13th Nov 2020 08:45
(Alliance News) - Galliford Try Holdings PLC said Friday its productivity has been at "near-normal levels" since the start of its financial year on July 1, with the construction firm saying it will continue to operate "normally during the second national lockdown" in England.
Shares in the construction company were 17% higher in London on Friday morning at 96.14 pence each.
Galliford said it is performing in line with its expectations, with an "excellent" first half-year average month-end cash position towards the upper end of previous guidance of GBP125 million to GBP145 million.
"The board expects the group to return to profitability in the first half of this financial year and a resumption of dividend with the interim results," Galliford added.
In financial 2020, no final dividend was declared, following Galliford's decision to cancel the interim dividend in March. The full year dividend for financial 2019 was 58.0 pence.
Galliford continued: "The group's strategy is focused on robust risk management, sustainable growth, careful cash management and margin progression. The group is well capitalised with no debt, no pension liability, a portfolio of Public Private Partnerships assets, and a strong order book and is making good progress on its strategic priorities and the financial targets set out in September 2020, including expected reinstatement of dividend."
Galliford believes its strategy and sector focus means it will emerge "strongly" from the pandemic - owed in part to the UK government's planned investment in infrastructure and economic recovery.
The firm also noted it is "encouraged" by its pipeline of new opportunities, which includes lots 3 and 6 of Thames Water's AMP7 GBP590 million four-year framework in the London region; and the GBP105 million commercial and private rented sector development at Monk Bridge in Leeds.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Galliford Try