Galliford Try Holdings PLC (LSE:GFRD) has said it traded in line with expectations for the first half of its financial year to June 30, 2023, with a healthy balance sheet and an order book of £3.5bn, slightly higher than the £3.4bn at the year-end.
The construction group, which focuses on sectors including highways, water, education and health, said it has been able to “manage the economic conditions effectively with no material impact on trading”.
Integration into the Environment division of two acquisitions in the first half of the year, industrial and utilities systems specialist MCS Control Systems and asset inspection and maintenance specialist Ham Baker, was said to be going to plan.
In the trading statement, Galliford Try chief executive Bill Hocking said the two businesses complement existing operations and enhance the specialist services to water sector and related clients.
Overall, he said the performance in the first half “demonstrated good progress against our strategic objectives and provides confidence for the full year”.
A “robust” pipeline of new opportunities was also highlighted across sectors, following recent wins including the £95mln Rye Hill prison extension, £65mln private manufacturing facility and two frameworks for Welsh Water that were the first capital maintenance framework wins for the business since the acquisition of NMCN Water last year.
Cash stood at £195mln as of December 31, 2022, with average month-end cash of £154mln, compared to £211mln and £174mln respectively a year earlier.
As well as acquisitions, £3.9mln cash out of up to £15mln allocated for a share buyback has so far been spent.