One-off payments being handed to more than half firm鈥檚 3,300 staff

Galliford Try is spending 拢1m to help staff deal with the cost of living crisis.

The firm has said 1,800 people out of 3,300 staff will receive a one-off payment of up to 拢750 which will be topped up with a staff reward bonus currently being worked out.

Chief executive Bill Hocking said the firm was also helping out with financial advice and planning for staff.

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Galliford Try staff are being handed one-off payments to help them deal with rising day-to-day costs

The one-off cost of living payments are being targeted at lower earners and Hocking said were being made because the current situation was markedly different to previous economic crises.

He said: 鈥淚n the early 1990s recession, there was lots of unemployment. Now it鈥檚 not about employment here, it鈥檚 about the cost of living. People are employed and are still struggling.鈥�

The firm said it was accelerating plans to make its sites more energy efficient. 鈥淲e were doing that anyway,鈥� Hocking added, 鈥渂ut we鈥檙e looking at more energy efficient plant and offices, not leaving things running when we don鈥檛 need to.鈥�

Hocking said the firm鈥檚 tender prices would head north to deal with rising energy costs. 鈥淭he cost of running the business has to be reflected in our prices.鈥�

He said that materials costs were still rising but not at the levels of earlier this year. 鈥淭hey are flattening off but if British Steel is going to put up prices by 拢150 a tonne people will look elsewhere.鈥�

Hocking was speaking as the firm said revenue in the year to June jumped 10% to 拢1.2bn with underlying pre-tax profit up 68% to 拢19.1m. But one-off exceptional items of 拢13.7m, which includes 拢7.7m of costs associated with its deal to buy the water business of collapsed firm NMCN last autumn and a further 拢6m of IT charges, meant pre-tax profit was down from 拢11.4m to 拢5.4m.

Revenue at its biggest business, building, was flat at 拢789m but the NMCN deal added more than 拢100m of revenue to the infrastructure division with income here hitting 拢442m. The firm is targeting revenue of 拢1bn from building by 2026 and 拢500m from infrastructure.

Average month-end cash was up from 拢164m to 拢174m.

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