Galliford Try Holdings PLC (LON:GFRD) reported continuing annual losses and the continued absence of a dividend but a stronger order book and balance sheet.
The construction group, which sold its housing arm at the start of the year, generated an underlying loss of £59.7mln for the year to end-June, compared to a £17.2mln loss a year earlier.
READ: Galliford Try says orders are steady but backdrop too uncertain for guidance
Statutory losses were smaller at £34.6mln due to an exceptional profit from the disposal.
The balance sheet ended the year in much improved shape, with net cash of £197mln, a public-private partnership (PPP) portfolio of £41mln and no defined pension scheme liabilities to fund, with the housebuilding sale allowing its bank facilities to be repaid and cancelled and its defined benefit pension obligations also transferred to acquirer Vistry.
Chief executive Bill Hocking said the company now has a “high-quality, carefully risk managed order book” of £3.2bn, with 90% of the new financial year's planned revenue already secured.
Having cancelled the interim dividend in March and used the government furlough scheme, the board has not proposed a final dividend for the past year but said it “anticipates reinstating dividend payments, following a return to profitability”.