Galliford Try’s 1H26 trading update continues its track record of strong announcements, with management guiding FY26E revenue to the top end of the consensus and adj. PBT slightly ahead. The implied margin expansion is encouraging and reflects improving contract quality materialising across Building and Infrastructure. We leave revenue unchanged and raise adj. PBT by 9.1% to £53.9m on a 2.8% margin. The Group is sector-leading across KPIs, with average month-end net cash of £189.9m, up from £178 ....
