Firm says figure will be at top end of analysts’ expectations

Profit at Galliford Try will be close to £18m this year, the firm announced in a trading update this morning.

It said pre-tax profit for the year before exceptional items would be at the “upper end” of analysts’ forecasts which are between £16.4m and £18m.

It said exceptional items for the year related to its purchase of collapsed contractor NMCN’s water business last autumn for £1m and upgrading its IT systems.

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The firm picked up the water business of collapsed contractor NMCN last October

In the update, it added: “We are actively maintaining close engagement with our supply chain and clients and, through careful management, we have successfully mitigated the risks of material shortages and inflation, without any overall impact on our financial performance.”

The firm had around £218m in cash at the year-end at 30 June, flat on the previous year’s figure, with average month-end cash of £174m, up from £164m for 2021.

Galliford Try will release its annual results on 21 September

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