For the year to 30th June 2022 Galliford Try made a pre-tax profit of 拢5.4m, down from 拢11.4m the previous year, on turnover up 10% to 拢1,237m (2021: 拢1,125m).
This result includes an exceptional 拢7.7m cost relating to the acquisition of NMCN's water business (even though the actual purchase price was only 拢1m) and 拢6m spent on a new cloud-based IT system.
Underlying profits, therefore, were up 68%, at 拢19.1m. The operating profit margin improved in the building division from 2.0% to 2.4% and in the infrastructure division from 1.8% to 2.4%.
Building (which includes the FM business) generated revenue of 拢789.1m (2021: 拢789.2m), generating an operating profit before amortisation of 拢18.9m (2021: 拢15.9m). Building's order book stands at 拢2,047m, compared to 拢1,920m last year.
Infrastructure's revenue was 拢441.9m (2021: 拢329.2m), thanks to more activity from the AMP7 programme in the water sector and the acquisition of NMCN鈥檚 water operations, which contributed 拢74.1m revenue in the year. Infrastructure generated an operating profit before amortisation of 拢10.8m (2021: 拢6.0m) and its order book stands at 拢1,396m, compared to 拢1,348m last year.
Chief executive Bill Hocking said: 鈥淭he group is well capitalised and has a strong and selective order book, focused in our chosen and proven sectors. This has enabled us to significantly increase shareholder dividends and capital returns. With strong and disciplined risk management we continue to manage the current market conditions, including the inflationary pressures, and are well placed for further progress in FY23.鈥�
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