**Summary of Galliford Try Holdings PLC Half-Year Financial Report (March 2026)**
**Overview**
Galliford Try Holdings PLC reported strong first-half momentum for the six months ended 31 December 2025, with revenue and adjusted profit before tax exceeding expectations. The company anticipates full-year results <mark style="background-color:yellow">above</mark> the top end of current market forecasts, driven by robust performance across core businesses and strategic acquisitions.
**Financial Highlights**
**Revenue**Increased by 1.3% to £934.9 million (H1 2025: £923.2 million), slightly ahead of expectations.
**Adjusted Profit Before Tax**Rose by 20.5% to £24.7 million (H1 2025: £20.5 million), with broad-based growth across core businesses.
**Divisional Adjusted Operating Margin**Improved to 3.2% (H1 2025: 2.7%), progressing toward the 4.0% strategic target for 2030.
**Interim Dividend**Increased by 18.2% to 6.5p per share (H1 2025: 5.5p), in line with EPS growth.
**Order Book**Grew by 5.1% to £4.1 billion (H1 2025: £3.9 billion), providing strong visibility and consistency in trading.
**Strategic Developments**
**AMP8 Water Programme**Successful transition, enhancing participation in long-term national frameworks.
**Acquisition**Acquired Nene Valley Fire & Acoustic Limited for c£10m, bolstering specialist fire protection capabilities and accelerating growth in this high-margin sector.
**Organic Investment**Established a Keighley pipe fabrication facility to support higher-margin adjacent businesses.
**Operational Performance**
**Building Division**Revenue up 2.0% to £476.5 million, with adjusted operating profit rising 19.2% to £14.9 million. Secured places on major frameworks, including the £15.4bn DfE Construction Framework 25 (CF25).
**Infrastructure Division**Revenue up 0.6% to £454.2 million, with adjusted operating profit increasing 23.6% to £15.2 million. Won significant contracts, including National Grids £9.0bn Major Works & Civils Framework.
**Investments Division**Revenue stable at £4.2 million, with an adjusted operating loss of £1.1 million. PPP portfolio valued at £38.5 million, generating £1.8 million in interest income.
**Financial Position**
**Balance Sheet**Strong, with 12-month average month-end cash at £189.9 million and net cash at £211.7 million.
**Share Buyback**Completed £9.0m of a £10.0m share buyback programme.
**Outlook**
**Full-Year Expectations**Revenue and adjusted profit before tax projected to exceed market expectations.
**Revenue Visibility**98% of FY26 and 80% of FY27 revenue already secured.
**Strategic Focus**Continued investment in higher-margin adjacent businesses and disciplined M&A pipeline.
**Sustainability and ESG**
**Net Zero Commitment**On track to achieve net zero carbon across operations by 2030 and all activities by 2045.
**Social Value**Delivered over £2bn in social and local economic value since 2022.
**Employee Engagement**Maintained high employee advocacy score of 87%, reflecting strong people-centric culture.
**Conclusion**
Galliford Try demonstrated resilience and growth in the first half, underpinned by strategic investments, operational excellence, and a robust order book. The company is well-positioned to capitalize on UK infrastructure spending and deliver sustainable long-term value to stakeholders.