Galliford Try lifts annual profit 24% and announces further buyback

Galliford Try ($GFRD) reported adjusted annual pre-tax profit of £55.9 million, up 24.2%, on revenue of £1.93 billion, an increase of approximately 3%. Its combined divisional adjusted operating margin improved to 3.5% from 3%. Statutory pre-tax profit reached £55 million, with the difference from the adjusted measure mainly reflecting amortization of acquired intangible assets.

The group ended the year with £259 million of net cash and no drawn bank debt. Average month-end cash rose 21% to £216.2 million, indicating that the stronger year-end position was accompanied by improved cash balances during the period. Galliford Try also announced a further share-buyback program of up to £15 million. The authorization is a prospective return of capital, not a statement that all shares have already been repurchased.

Sources:

• Galliford Try — final results, RNS
• Galliford Try — £15 million buyback launch, RNS