Galliford Try financial report reveals a “restructured and refocused business”

Galliford Try has released its annual results statement for the year ending on 30 June 2020.

Its financial and operational highlights consisted of a “focus on cost management and commercial discipline” and a “rapid and effective response to Covid-19” through “fully operational and successfully (implemented) new working practices” across its UK sites.

This resulted in a “well-capitalised debt-free balance sheet, with cash at 30 June 2020 of £197m and PPP portfolio of £41m”.

The highlights of its strategy and outlook included strategies to “deliver long-term value” and “restructured and refocused business to deliver improved performance”

With exceptional conditions considered, they reported revenue of £1.1bn and a pre-tax loss of £35m.

Bill Hocking Chief Executive of Galliford Try, said: “This year has been a period of significant change for the Group. We have successfully transitioned to a well-capitalised UK construction business and I am confident about our future.

“The Group responded rapidly and effectively to the challenge of the Covid-19 pandemic and I have been particularly impressed by, and thankful for, the outstanding efforts of our staff throughout this period. All of our construction sites are now operational, and productivity is close to normal levels.

“Our strategy is focused on sustainable growth, careful cash management and margin progression. This strategy is underpinned by our commitment to operating sustainably, balancing financial performance with our obligations to all stakeholders, in order to drive long-term value creation.”