Firm issues upbeat trading statement ahead of annual results
Galliford Try has said that full-year profit will be towards the top end of analysts鈥欌�� expectation when it publishes them in September.
Analysts are expecting profit to come in at between 拢9m and 拢11.2m for the year to June with the firm saying in a trading update the number will be at the higher end of the range.
The firm said it hasn鈥檛 been hit by problems getting hold of materials, adding that its investment in modern construction methods and digitalisation had helped mitigate the impact of the shortages.
It said at the year-end its cash position stood at 拢215m while average month-end cash during the year was 拢164m.
The firm said its order book was 拢3.3bn, up from 拢3.2bn last time, with 90% of revenue secured for the new financial year. The firm is due to release its full year results on 16 September.
Meanwhile, Costain said underlying trading had remain profitable in the six months to June ahead of the firm releasing its interim results next month.
It added its net cash position of 拢113m was ahead of expectation, although down from the 拢141m last time. But its average month-end net cash balance for the period was 拢102.9 million, up from 拢56.3m last time. Costain said its order book was 拢4bn at the half year, down from 拢4.2bn for the same period last year.
Cenkos analyst Kevin Cammack was unimpressed with the level of detail given in the update.
鈥淸It] gives the barest and conspicuously chooses to overlook trading performance other than a reference to the fact that, on an underlying basis, [the half year] has remained profitable. We have to therefore presume that over the year as a whole Costain is tracking within the boundaries of market expectation.鈥�
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