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Pre-exceptional pre-tax profits jumped 40% to £33m on turnover up 27% to £1.77bn.
Group operating margin edged up to 2.5% as the firm remained selective about new work on the back of a strong order book.
Bill Hocking, Chief Executive, said: “During the year, the group enjoyed the benefits of both strong AMP7 revenues from its water clients and the realisation of delayed Building division projects that had been delayed due to public sector challenges and inflation delays in 2022.
“As AMP7 now runs off, we are pleased by the early trading on the change over to the much larger AMP8 water plan, with the contract awards reflecting recognition of our differentiated quality offering, supporting delivery of our Sustainable Growth Strategy target of in excess of £2.2bn of revenue by 2030.”
The results were ahead of city expectation with the infrastructure division leading the growth spurt, while building strengthened its margins.
Hocking added: “We are confident in the outlook for the current financial year, with 92% of FY25 revenue already secured, and are encouraged by our recent framework and sector wins which align with our strategy to 2030 and underpin the opportunity to deliver further strong performance and sustainable long-term value for all stakeholders.”
Galliford Try’s order book reached £3.8bn (2023: £3.7bn), which has been further boosted by further water framework wins.
The firm has set it sights on growing margins to 4% by 2030, which it aims to achieve by building workloads steadily in higher margin sectors.
Hocking “We will also grow our higher margin specialist businesses, including within Environment where we have completed several acquisitions to increase our capital maintenance and asset optimisation capabilities; our Specialist Services division; and within our Affordable Homes business, where we are making progress in re-establishing relationships, winning framework positions and bidding selectively to grow the business.”
