Galliford Try Holdings Plc (LON:GFRD) has announced its half year results for the six months ended 31 December 2025.
STRONG FIRST HALF MOMENTUM, GIVING CONFIDENCE IN INCREASED FULL YEAR DELIVERY
Strategy and Outlook
· Revenue and adjusted profit before tax for the full financial year are expected to be above the top end of the range of current market expectations.1
· Successful transition to the AMP8 water programme; extensive participation in national long-term frameworks in both our core and higher-margin specialist businesses.
· Strong market positions in highways, education, defence, custodial and health – supporting local and national government future spending plans on social and economic infrastructure.
· Secure outlook with £4.1bn (H1 2025: £3.9bn) long-term, high quality, disciplined and focused order book providing good visibility and consistency to trading.
· Excellent visibility of future revenues: 98% and 80% of projected FY26 and FY27 revenue secured.
· Continued organic investment in higher margin adjacent businesses through establishment of Keighley pipe fabrication facility.
· On 27 February 2026, acquired Nene Valley Fire & Acoustic Limited for c£10m, an established, growing passive fire protection business that will enhance our existing specialist fire businesses and accelerate our progress in this high margin growth sector. The cash funded deal is expected to be margin accretive in first year.
Financial and Operational Highlights
· 1.3% increase in revenue to £934.9m (H1 2025: £923.2m), slightly ahead of expectations.
· 3.2% divisional adjusted operating margin (H1 2025: 2.7%), showing continued good progress against our 4.0% strategic target for 2030, driven by execution of our quality strategy approach in improved contracting environments.
· 20.5% increase in adjusted profit before tax to £24.7m (H1 2025: £20.5m), with broad based progress across core businesses.
· 18.2% increase in interim dividend to 6.5p per share (H1 2025: 5.5p), in line with EPS growth.
· Strong balance sheet, 12-month average month end cash at £189.9m (30 June 2025: £178.7m, H1 2025: £176.4m) and PPP assets of £38.5m (30 June 2025: £38.6m, H1 2025: £40.2m). Net cash at 31 December 2025 of £211.7m (June 2025: £237.6m, H1 2025: £210.0m).
Financial and Operational Highlights
| Financial Results | H1 2026 | H1 2025 | Change | |
| Revenue | £934.9m | £923.2m | +1.3% | |
| Adjusted operating profit2 | £21.6m | £17.7m | +22.0% | |
| Divisional adjusted operating margin2 | 3.2% | 2.7% | +54bps | |
| Adjusted profit before tax2 | £24.7m | £20.5m | +20.5% | |
| Adjusted basic earnings per share2 | 18.6p | 15.7p | +18.5% | |
| 12 months average month end cash | £189.9m | £176.4m | +7.7% | |
| Order book | £4.1bn | £3.9bn | +5.1% | |
| Statutory Results | ||||
| Revenue | £934.9m | £923.2m | +1.3% | |
| Profit before tax | £24.3m | £20.0m | +21.5% | |
| Basic earnings per share | 18.3p | 15.3p | +19.6% | |
| Interim dividend per share | 6.5p | 5.5p | +18.2% | |
| Net cash | £211.7m | £210.0m | +0.8% | |
1. The company compiled range of analysts’ forecasts for the year ending 30 June 2026, based on forecasts at 26 January 2026, is for revenue of £1,912m to £1,922m and adjusted profit before tax of £48.9m to £51.4m.
2. Note 17 below contains the rationale for use, and reconciliations of these adjusted performance measures to their nearest statutory measure.
Bill Hocking, Galliford Try Holdings, Chief Executive, commented:
“I am pleased with the Group’s performance in the first half of the financial year which supports increased confidence in improved revenue, adjusted operating margins and profit expectations for the full year.
In addition to the transition to the AMP8 water programme and our continued framework and project successes, we also see further opportunities across all our chosen sectors. Our track record of operational delivery, focused risk management, committed people and established relationships with our supply chain and clients provides consistency to our results.
The Group benefits from a strong balance sheet and a high quality, carefully selected order book, providing good visibility of future workloads well beyond the current financial year. Continued investment in our people ensures consistent delivery for our clients and positions us well to support the Government’s commitment to economic growth through major infrastructure investment.
Our continuing strong performance and order book gives us confidence to raise our expectations for the full year to 30 June 2026. We will continue to focus on driving long-term value creation for all our stakeholders in our Sustainable Growth Strategy to 2030.”
A conference call for analysts and institutional investors will be held at 09:30am GMT today, Wednesday 4 March 2026. To register for this event please follow this link: GFRD H1 26 Results – webcast registration
Analysts, should you wish to ask a question, please dial-in on +44 (0) 33 0551 0200 quoting ‘Galliford Try HY26’ when prompted by the operator. Other participants may submit their questions via the webcast platform.
