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(Sharecast News) - Galliford Try announced the launch of a £15m share buyback on Thursday as it hailed a strong full-year performance, with profit ahead of market expectations.
In the year to 30 June, adjusted pre-tax profit rose 24.2% to £55.9m, with revenue up 3% at £1.9bn. Galliford said revenue was driven by a strong performance in Highways and a successful transition to AMP8 in Environment.
Revenue in the infrastructure business rose 7.7% to £971.6m, while the building segment recorded revenue of £951.0m, down from £964.7m a year earlier as it was hit by delays resulting from political uncertainty in the second half of the year.
The order book ticked up 5% from the previous year to £4.3bn and Galliford said it had good visibility of future revenue with 90% and 62% of the current financial year and FY28 projected revenue secured.
The company announced a new £15m share buyback to be carried out over the balance of the current financial year. It will be funded out of operational cash generation, which Galliford said reflects its strong cash performance in 2026, the order book and confidence in the future cash generation of the business.
Chief executive Bill Hocking said: "Galliford Try has achieved a sixth consecutive year of growth, with a 3% increase in revenue and more than 20% growth in adjusted profit and earnings per share. Strong cash generation has enabled us to continue investing in the business, to return capital to shareholders and to strengthen our position for future value creation. We are making good progress towards our Sustainable Growth targets for 2030 underpinned by disciplined capital allocation and a clear focus on earnings-accretive growth.
"Our reputation for disciplined risk management, careful project selection and quality delivery continues to underpin our success. Investment in the UK's critical social and economic infrastructure remains significant. Water, transport, affordable housing, custodial infrastructure and defence are all major national priorities, and as a UK-focused contractor with strong positions across these markets, Galliford Try is well placed to support that investment and help address some of the country's most pressing infrastructure needs."
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