Last checked at 10 Nov 2017 07:00
10 November 2017
Galliford Try plc
Annual General Meeting, Update on Current Trading
and Board and Committee Changes
Galliford Try plc ("Galliford Try"), the housebuilding, regeneration and construction group, is holding its Annual General Meeting today, Friday 10 November 2017. This statement covers the period 1 July to 6 November 2017. At the meeting Peter Truscott, Chief Executive, will say:
"Galliford Try continues to see good market conditions across its three businesses.
Linden Homes has enjoyed average sales rates of 0.62 units per site per week since the start of the financial year (2016: 0.56 for the equivalent period), providing a good in hand position of sales reserved, contracted or completed of £652 million (2016: £614 million). Linden Homes has a landbank of 11,200 plots (2016: 11,430) with land opportunities remaining positive. 100% of land required for the current financial year is in place and 93% of land is secured for the financial year to 30 June 2019.
Our Partnerships & Regeneration business is capitalising on its strong position in the sector, delivering accelerated growth and operating margin progression in line with its strategy. The operating environment following recent Government announcements has provided increased certainty to clients to bring forward investment. The order book is at a record level of £1.3 billion (2016: £873 million) with significant growth in pipeline opportunities as preferred bidder and within the secured landbank for land-led, mixed-tenure schemes. The integration and performance of Drew Smith, acquired in May 2017, has been positive and there has been excellent growth in the new regional businesses in the East Midlands and West of England as they establish balanced portfolios of contracting and mixed-tenure opportunities.
Construction continues to maintain an excellent order book of £3.6 billion (2016: £3.4 billion) based on robust bid selection criteria. The underlying business continues to perform well and progress on the resolution of legacy contracts is in line with the position indicated in September 2017. 94% of projected revenue for the financial year to 30 June 2018 is secured with 51% of projected revenue for the financial year to 30 June 2019 secured (2016: 90% and 52% respectively).
Since the start of the financial year, average net debt has been below budgeted levels.
As outlined in our Annual Results Statement in September 2017, we continue to make good progress against our strategy to 2021 with clearly defined plans across all of the three businesses that are integral to Galliford Try, which provides the Board with confidence in its ability to deliver a strong performance even in a period of lower growth in the wider economy."
Board and Committee Changes
Ishbel Macpherson, having completed three and a half years as a non-executive director, has stepped down from the Board with immediate effect due to other business and personal commitments. Terry Miller will assume the chairmanship of the remuneration committee on an interim basis while the nomination committee undertakes a formal process to identify a new chair of the committee.
As previously announced on 7 June 2017, Andrew Jenner will formally step down from the Board as non-executive director and chair of the Audit Committee following today's Annual General Meeting.
Also as previously announced Jeremy Townsend, non-executive director, will succeed Andrew Jenner as chair of the Audit Committee from the close of the Annual General Meeting.
Peter Ventress, Chairman, commented: "On behalf of the Board, I would like to thank Ishbel for her important and valued contribution to the Board over the past three and a half years.
We would also like to thank Andrew for his valuable contributions as a director and excellent chairmanship of the Audit Committee having completed nine years on the Board.
We wish Ishbel and Andrew the best for the future."
For further enquiries please contact:
Galliford Try
Peter Truscott, Chief Executive 01895 855001
Graham Prothero, Finance Director
Tulchan Communications
James Macey White 020 7353 4200
Martin Pengelley
Elizabeth Snow
Galliford Try's Annual General Meeting will be held today, Friday 10 November 2017, at the RBS Conference Centre, 250 Bishopsgate, EC2M 4AA. The meeting will commence at 10:00am.
Notice of results
Galliford Try expects to announce its interim results for the six months to 31 December 2017 on 14 February 2018.
The person responsible for making this announcement on behalf of Galliford Try is Kevin Corbett, General Counsel and Company Secretary.
Notes to editors
Galliford Try is listed on the London Stock Exchange and is a member of the FTSE 250. Housebuilding - through our Linden Homes business - develops private and affordable homes in prime locations. Galliford Try Partnerships - our regeneration business - delivers mixed-tenure solutions working with housing association, local authority and private sector partners. Operating as Galliford Try and Morrison Construction, our Construction business carries out building and infrastructure projects with clients in the public, private and regulated sectors. At the end of the last financial year to 30 June 2017, the Group generated revenue of £2.8 billion.