Galliford Try Holdings Plc announce an improved annual dividend policy of 1.8x cover to recognise the value of the PPP assets.
Final dividend payment of 7.5p up 29% (2022: 5.8p), together with an interim dividend of 3.0p giving a total dividend for the financial year of 10.5p, up 31%.
Special dividend to shareholders of 12.0p per share, as previously announced following resolution of a long running dispute, to be paid in October 2023.
Other financial highlights include:
Strong performance across all operations delivering increased revenue and profit.
Pre-exceptional profit before tax increased by 23% to £23.4m (2022: £19.1m) excluding the £2.8m contract settlement write-off previously announced.1,2
Divisional operating margin of 2.4% (2022: 2.4%), with increased confidence in our target margin of 3% by 2026.3
Share buyback returned a further £10.6m to shareholders during the year and is now over 90% complete.
Well-capitalised debt-free balance sheet, average month end cash for the period of £135m (2022: £174m), PPP asset portfolio of £44.6m (2022: £47.5m) and no pension liabilities.
Improved outlook with high quality £3.7bn order book (2022: £3.4bn) positioned across their chosen sectors and 92% of FY24 revenue already secured.
Increased confidence in FY24 outlook, with pre-exceptional profit before tax expected to be at the upper end of the current range of analyst estimates.
On track to deliver FY26 targets and their Sustainable Growth Strategy.
