Galliford Try Holdings PLC (LSE:GFRD, FRA:3WC) said trading in the six months to the end of December was ahead of both last year and board expectations, prompting it to raise its profit forecast for the full year.
The FTSE 250 construction group now expects revenue for the 12 months to June 2026 to be at the upper end of current market forecasts, and adjusted profit before tax to come in slightly above the top end of the consensus range.
Analysts had been expecting revenue of between £1.9 billion and £1.922 billion, and adjusted pre-tax profit of up to £47.7 million.
The company pointed to a healthy performance across its key markets, including transport, defence, education and water infrastructure, supported by a strong presence on long-term national frameworks.
Chief executive Bill Hocking said the group's carefully selected order book and ongoing investment in people were helping to deliver consistent results.
“We are pleased with our recent framework and project wins as well as the opportunities we continue to see across all our chosen sectors,” he said. “The Group’s businesses have performed well in the first half, supporting further confidence in delivering strong results in the current financial year.”
The group ended the period with £211.7 million in cash, up slightly from £210 million a year earlier.
Average month-end cash over the past year rose to £189.9 million, up from £178.7 million. Galliford Try has no debt or pension liabilities, and said its revolving credit facility remained untouched.
The order book has grown to £4.1 billion, from £3.9 billion at the same point last year, with a significant portion tied to long-term public sector contracts.
Recent wins include a role in National Grid’s £9 billion HVDC infrastructure upgrade, a place on The Hyde Group’s £3 billion affordable housing framework, and reappointment to the £1 billion YORCivil Major Works 2 Framework.
The company is also in the midst of a £10 million share buyback, its third to date, and had repurchased £8 million worth of shares by mid-January.
Galliford Try is due to publish its half-year results on 4 March.