Firm says order book stands at £3.5bn
Acquisitions and upgrading its IT infrastructure ate into Galliford Try’s cash reserves in the first six months of its new financial year, the firm said in a trading update today.
The firm picked up water business Ham Baker and another water specialist MCS Control Systems in the first half of the year which Galliford Try said meant average month-end cash for the six months to 31 December 2022 was £154m, compared to £174m at its year-end on 30 June.
Chief executive Bill Hocking said the deals for Ham Baker and MCS, which together employ around 120 people, would give “an enhanced specialist service to our water sector and related clients”.
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The firm is also ploughing money into an ongoing upgrade of its IT system and made £10m of dividends and capital returns payments in the half year.
Its order book stands at £3.5bn with recent deals including framework wins for Welsh Water and a £65m manufacturing facility for JDR Cable Systems in Blyth, Northumberland.
The firm is due to release its interim results on 8 March.
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