British construction giant Galliford Try has snagged £3.4bn worth of new contracts since the beginning of the year, as it steams ahead with building despite economic hurdles.
Bosses at the London-listed company said it expect full year pre-exceptional profit before tax to be at the upper end of current analyst forecasts, of between £16.4m and £18m.
Raw material inflation, labour shortages and supply chain disruptions have plagued the UK’s construction industry since Covid-19 ground the world to a trickling pace.
In a trading update published today, Galliford said it is had “successfully mitigated the risks of material shortages and inflation, without any overall impact on our financial performance” in the year to 30 June.
Adrian Kearsey of equity researcher Panmure Gordon, said that Galliford has posted a strong pre-close over the past 12-months, with demand from both public sector and regulated industry segments remaining strong.
Chief executive Bill Hocking added that the group anticipates a “strong performance across all its operations including increased revenue, pre-exceptional profit and operating margin.
“The group has maintained its balance sheet strength, an even more important differentiator for our clients and suppliers in the current economic environment, as well as a high-quality order book predominantly in the public and regulated sectors.”