Galliford Try Holdings PLC (LON:GFRD), the UK construction group, said orders are 10% higher than a year ago with all operations now open and performing well.
Orders at the group, which sold its housebuilding arm earlier in the year, now stand at £3.2bn it said against £2.9bn at this time a year ago.
The company added that 81% of orders are in the public and regulated sectors and recent government announcements on capital expenditure mean it is well placed to contribute to the UK's economic recovery from Covid-19.
Cash held at the end of June amounted to £195mln (2019: net debt £57m) and average month-end cash during the past six months was £140mln.
Bill Hocking, chief executive, said the group had responded quickly and decisively to the Covid-19 pandemic, but the impact of the lockdown site closures and reduced productivity had significantly reduced revenue in the final quarter of the financial year.
"Along with the cost of implementing our new operating procedures and lengthened site programmes, this has led to a material reduction in gross margin in the financial year to June 2020, with divisional operating margins expected to show a loss of circa 5%."
Galliford Try added it was too early to restore guidance due to the coronavirus uncertainty.
Hocking added: "Following the disposal of the housebuilding businesses earlier in the year the group is firmly focused on its core strengths of regional building, highways and environment.”
Broker Liberum said that following the update it expects a pre-tax loss of £61mln in the current year, though it left earnings estimates for the following year (2021) broadly unchanged.
The balance sheet is strong and the statement guides to second-half average cash of £140mln, added Liberum, which maintained its target price of 150p.
Shares rose 6.5% to 107.6p.
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