Construction firm Galliford Try reported a 12.6 per cent surge in revenues rising up to £1.3bn in its full year results, as the company raises its outlook for the year ahead.
The London-listed firm, which builds everything from flats to roads, said statutory profit before tax also rose 87.7 per cent to £10.1m during the term and its order book was hiked 8.8 per cent to £3.7bn.
Galliford Try said it had an “improved outlook” for the year, with 92 per cent of revenues of this financial year already secured. It has a growth target of reaching revenues of £1.6bn by 2026.
The company’s diverse portfolio means it has not been hit as hard as UK housebuilders who have seen their earnings ravished by weak buyer demand.
Bill Hocking, chief executive, said: “Our high quality order book provides visibility and security of future workloads. Our business is not exposed to the short term economic cycle as our sectors are critical to the UK’s future growth.”
“Our commitment to robust risk management, careful contract selection and operational excellence continues to underpin our performance and prospects. “
He added:”We are doing what we said we would do, consistently delivering increased revenue and profit, supported by our great people, a strong balance sheet, excellent order book and good supply chain and client relationships.
“We are encouraged that the momentum in the business has carried into the first quarter of the new financial year and our expectations for the full year to June 2024 have now increased”