Galliford Try has given its first trading update to shareholders since the sale of its Linden Homes and Partnerships & Regeneration divisions to Bovis last week.
Now a pure-play building and civil engineering contractor, Galliford Try Holdings (comprising Galliford Try and Morrison Construction) starts its new life with £225m cash in the bank and a £3.2bn order book, including the A47 and A303 improvement works for Highways England and the £55m Project Nash development at 1-4 Marble Arch in London for the Portman Estate It also has places on frameworks including the YORCivil four-year major framework for Sheffield Council, AMP7 for Yorkshire Water, AMP7 for Southern Water.
And, in a further boost for new boss Bill Hocking, Galliford Try has also been readmitted to the government's Prompt Payment Code from which it was suspended last July for its poor record of paying suppliers on time.
Chief executive Bill Hocking said: "The successful completion of the disposal of the housing and partnerships divisions means Galliford Try is now a well-capitalised and focused UK construction group. Our robust financial position combined with market leading positions in our chosen sectors means that we are strongly positioned for future disciplined growth. I am very excited about the future opportunities for Galliford Try. There is good momentum in the business, reflected by a number of significant wins through the first half of the year and the strength of the high-quality order book."
Financial results for the six months to 31st December 2019 are scheduled to be posted on 12th March, along with a strategy update.