Galliford Try continues to outperform expectations. The company expects revenue and pre-exceptional profit before tax for FY24 to exceed the upper end of current forecasts. That implies the second half exceeded the first half for revenue and may have matched the profit performance putting the company on track to deliver revenue growth of at least 18% YoY with an improved margin. Average month-end cash of £155m also exceeded guidance of £150m with cash and net cash ending the year at £227m together with £42m in Public Private Partnership Assets. The order book ended the year at £3.8bn with 92% of FY25 revenue already secured. Galliford Try has delivered its FY26 revenue target two years ahead of schedule and at this rate may need to update its recently revised targets for 2030 in due course. We expect consensus forecasts to be increased significantly following this guidance, making the stock even better value than it looks now.
