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