numis Securities Ltd
23-03-09 ADD 24.00 4.70 1.25 14.00 2.70 1.25

FinnCap
05-03-09 BUY 25.40 4.80 3.30 22.60 4.30 3.30

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 24.53 4.67 1.42 21.13 3.96 1.42

1 Month Change -0.23 -0.10 0.01 -0.69 -0.14 0.01
3 Month Change -1.79 -0.28 0.00 -0.57 -0.11 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS 31.17% -65.93% -15.20%
DPS 19.23% -54.19% 0.00%

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 85.10m 38.69m 34.34m

EBIT 81.00m 36.75m 27.20m

Dividend Yield 5.64% 2.58% 2.58%

Dividend Cover 4.42x 3.29x 2.79x

PER 4.01x 11.78x 13.89x

PEG 0.13f -0.18f -0.91f

Net Asset Value PS 52.99p 88.80p 77.45p

RNS Number : 9932R
Galliford Try PLC
11 May 2009



GALLIFORD TRY ACQUIRES WRIGHT HOMES DEVELOPMENT ASSETS







Galliford Try plc, the construction and housebuilding Group, announces that it has entered into an agreement to acquire the residential development assets of Wright (Hull) Limited from its administrative receivers.




The assets comprise five housing sites in the Hull and York areas totalling 147 plots, of which 18 are complete and 63 are at an advanced stage of construction, and on which the value of the building works completed has been assessed at 6 million.




The total consideration is 7 million, to be settled in cash from the Group's resources. The sites will be managed from Galliford Try's regional housebuilding office in Grimsby.




Greg Fitzgerald, Chief Executive, commented:




'The acquisition of Wright Homes provides additional immediate points of sale and landbank that will add to our existing business based in the Lincolnshire and Humber area and extend its geographical reach for the future. We will continue to take a highly selective approach to the opportunities that arise to add to our housebuilding business in the current market and to enhance its positioning for the longer term.'










For further information:




Greg Fitzgerald, Chief Executive 01895 855219
Frank Nelson, Finance Director 01895 855226
Louise Mantio, Communications Director 01895 855092








This information is provided by RNS
The company news service from the London Stock Exchange

END


ACQGUUCWAUPBPUU

Recent Broker Buys....

Galliford Try PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
19-05-09 BUY 24.95 4.80 1.50 21.85 4.18 1.50

Arbuthnot Securities
19-05-09 BUY 24.00 4.43 1.45 19.00 3.51 1.45

ABN AMRO
30-03-09 BUY 23.00 4.21 1.40 21.00 3.82 1.40

Numis Securities Ltd
23-03-09 ADD 24.00 4.70 1.25 14.00 2.70 1.25

FinnCap
05-03-09 BUY 25.40 4.80 3.30 22.60 4.30 3.30

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 24.54 4.67 1.42 21.13 3.96 1.42

1 Month Change -0.23 -0.10 0.01 -0.69 -0.14 0.01
3 Month Change -1.81 -0.28 -0.05 -0.53 -0.10 -0.05


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS 31.17% -65.93% -15.20%
DPS 19.23% -54.19% 0.00%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 85.10m 38.70m 34.35m

EBIT 81.00m 36.73m 27.23m

Dividend Yield 5.90% 2.70% 2.70%

Dividend Cover 4.42x 3.29x 2.79x

PER 3.83x 11.24x 13.26x

PEG 0.12f -0.17f -0.87f

Net Asset Value PS 52.99p 88.80p 77.32p

Another Broker plus.....

Galliford Try PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Arbuthnot Securities
28-05-09 BUY 24.00 4.43 1.45 19.00 3.51 1.45

Look what happens when you take your eye off the ball!

GALLIFORD TRY SELECTED ON 584 MILLION OF AFFORDABLE HOUSING FRAMEWORKS



Galliford Try plc, the housebuilding and construction group, has been selected as a partner on three affordable housing framework agreements totalling 584 million covering London along with the south, south eastern and eastern regions of England.

Another good day here.

Trying to breach 5 quid.

RNS Number : 4346I

Galliford Try PLC

15 June 2011

GALLIFORD TRY JOINT VENTURE SECURES GBP80 MILLION WATER WORK

Galliford Try, the housebuilding and construction group, announces that it has, as part of its GBM joint venture with MWH Treatment and Mott MacDonald, been awarded a suite of contracts worth GBP80m under its current AMP5 framework contract with Thames Water.

The largest of the schemes, worth GBP28m, involves the development of sludge treatment and storage facilities at three waste water treatment works at Camberley, Chertsey (both in Surrey) and Crawley (West Sussex) so that they comply with the Nitrate Vulnerable Zone regulations. The other major scheme in the suite, worth GBP27m, is to modify processes at Deephams waste water treatment works in Edmonton (north London) to facilitate the removal of phosphates and improve sludge treatment at the site.

Ultimately aimed at improving the quality of river water and sludge production, the schemes will be undertaken as part of the AMP5 framework contract with Thames Water awarded in April 2010.

Greg Fitzgerald, Chief Executive of Galliford Try, commented:

"We are delighted to secure this additional business from an existing framework client. It builds on our track record in delivering both clean and waste water infrastructure projects. Galliford Try is one of the UK's leading infrastructure contractors to the water industry, working under five-year asset management programmes as well as on single projects for seven of the country's major water utility businesses."

RNS Number : 8570I

Galliford Try PLC

22 June 2011

GALLIFORD TRY REACHES FINANCIAL CLOSE ON GBP50 MILLION HALTON BSF

Galliford Try plc, the housebuilding and construction group, announces that the Halton Transformational Partnership (a consortium of Galliford Try, Hochtief PPP Solutions and VINCI Construction UK) has reached financial close as the construction and investment partner undertaking the GBP50 million Halton Building Schools for the Future programme.

Following financial close, Galliford Try will carry out the redevelopment of The Grange School in Runcorn and the redevelopment of Wade Deacon High School in Widnes, in joint venture with VINCI. Work will commence in June 2011 and completion of construction is expected in April 2013.

Galliford Try Chief Executive, Greg Fitzgerald commented:

"We are delighted to reach financial close as a construction and investment partner on this significant project which reinforces our strong reputation and market position in the education sector."

RNS Number : 0952J

Galliford Try PLC

27 June 2011

GALLIFORD TRY SECURES GBP73 MILLION IN LONDON AND SCOTLAND

Galliford Try plc, the housebuilding and construction group, announces that it has secured two contracts totalling GBP73 million.

GBP50 MILLION SHETLAND GAS PROJECT

Galliford Try's Scottish construction business, Morrison Construction, has been awarded a circa GBP50 million contract by lead contractor Petrofac as part of the construction of a new GBP500 million onshore gas plant for Total E & P UK Ltd and DONG E&P (UK) Ltd in the Shetland Islands.

The works will be carried out on land adjacent to Sullom Voe terminal. They will comprise the construction of access roads, plant, foundations, underground drainage structures, buildings, and hard landscaping.

Work starts in July this year and is due for completion in October 2013.

Greg Fitzgerald, Chief Executive of Galliford Try, said:

"We are delighted to have been awarded this important contract with Petrofac, a new client for Galliford Try. We have a leading presence in the Scottish construction market and this project draws on the wide range of building and civil engineering skills we can deliver for our clients."

GBP23 MILLION LONDON RESIDENTIAL CONTRACT

Galliford Try has been awarded the GBP23 million contract to build Henry Moore Court, a prestigious residential development in west London, by developers Athos (Manresa Road) Ltd, a joint venture between the Athos Group and the Carlyle Group.

The new development, being built on the site of the former Chelsea College of Art on Manresa Road, features two luxury houses, 15 luxury apartments and eight affordable houses. Work is expected to commence on site in July 2011, with the development anticipated to be completed in December 2012.

Galliford Try Chief Executive Greg Fitzgerald commented:

"We are delighted to secure this project which is testament to our track record in producing prestige residential developments."

RNS Number : 2081J

Galliford Try PLC

28 June 2011

GALLIFORD TRY SECURES GBP40 MILLION CARE CONTRACTS

Galliford Try, the housebuilding and construction group, has announced two significant contract developments worth GBP40 million in the healthcare sector.

Firstly, the company has secured a GBP29 million contract to build the Hagley Road retirement village in Birmingham for the ExtraCare Charitable Trust. The scheme comprises a total of 240 mixed tenure units for the over 55s together with community facilities, including a village centre with gym, restaurant, library, shops and an indoor bowling green, as well as care facilities for the elderly.

The project will commence on site in October 2011, and is set for completion in September 2013. This is the fourth retirement village that Galliford Try has delivered for ExtraCare following the successful developments at Lichfield, Nottingham and Erdington.

Galliford Try has also reached financial close on the next stage of the South East Essex LIFT (Local Improvement Finance Trust) programme with two new schemes in Westcliff at Valkyrie Road (GBP5 million) and North Road (GBP5.3 million) for the South East Essex Primary Care Trust.

Galliford Try Chief Executive Greg Fitzgerald commented:

"We are delighted to secure the Hagley Road contract and continue our relationship with ExtraCare. This award is testament to our proven track record in delivering not only high-quality residential schemes but also the community facilities that make these self-contained developments a real success.

Similarly, we are pleased to be able to maintain our work with the South East Essex Lift, and look forward to building on our reputation for providing first-class health facilities throughout the country."

Excellent year so far!

And again today!

Housebuilding and construction group Galliford Try's new Chairman Ian Coull took over the role today (1 July) following David Calverley's retirement yesterday.

Coull has also been appointed as a member of the nomination and remuneration committees with immediate effect.

Trading Statement.

HIGHLIGHTS

-- Full year results expected to be in line with current market expectations.

-- Net cash of over GBP30 million at 30 June 2011, ahead of expectations (31 December 2010: net debt GBP31 million; 30 June 2010: net cash GBP75 million).

Housebuilding

-- Total housing completions up 27% to 2,170 units.

-- Average private sales price up 10% to GBP227,000 (2010: GBP207,000).

-- 23% increase in housing sales carried forward at GBP247 million (2010: GBP201 million) of which GBP173 million is for the new financial year, representing 29% of planned output.

-- 7% increase in total landbank to 10,250 plots (30 June 2010: 9,600 plots).

-- 70% of landbank secured at current market values (2010: 56%), with 100% of plots required for new financial year's production having detailed planning consent.

Construction

-- Resilient performance in difficult markets.

-- GBP1.75 billion order book maintained (2010: GBP1.8 billion).

-- Excellent cash management, cash in hand up on half year.

-- Major contract awards secured include GBP790 million Forth Road Crossing, GBP200 million United Utilities treatment works and GBP50 million Petrofac plant.

-- 80% of projected revenue for new financial year secured (2010: 77%).

GFRD galiford Try, looks like an ideal time to climb aboard. the disparity index looks fantastic on this one.




Fundys to back it up with aswel..........

Forward P/E of just over 9 going into 2012 looks too cheap imo.

Galliford Try PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
14-07-11 BUY 36.20 31.60 16.00 60.00 53.00 20.00
The Royal Bank of Scotland NV
14-07-11 BUY 35.23 30.73 16.00 60.04 52.96 22.00
Peel Hunt
13-07-11 BUY 34.75 30.16 16.00 60.01 53.56 22.00
Arbuthnot Securities
05-07-11 BUY 36.00 31.70 16.00 60.00 52.60 22.00
Numis Securities Ltd
05-05-11 BUY 36.00 31.10 16.00 58.00 51.00 22.00

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 35.63 31.08 16.00 59.72 52.73 21.55
1 Month Change 0.03 0.05 0.00 0.07 0.02 0.39
3 Month Change 5.06 3.79 2.18 0.45 -0.25 4.42


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS -67.64% 67.93% 69.69%
DPS -40.95% 46.79% 34.68%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 30.60m 40.72m 70.59m
EBIT 27.30m m m
Dividend Yield 2.21% 3.25% 4.38%
Dividend Cover 1.70x 1.94x 2.45x
PER 26.62x 15.85x 9.34x
PEG -0.39f 0.23f 0.13f
Net Asset Value PS 368.12p 590.17p 617.82p

Comment this morning from Pto TAer Zak Mir...........

Zak Mir



Reged: 28/06/07
Posts: 1893
Re: GALIFORD TRY PLC (GFRD)
#481566 - 20/07/11 08:32 AM Edit Reply Quote



At least while GFRD holds above its 485p 50 day moving average we should see a relatively easy progression towards a 2011 resistance line target of 550p plus

Healthy set of Broker analyst figured for GFRD showing the stock to be rather cheap at the moment.

GFRD


Date Broker name New Price Old price target New price target Broker change

05-Jul-11 Peel Hunt Limited Buy 516.00p 596.00p - Reiteration
29-Jun-11 Panmure Gordon Buy 506.00p - - Reiteration
02-Jun-11 Peel Hunt Limited Buy 471.50p 510.00p 596.00p Reiteration
25-May-11 Panmure Gordon Buy 446.00p 535.00p - Reiteration
16-May-11 Panmure Gordon Buy 447.00p 535.00p - Reiteration
06-May-11 Panmure Gordon Buy 443.25p 535.00p - Reiteration

RNS Number : 3191L

Galliford Try PLC

29 July 2011

GALLIFORD TRY WINS GBP23 MILLION DEAL IN DOCKLANDS REGENERATION

Galliford Try, the housebuilding and construction company, has confirmed that its joint venture with Notting Hill Housing Group has been selected as preferred developer for the Gallions Quarter development in Royal Docks, London.

Galliford Try will construct 170 homes in the second phase of the 700-home development, which also includes commercial and retail premises as part of a major regeneration programme of the area commissioned by the London Development Agency.

The contract will be worth GBP23 million to Galliford Try, with construction on the second phase set to begin in May 2013. Fellow construction companies United House and Durkan will work with Notting Hill on the other two phases.

Galliford Try Chief Executive Greg Fitzgerald said: "We are delighted to have been selected as part of the Notting Hill joint venture by the LDA for what will be a major regeneration of that part of east London.

This contract is further proof of the success of our Partnerships model which has seen us successfully enter framework agreements with a growing number of housing associations in the South East in recent months."

RNS Number : 8331N

Galliford Try PLC

08 September 2011

GALLIFORD TRY SELECTED FOR GBP80 MILLION LEISURE AND ENTERTAINMENT COMPLEX

Galliford Try plc, the housebuilding and construction group, has been selected as preferred bidder by Genting UK for Resorts World at The NEC, a major new leisure and entertainment development located at the National Exhibition Centre in Birmingham.

The Resorts World at The NEC complex will include a casino, a four star hotel and suites, a spa, conference and banqueting facilities, a retail outlet centre, a multi- screen cinema, food and beverage outlets and car parking. The contract will be valued at GBP80million and the scheme is set to start on site during the first quarter of 2012 with completion expected during the first quarter of March 2014.

Galliford Try Chief Executive Greg Fitzgerald said:

"We are delighted to be selected as preferred bidder by Genting UK for what will be one of the most significant leisure and entertainment developments to be built in the UK in recent years.

We have a proven ability to deliver multiple mixed-use developments on a large scale, and this project will provide a tremendous addition to our growing portfolio in the commercial sector."

RNS Number : 0011O

Galliford Try PLC

12 September 2011

GALLIFORD TRY SELECTED ON FRAMEWORKS TOTALLING GBP350 MILLION

Galliford Try, the housebuilding and construction group, announces its appointment to frameworks in the environmental, highways and affordable housing sectors.

GBP30 MILLION ENVIRONMENT AGENCY EXTENSION

Galliford Try announces the further extension of its framework with the Environment Agency to manage part of its flood defence, waterways and water resources capital works programme in England and Wales.

Galliford Try will be one of six core contractors engaged on the framework and expects to secure approximately GBP30m worth of work during the extension which will last until March 2013. Galliford Try was initially appointed to the framework in May 2007. Three schemes are currently on site at Wakefield, Wigan and Banbury.

Greg Fitzgerald, Chief Executive of Galliford Try, commented: "We are delighted to strengthen our relationship with the Environment Agency through this significant framework extension which we expect will provide a steady flow of work over the period."

GBP20 MILLION HIGHWAY MAINTENANCE WORK

Galliford Try announces its appointment to two Highway Maintenance contracts anticipated to be worth in excess of GBP20m over a four year term.

The first contract consists of three framework lots of re-surfacing, traffic management and carriageway markings work for an existing client, East Riding of Yorkshire Council. The second contract is for a new client, Stoke-on-Trent City Council, and covers highway maintenance minor works to carriageways, footways and structures.

Greg Fitzgerald, Chief Executive of Galliford Try, commented: "We are delighted to extend our partnership with East Riding of Yorkshire Council and to secure new business from Stoke-on-Trent City Council. These awards demonstrate the spread of our expertise in highways as part of our civil engineering business."

GBP300 MILLION A2 DOMINION FRAMEWORK

Galliford Try has been confirmed as one of the contractors on the new framework agreement for leading London-based housing association A2 Dominion.

The framework, which will deliver new affordable housing totalling over GBP300 million for the association, will run for four years. Galliford Try is one of 14 contractors for projects in the GBP5-10m bracket and one of nine contractors for projects worth GBP10m and upwards.

Galliford Try Chief Executive Greg Fitzgerald said: "Galliford Try has a long track record and a growing business in contracting for affordable housing registered providers. We are delighted to have the opportunity of working with A2 Dominion as part of their new framework agreement."

Final Results.

Strong financial performance achieved; excellent position to deliver objectives for 2012 and beyond.


Housebuilding

27% increase in completions to 2,170. (2010: 1,705)

8.1% housebuilding margin shows strong progress (2010: 5.6%), 9.2% achieved in second half.

25% increase in sales currently reserved, contracted or completed at 328 million (2010: 263 million), following resilient summer market.

72% of 10,400 plot landbank now acquired at current market values. (2010: 58% of 9,700)

100% of land required for 2012 financial year in place with detailed planning, 80% land secured for 2013.

Construction

2.4% Construction margin remains robust. (2010: 2.4%)

Strong year end construction cash balance of 217 million. (2010: 207 million)

1.7 billion current construction order book underpinned by major long term projects, 90% of current year's planned revenue secured. (2010: 1.8 billion; 88%)

RNS Number : 4305O

Galliford Try PLC

19 September 2011

GALLIFORD TRY JOINT VENTURE SECURES GBP35 MILLION OF WATER WORK

Galliford Try, the housebuilding and construction group, announces that it has, in partnership with Imtech Process, been awarded a GBP35m contract to construct two advanced anaerobic digestion plants for Anglian Water at sewage works in Basildon and Ipswich.

The plants will generate energy from biogas as bi-products of the sludge treatment process and also produce fertilisers for recycling to land. Galliford Try has completed similar anaerobic digestion plants for the same client at King's Lynn in Norfolk and Great Billing in Northamptonshire.

Greg Fitzgerald, Chief Executive of Galliford Try, commented:

"We are delighted to secure this additional business from an existing framework client. It builds on our track record in delivering both clean and waste water infrastructure projects as a leading infrastructure contractor to the water industry."

Promoted to the FTSE250 as of today I believe.

Interim Management Statement.

Highlights

Housebuilding

38% growth in sales reserved, contracted or completed to 430 million following an encouraging autumn selling season. 342 million is for the current financial year to 30 June 2012. (2010: 312 million and 212 million respectively).

47% increase in sales per outlet to 0.50 per week from 1 July 2011 (2010: 0.34), averaging 0.60 during the autumn selling season. Selling outlets increased to 82 (2010: 59).

Sales prices achieved in line with expectations. Cancellation rates below the long term average at 16%. Mortgage availability showing signs of improvement.

73% of 10,500 plot land bank (2010: 9,600 plots) secured at current market values. On target to secure all plots required for financial year to 30 June 2013 by February 2012.


Construction

Industry leading cash balances continue.

1.6 billion order book in line with expectations (2010: 1.75 billion).

95% of projected revenues for financial year to 30 June 2012 secured with 58% for year to 30 June 2013. (2010: 91% and 55% respectively).

11 JANUARY 2012

GALLIFORD TRY PLC - TRADING UPDATE

Galliford Try plc, the housebuilding and construction group, today provides the following update on trading for the half year ended 31 December 2011. The group expects to announce its results for the half year on 22 February 2012.

Highlights

· Housebuilding

· 59% increase in total completions to a record 1,352 units; 1,216 net of joint venture partners' share (2010: 851 and 779).

· 42% increase in total sales reserved, contracted and completed at £522 million (2010: £367 million). £416 million is for the current financial year to 30 June 2012.

· 36% increase in unit sales per outlet per week to 0.45 (2010: 0.33). Selling outlets increased to 86 (2010: 65).

· 75% of 10,400 plot landbank now secured at current market values (31 December 2010: 62% of 9,500).

· Construction

· 100% of projected revenue for current financial year secured with 62% for year to 30 June 2013 (31 December 2010: 96% and 58% respectively).

· £1.6 billion order book in line with expectations (2010: £1.75 billion).

· 41% of order book in regulated sector, 45% in public and 14% in private maintains a quality spread of future revenues.

Greg Fitzgerald, Chief Executive, commented:

"The board has been encouraged by the progress in housebuilding as our southern biased business performed strongly despite the general economic uncertainty. The spread of long term work in the Group's construction business is underpinning its resilience in challenging market conditions. The Group therefore remains on track to meet its expectations for the financial year."

Following a very strong trading statement last month, Panmure Gordon's analyst, Mark Hughes, is confident that not only will Galliford Try report a "strong" set of first half interim results, but that it will upgrade full-year forecasts.

He forecasts a pre-tax profit of £25.5 million, with net debt coming in at £70 million.

The stock is the most undervalued stock in the sector, trading on a 2012 price to earnings ratio of about 8.5 times, a 45% discount to the sector. The stock also offers a dividend yield of about 4.5%.

http://www.iii.co.uk/articles/25853/week-ahead

A full set of broker BUY recommendations.

A forward P/E of just over 8 to next
year, way undervalued.

Been left behind by the sector.
Should be put right on wednesday.

from hemscott premium

Galliford Try PLC

FORECASTS WIRES 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Panmure Gordon
17-02-12 BUY 60.00 54.30 22.00 70.50 64.40 25.00
Peel Hunt
16-02-12 BUY 60.40 55.24 22.00 66.85 61.15 27.00
The Royal Bank of Scotland NV
28-11-11 BUY 60.00 54.58 22.00
Arbuthnot Securities
11-10-11 BUY 60.00 52.60 22.00 68.00 59.60 26.00
Numis Securities Ltd
14-09-11 BUY 58.00 52.20 22.00 65.30 58.80 26.00

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 59.94 54.19 22.00 68.42 62.05 25.90
1 Month Change 0.06 0.13 0.00 0.17 0.25 -0.03
3 Month Change 0.17 0.33 0.00 0.41 0.64 -0.09


GROWTH
2011 (A) 2012 (E) 2013 (E)

Norm. EPS 67.48% 74.84% 14.51%
DPS 25.69% 60.58% 17.73%

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £41.40m £70.71m £81.58m
EBIT £38.10m £m £m
Dividend Yield 2.74% 4.40% 5.18%
Dividend Cover 2.26x 2.46x 2.40x
PER 16.13x 9.23x 8.06x
PEG 0.24f 0.12f 0.56f
Net Asset Value PS 388.58p 647.63p p

Date Broker name New Price Old price target New price target Broker change

17-Feb-12 Panmure Gordon Buy 500.00p 581.00p

Broker target 581p.

From IG INDEX a proxy for longs and
shorts, updates every 15 mins...

Client Sentiment

LONG 100% of IG clients with open positions in this market expect the price to rise

0% of IG clients with open positions in this market expect the price to fall

GFRD Galliford Try

Looking for Solid results here wed
morning.

Technicaly chart is set up for further
rises.

Half Yearly Report.

GALLIFORD TRY PLC - HALF YEAR REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

HIGHLIGHTS


Financial H1 2012 to H1 2011 to Increase
31 Dec 2011 31 Dec 2010

* Group revenue (1) GBP746.8m GBP575.9m 30%

* Profit before tax GBP32.2m GBP17.0m 89%

* Earnings per share 31.1p 14.8p 110%

* Dividend per share 9.0p 4.5p 100%


Group

· Confident of delivering objectives of three year housebuilding expansion plan.
· PBT increased by 89%, EPS increased by 110%.
· Net debt of £69.8 million in line with expectations (H1 2011: £30.7 million).
· Disciplined housebuilding strategy focused on existing regions and market segments.
· Enhanced dividend and continuation of progressive dividend policy.

Housebuilding

· 59% increase in total completions to a record 1,352 units: 1,216 net of joint venture partner share (H1 2011: 851 and 779).

· 11.0% housebuilding margin (excluding a significant land sale made in the period) showing further strong progress (H1 2011: 6.5%).

· 34% increase in total sales currently reserved contracted and completed at £605 million (H1 2011: £450 million), of which sales for the current financial year are up 63% at £480 million (H1 2011: £294 million) representing 78% of this financial year's projected revenue.

· 100% of plots for planned production in 2012 and 2013 now secured, with 76% of 10,700 plot land bank acquired at current market values.

Construction

· 2.2% construction margin holding up well in difficult market (H1 2011: 2.5%).

· Continued focus on contracts with acceptable returns. Value of order book in line with expectations at £1.6 billion (H1 2011: £1.75 billion), underpinned by strength in long term frameworks for infrastructure projects. 100% of 2012 projected revenues have been secured, with 67% for 2013 (H1 2011: 100% and 61%).

· Construction cash balance of £149 million in line with forecasts (H1 2011: £174 million).

Excelent results easily smashes through
concensus profit figure of pre tax £25.5
million expected.

http://www.an ADVFN competitor.com/action/news/showArticle?id=4313986

Should see a re - rating from here and brokers
flocking in with BUY recomendations.

In auction!

UP 11% yeeeeeeeeeee haaaaaaaaaaaaaa

Are we there yet?

GALLIFORD TRY WINS TWO WATER CONTRACTS TOTALLING £49 MILLION

Galliford Try, the housebuilding and construction group, announces that it has been awarded a pair of contracts worth a total of £49 million by Yorkshire Water to upgrade the Blackburn Meadows waste water treatment plant in Sheffield.

The larger of the contracts is worth £31m and will ensure that Blackburn Meadows meets the requirements of the EU's Freshwater Fish Directive. The programme will last approximately 18 months. The second scheme is worth £18 million and will result in a new mesophilic anaerobic digestion plant.

Greg Fitzgerald, Chief Executive of Galliford Try, commented:

"We are delighted to secure such substantial and significant schemes from one of our longest standing clients. We have considerable expertise and experience of anaerobic digestion from other water clients and we're glad to have the opportunity to share this with Yorkshire Water."

RNS Number : 6470Z

Galliford Try PLC

20 March 2012

GALLIFORD TRY SECURES NEW DEVELOPMENT CONTRACTS WORTH GBP56 MILLION

Galliford Try, the housebuilding and construction group, announces that its Partnerships business has been appointed to deliver projects providing in excess of GBP56 million of new developments in Greater London.

The business has reached financial close on a GBP27 million development in White City for: West London LIFT, part of the Fulcrum Infrastructure Management group of companies; Notting Hill Home Ownership; and Hammersmith & Fulham Primary Care Trust. The development will feature a new health and social care centre, 170 mixed tenure apartments and further community facilities.

Under further contracts the Partnerships business will build three new major affordable housing developments for established housing association clients.

The first involves a 60-home mixed tenure project in the Aylesbury Estate area of South London for London and Quadrant, valued at GBP8.1m. The second is the St Edmunds Terrace development in North London for The Guinness Partnership, which features a mix of 64 affordable homes and private sale homes worth GBP10.4m in total. The third comprises the Three Colts Lane scheme in Tower Hamlets, which will see 67 mixed tenure homes provided for Peabody with a contract value of GBP10.7m.

Galliford Try Chief Executive Greg Fitzgerald commented:

"We are delighted at the success of our Partnerships brand in winning these significant contracts within the Greater London area.

"The track record of the business goes before it and we look forward to working with our partners to develop the high quality public buildings and affordable housing that these communities are asking for."

GALLIFORD TRY WINS £49 MILLION IN COMMERCIAL BUILDING CONTRACTS

Galliford Try plc, the housebuilding and construction group, has announced the award of three new contracts in the commercial building sector worth £49.4 million.

First, in the central London office sector Galliford Try has been selected by Green Property (UK) Ltd for a £27 million project to create 100,000 sq ft of Category A office space in the St James's Park area. In addition, Royal London Mutual Insurance have instructed Galliford Try to refurbish and extend 6,500 sq m of office space at 1A Wimpole Street in a contract worth £8.9 million.

In the Midlands, Galliford Try have also been engaged by Aviva Investors and Citycourt Estates to construct the new Warwickshire Shopping Park at Binley near Coventry. The £13.5 million retail park is expected to complete in January 2013 and will feature 24 retail units and community spaces, with Marks & Spencer, Boots and Asda already committed to the project.

Galliford Try Chief Executive Greg Fitzgerald said:

"We are delighted to have won such significant contracts in the commercial sector. The London office sector remains an important market for us, while the Warwickshire Shopping Park is yet another landmark project for Galliford Try in the Midlands region."

RNS Number : 5211A

Galliford Try PLC

02 April 2012

GALLIFORD TRY REACHES FINANCIAL CLOSE ON GBP347 MILLION GATESHEAD REGENERATION PROGRAMME

Galliford Try plc, the housebuilding and construction group, announces that it has reached financial close on the GBP347 million Gateshead regeneration programme announced in April 2011.

Galliford Try's consortium with Gateshead Council and housing association Home Group will now form a Local Asset Backed Vehicle to build 2,400 homes and associated community facilities, for both private sale and affordable housing.

Work is expected to start on the first sites later this year and continue over the next 15 years, with the first package of three sites seeing the development of 318 homes, 55 of which will be for affordable tenures. All homes will exceed current Homes & Communities Agency space standards.

Galliford Try chief executive Greg Fitzgerald commented:

"We are delighted to have reached an agreement with our partners to build this much-needed housing in the Gateshead area. We believe that this new local asset backed model with Gateshead Council and Home Group represents an innovative solution to enable Galliford Try and its partners to significantly improve affordable homes supply and sustainable communities in the North East."

Interim Mangement Results.

Housebuilding

· Strong sales in the year to date with 97% of sales for the financial year in hand.

· £774 million of sales reserved, contracted or completed, of which £625 million is for the current financial year to 30 June 2012 (2011: £540 million and £371 million respectively).

· 100% of plots secured for 2013. 80% of plots secured for FY 2014.

· Land availability remains good with the landbank standing at 10,600 of which 78% is secured at current market values (2011: 67% of 10,150).

Construction

· Stable order book at £1.6 billion (31 December 2011: £1.6 billion).

· Significant project wins in the period including financial close on the £347 million Gateshead Regeneration programme, a total of £117 million of projects for Anglian Water, Scottish Water and Yorkshire Water, £56 million of Partnerships development contracts and £49 million in the commercial building sector.

· Cash balances are in line with our expectations.

· 80% of next year's revenue secured (2011: 72%).

GALLIFORD TRY AWARDED £80 MILLION KINGSKERSWELL BYPASS CONTRACT

Galliford Try, the housebuilding and construction group, announces that it has been awarded an £80 million contract to construct the A380 South Devon Link Road for Devon County Council and Torbay Council.

The 5km dual carriageway will run between Newton Abbot and Torquay, bypassing the village of Kingskerswell. The majority of the scheme is funded by the Department of Transport with significant additional support from Devon County Council and Torbay Council. Detailed design work is due to begin this month with construction to complete by the end of 2015.

Greg Fitzgerald, Chief Executive of Galliford Try, commented:

"We are delighted to be awarded this major and prestigious contract which will result in significant economic and environmental benefits and also improve safety. The link road is a great opportunity for us to further strengthen our presence in the south-west, a region where we are well established as a housebuilder."

Price to buy on 7th November 2003 was 41p = today it's £6.02. Very nice for those who stuck with it over the years!

RNS Number : 9752E

Galliford Try PLC

11 June 2012

GALLIFORD TRY JOINT VENTURE AWARDED GBP180 MILLION WASTE WATER SCHEME

Galliford Try, the construction and housebuilding group, announces that it has, in joint venture with Costain Group plc and Atkins (WS) plc, reached financial close on the GBP180m contract awarded by United Utilities Group plc to upgrade and extend Liverpool Waste Water Treatment Works and announced in May 2011.

The project involves the construction of a two-storey sequential batch reactor plant in the disused Wellington Dock, as well as upgrades to the existing works in the adjacent Sandon Dock to the north of Liverpool city centre.

The Galliford Try joint venture was appointed by United Utilities to work on its AMP5 schemes in April 2010 and the scheme, under development since May 2011, will be progressed as part of existing framework arrangements.

Greg Fitzgerald, Chief Executive of Galliford Try, commented:

"We are delighted to secure this business from an existing framework client. It builds on our track record of delivering both clean and waste water infrastructure projects."

DIRECTORATE CHANGE
19 JUNE 2012

GALLIFORD TRY PLC
GRAHAM PROTHERO APPOINTED GROUP FINANCE DIRECTOR


Galliford Try plc, the housebuilding and construction Group, has appointed Graham Prothero to join the Board of Directors as Group Finance Director and he will join the Company following handover at his current business. As previously announced in November 2011 the current Group Finance Director, Frank Nelson, will retire from the Board at the end of September 2012 when he will have completed 25 years of service.

Graham Prothero joins Galliford Try from Development Securities PLC, a property developer and investor in the UK where he has been Finance Director since November 2008. Graham is a director of Development Securities PLC and Development Securities (Investments) PLC. From 2001 until 2008 Graham was a partner with Ernst & Young. Graham is a member of the Institute of Chartered Accountants in England and Wales and has previously held positions as Finance Director at Blue Circle Properties and Taylor Woodrow's UK Housebuilding.

Greg Fitzgerald, Chief Executive, Galliford Try commented:

"I am delighted that Graham is joining us as Group Finance Director. Graham has considerable financial experience in the property and housebuilding sectors and accordingly he will be a valuable asset to the Group as we continue to further develop the business. I would also like to express my sincere thanks to Frank Nelson on his significant contribution to the Group over the last 25 years."

A further announcement concerning the date of Graham Prothero's joining the Board will be made in due course.

There is no other information to be disclosed under Paragraph 9.6.13R of the Listing Rules.

12 month high 656p.

Trading Statement

HIGHLIGHTS

· Exceeded the objectives of our three year transformational housebuilding plan.

· Full year results expected to be in line with market expectations.

· Net cash of over £20 million at 30 June 2012 (31 December 2011: net debt £70 million and 30 June 2011: net cash £37 million).

Housebuilding

· Housing completions (including joint ventures) up 40% to a record 3,039 units (2011: 2,170 units).

· Average private sales price up 10% to £250,000 (2011: £227,000).

· 11% increase in housing sales carried forward at £273 million (2011: £247 million).

· Increase in total landbank to 10,500 plots (30 June 2011: 10,250 plots), with a greater concentration of plots in the stronger south east in line with our strategy.

· 81% of 10,500 plot landbank secured at current market values. 100% of plots secured for the new financial year's production. 87% of plots secured for FY 2014.

Construction

· Continued resilient performance in difficult markets.

· £1.6 billion stable order book in line with expectations (31 December 2011: £1.6 billion and 2011: £1.75 billion).

· Strong cash management throughout the year with cash balances in line with our expectations.

· Major contract awards instructed include the £347 million Gateshead Regeneration Programme, the £180 million scheme to upgrade and extend the Liverpool Waste Water Treatment Works and the £80 million Kingskerswell Bypass contract.

· 82% of projected revenue for the new financial year secured (2011: 80%).

GALLIFORD TRY ANNOUNCES £100 MILLION OF AFFORDABLE HOUSING DEALS

Firstly, the Partnerships business has finalised a contract on the Gallions Quarter development in East London, following its selection as preferred developer in July 2011. The £23 million contract will see Galliford Try construct 170 homes in the second phase of the 700-home development, which also includes commercial and retail premises as part of a major regeneration programme of the area commissioned by the London Development Agency.

Secondly, mayoral approval has been granted for the £52 million redevelopment of the old St Clement's hospital site in Mile End, East London. The contract provides for a minimum of 223 homes, including provision of 21 homes to be granted to London's first Community Land Trust, as well as a further 54 affordable homes. The remaining 148 homes will be sold via the Linden Homes brand.

Final Results

Highlights

Financial....... 2012............2011.............Increase

· Group revenue¹....£1,504m......£1,284m............17%

· Profit before tax..£63.1m........£35.1m ²............80%

· Earnings per share..60.9p........32.2p ²..............89%

· Dividend per share..30.0p........16.0p................88%

Group

· Exceeded objectives of three year transformational plan, delivered substantial increase in profits and return on capital
· 2012 PBT increased by 80%, EPS by 89%
· Strong balance sheet with year end net cash of £23 million, providing platform for future growth
· Disciplined growth strategy supporting progressive and sustainable dividend policy

Housebuilding

· 40% increase in completions (inclusive of joint ventures) to 3,039 (2011: 2,170)

· 11.8% housebuilding margin shows strong progress (2011: 8.1%)

· Following a resilient summer performance 7% increase in sales currently reserved, contracted or completed at £350 million (2011: £328 million)

· 81% of 10,500 plot landbank now acquired at current market values (2011: 72% of 10,400)

· 100% of land required for 2013 financial year in place, 90% of land secured for 2014

Construction

· Despite difficult markets 2.0% construction margin remained robust (2011: 2.4%)

· Year end construction cash balance of £146 million in line with forecast (2011: £217 million)

· Stable current order book at £1.65 billion (2011: £1.7 billion) with continued focus on contracts with acceptable returns

· 86% of current year's planned revenue secured (2011: 90%)

Galliford Try sparkles
Tue 18 Sep 2012

GFRD - Galliford Try



LONDON (SHARECAST) - House-building and construction firm Galliford Try saw profits soar last year, paving the way for its full-year dividend pay-out to almost double.

Group revenue in the year ended June 30th rose 17% to £1,504m from £1,284m the year before.

Profit before tax surged 80% to £63.1m from £35.1m the previous year, while earnings per share jumped 89% to 60.9p from 32.2p last year. The divi rose in line with earnings, from 16p to 30p.

The current order book is more or less stable at £1.65bn, versus £1.7bn at the end of June 2011.

"Against a background of challenging and uncertain economic conditions I am very pleased to report that we have exceeded the objectives of our three year transformational housebuilding plan, delivering a substantial increase in profits and return on capital. In addition, we have maintained a high quality construction order book," said Greg Fitzgerald, the firm's Chief Executive.

"We have a strong balance sheet and a disciplined growth strategy with a clear focus on improving margins that positions us well to deliver further profitable growth in the new financial year and beyond," he added

GALLIFORD TRY AGREES CONTRACT FOR £89 MILLION LEISURE COMPLEX

Galliford Try plc, the housebuilding and construction group, announces that it has reached financial close with Genting UK to build a major new leisure and retail development at the National Exhibition Centre in Birmingham.

The Resorts World project, valued at £89 million, includes a new casino, a 176-bed four/five-star hotel and spa, conference facilities, a factory outlet centre, a cinema complex, food and beverage retail space and parking for 480 cars. The scheme is set to start on site in October 2012 with completion expected in January 2015.

Galliford Try Chief Executive Greg Fitzgerald said: "This contract represents a significant success for our business in a difficult market for construction. We are delighted we have completed a successful negotiation with Genting UK and now look forward to starting on site on what will be one of the most prestigious projects in the Midlands of recent times."

Interim Management Statement

Highlights

Housebuilding

· 7% growth in sales reserved, contracted or completed to £460 million following an encouraging autumn selling season which has been maintained in recent weeks (2011: £430 million).

· Sales per outlet maintained at 0.51 per week from 1 July 2012 (2011: 0.50), averaging 0.62 during the autumn selling season. Selling outlets maintained at 83 (2011: 82).

· Sales prices slightly ahead of expectations. Cancellation rates stable at 17%.

· 81% of 10,500 plot land bank (2011: 73% of 10,500 plots) secured at current market values. 94% of land secured for financial year to 30 June 2014.


Construction

· More opportunities apparent albeit pricing levels remain competitive.

· Cash balances remain robust.

· Stable £1.6 billion order book in line with expectations (2011: £1.6 billion) with a number of key projects wins in the period in both the private and public sector.

· 92% of projected revenues for financial year to 30 June 2013 secured with 55% for year to 30 June 2014 (2011: 95% and 58% respectively).

Group

· The Group has a strong balance sheet providing a good platform for future growth.

· In September 2012 Galliford Try was admitted to the FTSE4Good Index recognising the Group's commitment to environmental, social and governance matters.

Re Contract

Galliford Try plc, the housebuilding and construction group, announces that its Construction Division has been appointed to four new contracts worth £55 million in aggregate.

Firstly, St Hugh's College, part of the University of Oxford, has selected Galliford Try to build the £16.7 million China Centre. The new building will house an interdisciplinary research centre focused on all aspects of Chinese culture, including teaching facilities, a library, catering facilities and 62 study bedrooms for students. The contract has been partly funded by a £10 million donation from the Hong Kong-based philanthropist Dickson Poon CBE, with the centre carrying his name.

Secondly, Galliford Try has been awarded the £16.3 million contract to build the new five-star Gainsborough Hotel in Bath by developers YTL. The hotel, situated in a grade two listed building, will feature 99 bedrooms and include a health spa and conference facilities.

Thirdly, Galliford Try Partnerships has reached financial close on a £20 million contract to construct a new Extra Care facility in Stone Road, Stafford on behalf of Staffordshire County Council and The Wrekin Housing Trust. The project provides for Flexicare apartments, specialist care facilities, and the provision of a GP surgery and health centre.

Finally, Gloucestershire County Cricket Club has instructed Galliford Try to carry out major improvements to the international cricket ground at Nevil Road in Bristol. Works include a new media centre as well as conference and banqueting facilities in a contract worth £5 million. As part of the project 147 new homes will also be created on the site by Galliford Try's housebuilding arm Linden Homes.

Galliford Try Chief Executive Greg Fitzgerald said: "We are delighted to have won four such significant contracts in an extremely competitive market. These contract awards show that we can compete in different sectors and different regions across the country and provide our clients with high quality cost effective solutions for their needs."

Re Contract

GALLIFORD TRY WINS £100 MILLION MANCHESTER REGENERATION PROJECT

Galliford Try plc, the housebuilding and construction group, announces that S4B, the Equitix-led partnership that includes Galliford Try and Contour Homes, has been appointed as preferred bidder for the £100 million Brunswick regeneration scheme.

The regeneration programme will transform the Brunswick area of East Manchester, providing 522 new homes as well as new community facilities, including an Extra Care centre and retail units. Additionally, extensive infrastructure works and remodelling will be carried out.

Leading repairs and maintenance contractor Mears will refurbish a further 653 homes and provide ongoing facilities management services under the project.

Trading Statement

Group

· Half year profit anticipated to be above board expectations.

· Net debt of £60 million, improvement on last year (2011: £69.8 million).

Housebuilding

· Revenue is expected to be up on last year on a combination of record 1,364 unit completions, 1,229 net of joint venture partners' share (2011: 1,352 and 1,216) and an increase in the average selling price of our properties.

· 4% increase in total sales reserved, contracted and completed at £544 million (2011: £522 million).

· Stable unit sales per outlet per week at 0.46 (2011: 0.45).

· 83% of 10,400 plot landbank now secured at current market values (31 December 2011: 75% of 10,400). 96% of land secured for 2014.

· Operating margin expected to be up on full year with continued industry leading return on capital.


Construction

· 99% of projected revenue for current financial year secured with 62% for year to 30 June 2014 (31 December 2011: 100% and 62% respectively).

· Stable £1.6 billion order book in line with expectations as we continue to manage risk and moderate turnover (2011: £1.6 billion).

· 40% of order book in regulated sector, 42% in public and 18% in private maintaining a high quality and diverse spread of future revenues (2011: 41%, 45% and 14% respectively).

Galliford Try dropped from £20m arena in Birmingham

Galliford Try has been dropped at the last minute from a £20m contract to refurbish the National Indoor Arena in Birmingham.

Client the National Exhibition Centre named Galliford as preferred bidder last September following a formal tender race.

But both sides have been unable to agree a final price and have parted company.

Galliford Try confirmed the original price as £18m.

GALLIFORD TRY SELECTED FOR £60 MILLION OF AFFORDABLE HOUSING CONTRACTS

Galliford Try plc, the housebuilding and construction group, announces that its Partnerships business has been named as preferred bidder for several projects in the affordable housing sector which together total in excess of £60 million.

Housing association Affinity Sutton has named Partnerships as preferred bidder for the Hampstead Reach project in north London, which will see the creation of 80 mixed tenure homes and commercial units under a £15.6 million contract.

Half Yearly Results

Financial
H1 2013

H1 2012
· Group revenue¹
£678.3m
£746.8m
· Profit before tax
£32.3m
£32.2m
· Net debt
£58.2m
£69.8m
· Earnings per share
31.3p
31.1p
· Dividend per share
12.0p
9.0p

Group

· Strong half year results, on track for full year.
· Net debt of £58.2 million (H1 2012: £69.8 million).
· Disciplined growth strategy with a focus on margin improvement.
· Dividend up 33%, continuation of progressive dividend policy.

Housebuilding

· Record number of total completions at 1,364 units; 1,229 units net of joint venture partner share (H1 2012: 1,352 and
1,216 respectively).

· 12.1% housebuilding margin showing good progress (H1 2012: 12.6% reducing to 11.0% after excluding a significant
land sale profit of £6.9 million).

· 5% increase in total sales currently reserved, contracted and completed at £638 million (H1 2012: £605 million).

· 100% of plots for planned production in 2013 and 2014 secured with 65% secured for 2015, 84% of our 10,700 plot
landbank acquired at current market values (H1 2012: 76% of 10,700).

Construction

· Construction margin of 1.9% in line with expectations in a continuing difficult market (H1 2012: 2.2%).

· Maintained focus on contracts with acceptable returns. Stable order book at £1.6 billion (H1 2012: £1.6 billion),
underpinned by strength in long term frameworks. 100% of 2013 projected revenues have been secured, with 65%
secured for 2014 (H1 2012: 100% and 67% respectively).

· Construction cash balance of £137 million in line with forecast (H1 2012: £149 million).

GALLIFORD TRY SECURES SIGNIFICANT REGIONAL BUILDING CONTRACTS TOTALLING OVER £60 MILLION

Galliford Try plc, the housebuilding and construction group, announces that its Building business has secured four new contracts predominantly in the south east of England and worth in excess of £60 million.

Firstly, Galliford Try has been contracted by Muse Developments to build the second phase of the Chatham Place regeneration scheme in the centre of Reading. The development is worth £24 million and will see the creation of two new apartment blocks containing 184 homes, 2055 sq ft ground floor retail space, an urban garden accessible to the public, and other public realm improvements.

Secondly, LHA London Ltd has contracted Galliford Try to build its latest hostel facilities for young working people and students at Torquay Street in London. The £13 million project will see the creation of 158 micro-flats with appropriate communal facilities.

Thirdly, Lothbury Investment Management Limited has selected Galliford Try to build 24,500 sq ft of office space at 55 St James's Street in London. The commercial development will include a basement and residential level on the sixth floor when completed in January 2015.

Finally, Galliford Try Building and English Cities Fund have reached financial close for the £13.5 million E3 Salford regeneration project in Chapel Street, Salford. The development will create 97 homes for private sale with additional retail units.

Chief Executive Greg Fitzgerald commented: "We are delighted to have won these four contracts so soon after our recent regional successes in Manchester. These awards reconfirm that we are securing contracts in line with our strategy across the country. The South East in particular remains a key market for us and we look forward to working with all our partners going forward to deliver these important schemes for each of them."

Trading Statement

Group

· Record full year results, in line with the current market consensus.
· Modest net debt of less than £20 million at 30 June 2013. (31 December 2012: net debt £58 million and 30 June 2012: net cash £23 million).

Housebuilding

· Record total landbank of 11,300 plots up 8% (30 June 2012: 10,500 plots).
· Record £313 million year end sales carried forward position up 15% (2012: £273 million).
· Average private sales prices up 5% to £262,000 (2012: £250,000).
· Revenue in line with last year on completions (including joint ventures) of 2,932 units (2012: 3,039 units). During the second half of the year sales rates averaged 0.64 per site per week (H2 2012: 0.55 per week).
· Strong progress on margin to circa 13% (2012: 11.8%).
· 86% of landbank secured at current market values. 100% of plots secured for the new financial year's production and 87% of plots secured for FY 2015.

Construction

· Solid performance in a continuing difficult market.
· Stable order book of £1.65 billion (31 December 2012: £1.6 billion and 30 June 2012: £1.65 billion).
· Strong cash management throughout the year, with cash balances at similar levels to last year.
· All business units experiencing an increase in opportunities albeit pricing remains challenging. Major contract awards include the £89 million leisure and retail development in Birmingham and the £52 million redevelopment of the old St Clements Hospital site in East London. We were also recently reappointed to the Environment Agency's four year water and environment management framework and to the new Manchester Airport Group framework.
· 82% of project revenue for the new financial year secured (2012: 82%).

Re Contract

GALLIFORD TRY APPOINTED TO £35 MILLION SECOND PHASE OF HMP PARC PRISON REDEVELOPMENT

Galliford Try plc, the housebuilding and construction group, announces that its Building business has been appointed by Bridgend Custodial Service Limited in co-operation with G4S Care and Justice Services (UK) Limited and the Ministry of Justice ('MoJ') to build the second phase of the HM Prison & Young Offenders' Institution Parc in Bridgend, South Wales.

The £35 million contract will involve the creation of a new house block containing 216 cells that will accommodate 387 prisoners. In addition a new two storey industrial workshop and education building will be built along with a visitor centre and gatehouse. A new 350 space car park, extended perimeter walls and security fencing will also be created.

Galliford Try Chief Executive Greg Fitzgerald commented: "We are delighted to have been selected again by G4S and the MoJ following the successful completion of phase one at HMP Parc. This contract demonstrates the difference our proactive approach to partnering with our clients and delivering their requirements makes in a competitive market place."

Re Contract

GALLIFORD TRY'S PARTNERSHIPS BUSINESS APPOINTED TO TWO HOUSING CONTRACTS IN EAST LONDON TOTALLING £60 MILLION


Galliford Try plc, the housebuilding and construction group, announces that it has secured two housing contracts in East London worth a combined £60 million. Both involve delivering housing schemes for registered provider Peabody.

The first scheme will involve providing the £35.4 million first phase of a four-phase development at Devon's Road in Bow which will initially create 259 mixed-tenure homes. The works also include 1585sqm of commercial space, associated external works and landscaping.

The second project involves the redevelopment of the former Plaistow Hospital site in Newham to celebrate Peabody's 150th year. The £24.9 million project will enable the realisation of the winning design in an international competition which Peabody ran to celebrate its milestone anniversary. The scheme will consist of 168 mixed tenure homes, and extends to the restoration of historic hospital buildings and creation of new-build homes at the site. The scheme is expected to achieve Code for Sustainable Homes Level 4.

Galliford Try Chief Executive Greg Fitzgerald commented: "We are delighted to have once again demonstrated the strength of our offering in London as an affordable housing contractor. We look forward to working with Peabody to realise their vision for these two major schemes in East London."

Final Results

Highlights

Financial 2013 2012 Change

· Group revenue¹ £1,467m £1,504m - 2%
· Profit before tax £74.1m £63.1m +17%
· Earnings per share 71.7p 60.9p +18%
· Dividend per share 37.0p 30.0p +23%
· Group return on net assets² 16.6% 15.1% +1.5ppts

Group

· Record profits achieved through successful execution of strategy
· Record earnings per share, increasing by 18% to 71.7p
· Return on net assets improved to 16.6%
· 23% increase in full year dividend payment reflecting our strong financial position and the board's confidence in the future
· Modest net debt of £14.4 million at 30 June 2013 (2012: net cash of £22.5 million)

Housebuilding

· Strong margin performance with 11% increase in housebuilding operating margin to 13.1% (2012: 11.8%)
· Revenue in line with last year despite a small reduction in the number of completions (inclusive of joint ventures) to 2,932, consistent with our focus on developments offering superior returns on capital (2012: 3,039)
· Strengthening market demand, assisted by the Government's Help to Buy scheme and greater availability of funding, supports 16% increase in sales currently reserved, contracted or completed at £405 million (2012: £350 million)
· Record 11,300 plot landbank with 86% now acquired at current market values (2012: 81% of 10,500). Good performance from strategic land
· 100% of land required for 2014 financial year in place, 90% of land secured for 2015

Construction

· Order book maintained at £1.7 billion (2012: £1.65 billion) with pipeline of opportunities increasing
· In continuing challenging market conditions, a robust construction margin of 1.7% in line with our expectations (2012: 2.0%)
· Strong cash management with a year end construction cash balance of £145 million (2012: £146 million)
· 87% of current year's planned revenue secured (2012: 86%)

Re Contract

GALLIFORD TRY APPOINTED AS PREFERRED DELIVERY PARTNER FOR £49.7 MILLION OF NEW SCHOOL CAMPUSES IN SCOTLAND

Galliford Try plc, the housebuilding and construction group, announces that its Scottish business Morrison Construction has been appointed preferred contractor for two new school campuses, potentially worth up to £49.7 million in total, by hub South West Scotland Limited.

Following financial close, Morrison Construction will undertake the construction of the new Greenfaulds High School, Cumbernauld in a contract potentially worth up to £26.5 million, and the Clyde Valley Schools Campus in Wishaw, which represents a potential £23.2 million project. The new Clyde Valley Campus will cater for circa 1,018 pupils across the full age range from 3-18, while Greenfaulds will see 1,350 pupils accommodated in the new secondary school.

Galliford Try Chief Executive Greg Fitzgerald commented: "We are delighted to secure these significant projects which reflect our reputation and strong market presence within the education sector in Scotland. We look forward to successfully delivering both projects for our client and wider stakeholders, and in turn providing pupils, teachers and the communities in North Lanarkshire with an enhanced built environment and improved facilities."

Re Contract

GALLIFORD TRY APPOINTED AS A MAIN CONTRACTOR FOR £4 BILLION EDUCATION FUNDING AGENCY FRAMEWORK

Galliford Try plc, the housebuilding and construction group, announces that it has been appointed to both regional segments of the new four-year Education Funding Agency ('EFA') Contractors Framework.

Galliford Try's Building business is one of 10 contractors appointed to the framework nationally, worth a potential £4 billion in aggregate, and one of only eight contractors named on both the North and the South sectors. The framework will be the primary means of procurement by government bodies of major capital works for academies, free schools and the capital-funded element of the Priority Schools Building Programme.

Chief Executive Greg Fitzgerald commented: "We are delighted to have been selected by the EFA to be one of their key partners going forward. The education sector is a priority both for the nation and for Galliford Try and we look forward to working on the next generation of projects to improve school environments for children all over the country."

Interim Management Statement

Housebuilding

· Following a strong autumn selling season our in hand position of sales reserved, contracted or completed has risen, from last year's record position, by 21% to £585 million (2012: £485 million) of which £485 million is for the current financial year to 30 June 2014, up 33% on last year.

· Sales prices up by between one and three per cent since start of the financial year, with variations between regions. Cancellation rates stable at 17%.

· Excellent period of land acquisition with landbank increasing by 24% to a record 13,000 plots (2012: 10,500). 95% of land secured for financial year to 30 June 2015. We continue to see good opportunities to acquire land which meet our defined return and hurdle rates.

Construction

· Robust order book at £1.75 billion (2012: £1.6 billion).

· Pipeline of opportunities continues to increase.

· Continuing strong cash management and margin protection, both in line with expectations.

· 93% of projected revenues for financial year to 30 June 2014 secured with 55% for year to 30 June 2015 (2012: 92% and 55% respectively).

Group

· Build cost inflation and supply chain challenges being well managed in both housebuilding and construction.

· The balance sheet remains solid providing a strong platform for continued growth. Average net debt for the first four months of the year increased, as planned, to £158 million (full year to 30 June 2013: £134 million), reflecting the increase in the landbank.

Trading Statement

Group

· Anticipating a record half year profit.
· Net debt of £90 million (2012: £58 million) rose as planned, reflecting the significant increase in the landbank, and was at the lower end of expectations due to a strong performance from Construction.

Housebuilding

· Continued strong performance with encouraging rates of sale and prices above expectations, in line with our November statement.
· 20% increase in total sales reserved, contracted and completed at £652 million (2012: £544 million).
· Average selling price up 16% at £288,000 (2012: £248,000) reflecting the strong demand for our well located southern sites and increased focus on houses. The average selling price for affordable sales was £118,000 (2012: £115,000) producing a combined average selling price of £250,000 (2012: £216,000).
· Revenue is expected to be up on the equivalent half year period, as a consequence of 1,359 unit completions, 1,279 net of joint venture partners share (2012: 1,364 and 1,229), and the significant increase in the average selling price.
· Good unit sales per outlet per week at 0.50 (2012: 0.46). Cancellation levels remain around the long term average at 19% (2012: 19%).
· Record landbank of 13,100 plots with the land market continuing to be positive. 90% of landbank now secured at current market values (31 December 2012: 83% of 10,400). 98% of land secured for 2015.
· Operating margin has improved since the previous half year (31 December 2012) and anticipated to be broadly in line with the full year to June 2013.

Construction

· Challenging market conditions although pipeline of opportunities continues to increase. Order book remains robust at £1.75 billion as we continue to focus on strong cash management and margin protection (2012: £1.6 billion).
· 98% of projected revenue for the current financial year secured with 62% for the year 30 June 2015 (31 December 2012: 99% and 62% respectively).
· High quality and diverse future revenues with 40% of order book in the regulated sector, 39% in public and 21% in private (2012: 40%, 42% and 18% respectively).
· During the previous six months we have announced a number of major project wins across our divisions including the new four year Education Funding Agency contractors framework, financial close of the Brunswick regeneration scheme, preferred bidder for the Kent 'Excellent Homes for All' scheme, the Forbury Place office contract in Reading and several health and education contracts in Scotland and the Midlands.
· As planned, realignment of Partnerships division successfully implemented, to strengthen focus in this key growth area.

Half Yearly Report

GALLIFORD TRY PLC - HALF YEAR REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2013

CONTINUING STRONG PROGRESS AND STRATEGY UPDATE TO 2018

Financial H1 2014 H1 2013 Change ·

Group revenue ¹ £803.5m £678.3m +18%
· Profit before tax £38.1m £32.3m +18%
· Earnings per share 36.8p 31.3p +18%
· Dividend per share 15.0p 12.0p +25%
· Net debt £85.9m £58.2m + £27.7m
· Group return on net assets ² 17.1% 14.9% + 2.2 ppts

Group

· Record half year results; strong progress towards the full year.
· Net debt of £85.9 million (H1 2013: £58.2 million), reflecting the planned significant increase in landbank.
· Across all businesses we continue to manage supply chain constraints.
· New £400 million five year unsecured bank facility.
· Interim dividend up 25%, continuation of our progressive dividend policy with expectation of full year dividend at 1.8x cover.
· Disciplined growth strategy to 2018 with the objective of more than doubling FY13's profits and earnings per share.

Housebuilding ³

· Linden Homes revenue up 20% to £328.2 million (H1 2013: £273.5 million) from completions of 1,300 units; 1,230 units net of joint venture partner share (H1 2013: 1,297 and 1,168 respectively).
· 13.5% Linden Homes operating margin (H1 2013: 12.4%) showing good progress against our margin enhancement programme.
· Galliford Try Partnerships business now realigned within the housebuilding division to refocus management to capture significant growth opportunities.
· Galliford Try Partnerships revenue, including both contracting and mixed tenure, up 134% to £100.9 million (H1 2013: £43.1 million) generating an operating margin of 1.9% (H1 2013: 1.2%). 59 private sales in the period.
· 17% increase in total sales currently reserved, contracted and completed across Linden Homes and Galliford Try Partnerships at £744 million (H1 2013: £638 million); strong partnerships contracting order book of £0.5 billion (H1 2013: £0.4 billion).
· Record landbank of 13,500 plots. 90% landbank secured now at current market value (H1 2013: 84% of 10,700). 100% of land secured for 2015 and 70% of land secured for 2016 with the land market remaining generally positive.

Construction ³

· Construction margin of 1.4% (H1 2013: 1.8%) in line with expectations in a challenging market with opportunity levels continuing to rise.
· Robust order book at £1.25 billion (H1 2013: £1.2 billion) providing high quality and diverse future revenues. 100% of projected revenue secured for the current financial year with 65% secured for 2015 (31 December 2012: 100% and 65% respectively).
· Strong cash balance of £121.5 million underlining the solid performance of the business (H1 2013: £123.0 million).

Interim Management Statement

Galliford Try plc, the housebuilding and construction group, today issues its Interim Management Statement for the period 1 January to 13 May 2014.

Greg Fitzgerald, Chief Executive, commented:

"The Group has made strong progress since the start of the year particularly in housebuilding where market conditions continue to improve. With six weeks to the year end, the Group expects to report a profit before tax for the full year ending 30 June 2014 above the current analysts' consensus of £89.7 million and not less than £92.0 million.

During the spring selling season Linden Homes experienced strong levels of reservations with sales prices improving above management expectations. Our margin enhancement programme is also progressing on plan, and the division has made further progress at the operating margin level. Galliford Try Partnerships, realigned from 1 January 2014 into the Housebuilding Division, is also experiencing strong demand for both contracting and mixed tenure projects. We continue to buy land at our increased hurdle rate of 22% and together Linden Homes and Galliford Try Partnerships have a record housing landbank of 13,750 plots.

In construction we have grown our order book and are seeing increased levels of opportunities across the business. The division is winning work with appropriate margin and inflation protection and continues its focus on risk management and cash, which have been robust in the period.

All of our businesses, in common with the industry, continue to experience challenging production conditions, with supply of both labour and materials constrained by strong demand; however these conditions are stabilising and we continue to manage them proactively.

Year end net debt is expected to increase compared to June 2013 reflecting planned higher investment in land. This is in line with our strategy, announced in February, of disciplined growth across the Group's businesses, against which we are making good progress."

Housebuilding

· Record £1.0 billion of sales reserved, contracted or completed across both Linden Homes and Galliford Try Partnerships, of which £790 million is for the current financial year to 30 June 2014 (2013: £853 million and £644 million respectively).
· Since our last update, the division is experiencing strong levels of activity with reservations up 30% per outlet and sales rate per week, since 1 January 2014, at 0.79 (2013: 0.70).
· Solid Galliford Try Partnerships contracting order book of £0.5 billion (31 December 2013: £0.5 billion).
· Both businesses are actively pursuing good land opportunities at our increased hurdle rate. The division currently has a record landbank of 13,750 plots of which 91% have been secured at current market values (2013: 85% of 11,000). All plots secured for 2015 together with 75% of plots for 2016 secured.

Construction

· Improved order book at £1.3 billion (31 December 2013: £1.25 billion).
· 80% of next year's revenue secured (2013: 79%).
· All business units experiencing an increase in opportunities.
· Continuing focus on risk management and margin.
· Cash performance continues to be strong.

Re Contract

Re Contract

Trading Statement

Group

· Record full year results, at the upper end of the analysts' current range.
· At 30 June 2014 net debt of less than £5 million, better than expected and despite increased land spend. (31 December 2013: net debt £85.9 million and 30 June 2013: net debt £14.4 million).

Housebuilding

· Average Linden Homes private sales prices up 15% to £305,000 (2013: £266,000).
· Strong increase in Linden Homes revenue from completions (including joint ventures) of 2,968 units (2013: 2,806 units). During the second half of the year sales rates averaged 0.73 per site per week (H2 2013: 0.67 per week).
· Record £348 million year end sales carried forward position up 11% (2013: £313 million).
· Strong progress on Linden Homes margin since the half year.
· Solid Galliford Try Partnerships contracting order book of £0.5 billion.
· Record total landbank of 13,900 plots up 23% (2013: 11,300 plots).
· 91% of landbank secured at current market values. 100% of plots secured for the new financial year's production and 87% of plots secured for FY 2016.

Construction

· Improved order book of £1.4 billion (31 December 2013: £1.25 billion and 30 June 2013: £1.25 billion).
· Excellent cash position of circa £150 million, higher than last year, reflecting strong cash management throughout the year (2013: £132.1 million).
· All business units experiencing an increase in opportunities. During the year we were awarded a number of major projects including in Building the £48 million Kelso and Newbattle High Schools and the £38 million Forbury Place development in Reading. Infrastructure secured the major Midlands Highways Alliance framework and was also recently appointed, as part of the Connect Roads consortium, preferred bidder for the design, build, finance and operation of the £745 million Aberdeen Western peripheral route.
· 84% of revenue for the new financial year secured (2013: 82%).

Results tomorrow.

Final Results

Group

· Record profit achieved through strong performance across the Group and successful delivery of disciplined growth strategy
· Record earnings per share, increasing by 32% to 94.6 pence
· Return on net assets improved to 20.8%
· 43% increase in full year dividend payment to 53.0 pence
· Minimal net debt of £5.1 million at 30 June 2014 (2013: net debt of £14.4 million)
· £400 million five year unsecured bank facility

Housebuilding³

· Strong increase in revenue to £1,002 million (2013: £730 million), on an increase in the number of completions (inclusive of joint ventures) to 3,107 (2013: 2,932) and average Linden Homes selling price rising to £305,000 (2013: £266,000)
· Improved margin performance with 13% increase in Linden Homes' operating margin to 15.1% (2013: 13.3%)
· Strong forward sales position with 3% increase in sales currently reserved, contracted or completed at £419 million (2013: £405 million)
· Record 14,000 plot landbank with 91% now acquired at current market values (2013: 87% of 11,400)
· 100% of land required for 2015 financial year in place, 90% of land secured for 2016
· Galliford Try Partnerships revenue up 150% to £242.8 million; business performing strongly in a growing market with contracting order book of £0.6 billion (2013: £0.5 billion)

Construction³

· Construction operating margin robust at 1.0% as we deliver work won in more difficult market conditions (2013: 1.6%)
· Exceptional cash management with a year end construction cash balance of £151 million (2013: £132 million)
· A number of major project wins in the period with an encouraging pipeline of future opportunities reflecting improving market conditions
· Miller Construction acquisition accelerates growth plans, provides access to new frameworks and more than doubles the size of our order book to £3.0 billion (2013: £1.2 billion)
· 88% of current year's planned revenue secured (2013: 87%)

StockMarketWire.com
Galliford Try's building business has been appointed to two new major office contracts worth a combined £77m. Firstly, the business has been selected as preferred bidder by Northamptonshire County Council to build its new headquarters in Northampton in a £38 million project. The new 17,600 sqm four-storey building is intended to consolidate the council's existing offices in the town, and regenerate an area on the south side of Northampton town centre. In addition to the office space, a café will be created together with extensive hard landscaping around the site.

Secondly, offshore engineering company Subsea 7 has chosen Galliford Try to deliver its new office building at Sutton in Surrey. The £39m project creates a new 150,000 sqft Category A office space and associated facilities on the site of the former Brighton Road car park.

Galliford Try executive chairman Greg Fitzgerald said: "We are delighted that Northamptonshire County Council and Subsea 7 have entrusted us with such significant projects. We have a strong reputation in the office sector and we look forward to providing these two clients with the first class facilities they require."

Trading Statement

Galliford Try plc, the housebuilding and construction group, today provides the following update on trading for the half year ended 31 December 2014. The Group expects to announce its results for the half year on 18 February 2015.

Group

· The Group continues to trade well and in line with our expectations.
· Net debt below £40 million (31 December 2013: £85.9 million) despite the increase in the landbank.
· Miller Construction integration has proceeded very well and is substantially complete ahead of plan.
· Last month the Group was reclassified into the FTSE Home Construction sub sector.

Housebuilding

· Solid performance with rates of sale and prices in line with our expectations.
· Revenue is expected to be up on the prior half year period, from 1,529 unit completions, 1,404 net of joint venture partners' share (2013: 1,359 and 1,279).
· Strong in hand position with total sales reserved, contracted and completed at £645 million from a lower number of average selling outlets (2013: £652 million). Outlets are expected to increase from an average of 67 in the first half to 75 in the period January to June 2015.
· Record landbank of 14,050 plots with the land market continuing to be positive. 98% of land secured for 2016.
· We expect Linden Homes' operating margin to improve compared to the same period last year.
· Average Linden Homes selling price up 7% at £310,000 (2013: £291,000). The average selling price for affordable sales was £121,000 (2013: £122,000) producing a combined average selling price of £259,000 (2013: £255,000).
· Linden Homes' unit sales per outlet per week at 0.51 is in line with last year (2013: 0.52) with rates increasing in the last quarter following a quieter summer. Cancellation levels continue to remain around the long term average at 19% (2013: 19%).
· Continuing excellent progress and revenue growth in Galliford Try Partnerships including major project wins in the period.

Construction

· Exceptional order book of £3.2 billion (2013: £1.75 billion) with a number of major project wins in the period and further visibility of an excellent pipeline of opportunities.
· Enlarged business benefiting from high quality clients and diverse future revenues with 21% of order book in the regulated sector, 59% in public and 20% in private (2013: 19%, 52% and 29% respectively).
· We continue to prioritise risk management and margin protection in an improving market. Margins continue to be constrained due to the completion of historical projects.
· 98% of projected revenue for the current financial year secured with 72% for the year 30 June 2016 (31 December 2013: 98% and 62% respectively).


Greg Fitzgerald, Executive Chairman, commented:

"It has been another strong performance for the Group in the first half of the financial year with our housebuilding and construction businesses both performing in line with our expectations. Housing market conditions remain good with growth having moderated to a more normal and sustainable level, and we are optimistic about the prospects for a number of recent and forthcoming sales outlets. Our Partnerships business continues to see exceptional prospects for both contracting and development in the affordable market. Following the acquisition of Miller Construction in July 2014 our enlarged Construction business is benefiting from an improving market. We remain confident in the delivery of our strategy of strong and disciplined growth across all of our businesses."

Half Yearly Report

GALLIFORD TRY PLC - HALF YEAR REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2014
CONTINUING STRONG PERFORMANCE: DISCIPLINED GROWTH AND DIVIDEND ENHANCEMENT

Financial H1 2015 H1 2014

Change

· Group revenue ¹ £1,085.4m £803.5m +35%
· Profit before tax £42.5m £38.1m +12%
· Earnings per share 42.0p 36.8p +14%
· Dividend per share 22.0p 15.0p +47%
· Net debt £35.9m £85.9m -£50.0m
· Group return on net assets ² 20.1% 17.1% +3.0 ppts
· Profit before tax, pre-exceptional ³ £45.9m £38.0m +21%
· Earnings per share, pre-exceptional ³ 45.5p 36.7p +24%

Group

· Record results and excellent progress on our disciplined growth strategy to 2018.

· Interim dividend up 47%, reflecting our strong performance.

· Further enhancement of our progressive dividend policy aiming to reduce cover from 1.7x to 1.5x.

· Net debt of £35.9 million (H1 2014: £85.9 million), despite the increase in the landbank.

· Existing £400 million unsecured bank facility extended to 2020 on improved terms; new £100 million interest rate hedge.

· Successful completion of integration of the Miller Construction business.

Housebuilding

· Linden Homes revenue up 5% to £346.1 million (H1 2014: £328.2 million) from 1,364 unit completions, 1,278 units net of joint venture partner share (H1 2014: 1,300 and 1,230 respectively).

· Linden Homes operating margin rose to 15.1% (H1 2014: 13.5%), including planned land sales, in line with both our strategy and our margin enhancement programme.

· Galliford Try Partnerships revenue, including both contracting and mixed tenure, up 56% to £157.6 million (H1 2014: £100.9 million) generating an operating margin of 2.3% (H1 2014: 1.9%).

· Strong Galliford Try Partnerships contracting order book of £650 million (H1 2014: £500 million) which excludes the appointment as preferred developer for the £360 million Silvertown Way development in Canning Town.

· Total sales currently reserved, contracted and completed across Linden Homes and Galliford Try Partnerships of £747 million (H1 2014: £744 million).

· Record landbank of 14,300 plots with the land market continuing to be positive. 100% of land secured for 2016 and 70% of land secured for 2017.

Construction

· Construction margin of 1.0% (H1 2014: 1.4%, FY 2014: 1.0%) in line with our expectations as we work through historical projects, and helped by the Miller Construction acquisition.

· Exceptional order book at £3.25 billion (H1 2014: £1.25 billion) and further visibility of an excellent pipeline of opportunities. 100% of projected revenue now secured for the current financial year with a record 75% secured for 2016 (31 December 2013: 100% and 65% respectively).

· Strong cash balance of £158.0 million underlining the robust performance of the business (H1 2014: £121.5 million).

Trading Update

Housebuilding

· £982 million of sales reserved, contracted or completed across both Linden Homes and Galliford Try Partnerships, of which £778 million is for the current financial year to 30 June 2015 (2014: £1.0 billion and £790 million respectively).
· Since 1 January 2015 Linden Homes has been selling at a rate of 0.68 per outlet per week (2014: 0.80, July - December 2014: 0.51).
· Strong Galliford Try Partnerships contracting order book of £0.65 billion (31 December 2014: £0.5 billion).
· Both businesses are actively pursuing good land opportunities. The division currently has a record landbank of 15,000 plots. Linden Homes has all plots secured for 2016 together with 75% of plots secured for 2017.

Construction

· Order book of £3.3 billion (31 December 2014: £3.2 billion).
· 83% of next year's revenue secured (2014: 80%).
· Experiencing strong levels of opportunities with good visibility of future work stream across all parts of the business.
· Cash performance continues to be strong.

Conference call

A conference call for Analysts and Investors will be held at 07:45 am (UK time today)

Four mid-cap infrastructure plays

Good results - AGM coming up, good yield, Why has the share price gone down by £4?
Maybe because the CEO is semi retiring.

Don't know why it's fallen by £4 but with a yield of 5% in a growth sector I'll be putting it back on watch with interest list

Tbh right now it just looks like the bots have got hold of it and are just jumping on the trend.

Maybe is the high PE the company was, almost sure about it.
Anyway most Builders are dropping lately from their highs, so this one is nothing special at the momet

StockMarketWire.com
Galliford Try has reported a strong trading performance for the period from 1 January to 2 May but warned the overall result would be impacted by non-recurring costs in Construction.

It said non-recurring costs of around £98m were expected following a reappraisal of costs to complete and recoveries from legacy contracts in Construction.

The group said underlying business in Construction was performing well, while Linden Homes and Galliford Try Partnerships & Regeneration continued to make strong progress.

It said group outlook for FY 2017 and future years was otherwise unchanged.

It said the balance sheet and cash position remained robust, and the group expected to pay a final dividend in line with previous guidance.

The group also said it had made good progress towards 2021 strategic targets to deliver sustainable growth and strong returns across all three businesses.

Chief executive Peter Truscott said: "The impact of the legacy projects in Construction, in particular the two large infrastructure projects, is regrettable.

"However, as described in our recent Strategy presentation, Galliford Try is no longer undertaking large infrastructure jobs on fixed price contracts.

"There are no other similarly procured major projects in our current portfolio and we are encouraged by the performance of the underlying portfolio of newer work.

"Excluding the non-recurring charge, we remain confident in delivering a strong performance over the full year, and we plan to pay the dividend in line with previous guidance.

"The Group continues to make good progress on our Strategy to 2021, supported by the strong leadership of our reorganised management teams.

"Whilst we remain cautious of continuing macroeconomic uncertainty, all three businesses are focused on exciting targets and clearly defined plans to improve operating efficiency and grow both margins and revenue."

1,388.50p +25.50p (+1.87%)

Galliford Try hikes divi after strong underlying performance

Galliford Try's revenues - including joint ventures - rose by 6% to £2,820m in the year ended 30 June following a strong underlying performance.

Group revenues of £2,662m rose by 7%.

Pre-tax profits were down 57% at £58.7m but pre-exceptional profit before tax rose buy 9% to £147.6m.

The group has declared a final dividend of 96.0p per share - up 17%.

Chief executive Peter Truscott said: "I am pleased to announce strong operating progress in the financial year, which has been supported by robust market conditions.

"While the one-off costs relating to legacy contracts in Construction have impacted the reported financial performance, we remain confident in the prospects for the business, with the underlying portfolio of newer contracts performing well, and simplified and strengthened processes proving effective.

"Reflecting our strong underlying performance we are proposing an increase in our full year dividend of 17% to 96.0 pence per share.

"Entering the new financial year, we remain cautious about the impact of the current political uncertainty and the medium-term outlook for the macro economy.

"However, all three businesses have clearly defined plans as part of our 2021 strategy, providing the Group with confidence in its ability to deliver a strong performance even in a period of lower growth in the wider economy.

Highlights
Financial 2017 2016 Change
* Revenue(1) (including joint ventures) GBP2,820m GBP2,670m 6%

* Group revenue(1) GBP2,662m GBP2,495m 7%

* Profit before tax GBP58.7m GBP135.0m (57)%

* Pre-exceptional profit before tax(2,3) GBP147.6m GBP135.0m 9%

* Earnings per share 59.1p 132.5p (55)%

* Pre-exceptional earnings per share(2,3) 145.8p 132.5p 10%

* Full year dividend per share 96.0p 82.0p 17%
GBP7.2m GBP(8.7)m GBP15.9m
* Net cash/(debt)
(12.9)
* Group return on net assets(4) 14.0% 26.9% pts

* Pre-exceptional Group return on net assets(5) 27.5% 26.9% 0.6 pts

That is a sorry looking chart.



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Presumably some of the decline is due to CLLN fallout?
A few of their previous RNS have included the phrase "we remain cautious.....", so they were presumably expecting the odd bit of bad news in the industry.

Just seen the latest RNS:

StockMarketWire.com
Galliford Try first half pre-tax profit fell 11% to £56.3m from £63.0 in the prior year period as the company announced plans for a £150m capital raise to ease the £25m hit resulting from the liquidation of Carillion.

Group revenue for the half year to 31 December 2017 was £1,403m (H1 2017: £1,235m). Revenue, including share of joint ventures, was £1,495m (H1 2017: £1,308m).

The company reported net debt of £84.9 million, down £28.9m from the prior year period. Average debt over the period was lower than expected at £203m, with deferred outflows on land acquisitions in Linden Homes and partnerships outweighing some delayed inflows in construction.

The company said its construction business continued to benefit from a strong order book, with an encouraging pipeline of opportunities from the current and planned investment in the nation's infrastructure.

The company declared an interim dividend of 28.0p per share, down 13% from the prior year's 32.0p.

Decline due raising of £150m capital.

Curiously they don't call it a rights issue

Actually I haven't read any of the detail as I'm not invested in this stock and today has been rather busy.

But, I don't understand.

If the impact of CLLN is a £25m exceptional item why do they need £150m?

especially since if they are turning a profit of say £110m which would produce loads of EBITBA.

I don't get it. Perhaps the market doesn't either.

Maybe they see this as an opportunity to get bigger once the CLLN dust is sucked-up and binned for good. The chances are that a good firm can bid for some of this work that many others will be reluctant to attempt..... dunno, but I read in IC the £150m is already underwritten, so it's not a Rights Issue - shareholders won't be invited and won't receive favourable Terms ( who said that?). That they can ask for so much "probably" means their backers believe this could "be the start of something good..."
GFRD has seen this fall-out as an opportunity.... and whilst losing £25m is deplorable - they were ( presumably) unaware things were so bad with a "Trusted partner" - until the TP fell off a cliff.

CC You aren't a holder?.... but might you join-in when the (stock) price is right? The GFRD Div isn't like generous now and could be cut further.... I think ( DYOR ), its half-year is ~3.0% at sp = 880p....
Cheers.

Ok, I think I understand why they have asked for £150m. In their previous accounts they had a provision of £85m mostly against the Aberdeen bypass, so with the £25m that comes to £110m.

When they made the provision, they wouldn't have spent the cash at that point as the work was still left to do.

Once the dust settles, margins should improve in the whole industry as CLLN were always the lowest bidder keeping prices down.


I'm more interested in the sector Hangon than GFRD. I'm already very overweight in this sector through CTO and NMD so I can't really take any more.

I shall wait anyway until the £150m placing has gone through. Someone is going to get stock at a cheap price. I'm not impressed it's not a rights issue. Doesn't seem fair to shareholders.

Thanks CC - whilst not getting stock cheaply is a swiz, -it's now almost half the price of March 2017.... maybe you could think of that as a bargain, even if the Inner Circle is getting a better-deal..... You could wait for the Truth-to-Out and hope the sp is matched, as the greedy-boys sell-off whatever then can, creating a Stock-depression? I read that you are waiting until then, so I guess that's what I'd do, if it was one of mine. Good Luck.
On another subject: that By-Pass . . . will be well-used one hopes after so much agro.
It amazes me that firms are willing to Dance-with-Nature when it comes to anything like Construction.... when it is only as it's approached that anyone can know what's there. Even then, it may not remain so - and could change long after the Men+Plant are removed..... but their liability remains.

StockMarketWire.com
Housebuilder Galliford Try reported Wednesday full-year profits more than doubled, and the company said it was on track to achieve its strategic targets.

For the 12 months to 30 June, pre-tax profit rose 145% to £143.7m, and revenue rose 11% to £3.13bn.

Pre-exceptional profit from operations, which excludes finance costs, tax and Galliford's share of joint ventures' interest and tax, rose 24% to £213.1m.

Performance was held back by an exceptional charge of £45m in the second half of the year, relating to the additional costs on the Aberdeen (AWPR) joint venture after Carillion went bust in January.

Total completions by Linden Homes and Partnerships & Regeneration increased to 6193 units from 5,490 seen last year. Sales order books in Linden Homes and Partnerships & Regeneration stood at £698m.

The construction division entered the new financial year with an order book of £3.3bn, and revenue of £1.69bn, up from £1.53bn last year.

The company said it was on track to achieve its strategic targets for 2021.

The full-year dividend payment was 77.0p, down 10% from 86p a share, owing to a rights issues and a higher dividend cover.

'We have delivered a very strong underlying performance during the year, driven by excellent progress towards our strategic objectives across all three businesses,' said Peter Truscott, Chief Executive.

'Linden Homes continued to prioritise margin growth, benefiting from further standardisation and the robust control of overheads.'

'Partnerships & Regeneration achieved strong growth in both revenue and margin, with excellent contributions from the new businesses in Southampton, Bristol and East Midlands.'

'The underlying Construction business performed well and continues to see a pipeline of suitable opportunities, with new projects delivering improved margins.'

'The rights issue in April has strengthened the balance sheet and ensures that the Group's businesses are well positioned, with the appropriate capital, to deliver on their respective growth opportunities in line with our Strategy to 2021.'