Galliford Try's 1H25 results were strong, showing momentum in Infrastructure through its position as the leading Tier 1 contractor in Water and several new Building contracts across verticals. Management is now guiding for FY25 results to be ahead of the top-end of market consensus, with the long-term visibility on contracts providing confidence. We raise our forecasts, expecting 2H performance to be broadly in line with 1H. Margin expansion reflects wins in higher-margin adjacent areas, demonst ....
