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