Galliford Try Share Discussion Threads

[morgoth1] 14/11/2017 15:58

Same here i topped up today for my pension 8% yield looks very good
if it can be maintained.
Although i have also bought a higher prices.

[dr_smith] 14/11/2017 14:04

Thank-you for the posts speedsgh, I would have missed some of these as no rns.
Do you sometimes think you are posting to yourself with no responders. ;-)
I tend to not to comment unless something constructive to say..or some humour on a slack day.

On by-pass, I guess it means no direct affect on agreed contracts with GFRD, so no need for concern, but..demonstrates public purse constrained even for required/commited projects. IMV :-)

If demand in public sector drops and private sector (house builds) remains strong, I don't know if GFRD are able to easily re-locate/re-distribute resources to enable private aspect to take up any slack.

My £££; are invested as LTH and topped up recently.

[speedsgh] 14/11/2017 10:17

GFRD is now trading on a fwd yield of 8.4%. That seems to be pricing in an awful lot of negativity, unless the market knows something that we don't?

Chart does not look great. Ignoring the Brexit referendum spike down & subsequent recovery, the share price is still in a longer term downtrend which started mid 2015.

[speedsgh] 14/11/2017 10:07

Chairman, Peter Ventress, yday bought 6,324 shares @ 1179.67p = £74,602

Director/PDMR Shareholding -

[speedsgh] 14/11/2017 10:04

Galliford Try chief eyes more sites with newly-formed JV -

Galliford Try Partnerships chief executive Stephen Teagle has said the recently announced joint venture with Trafford Housing Trust would be looking for more sites as it starts the consultation process on a £100m housing scheme in Partington...

...He added the Partington project was the first time Galliford Try Partnerships had co-invested in a mixed tenure scheme with a housing provider, and that the group would “definitely” look to secure other sites with Trafford Housing Trust.

“In four years’ time, we want to be doing two-and-a-half times what we’re doing now”, he said...

[speedsgh] 13/11/2017 10:27

Fears of spiralling costs as multimillion pound bypass talks delayed until 2018 -

[speedsgh] 10/11/2017 09:45

Galliford Try and Trafford Housing Trust form £100m JV -

[speedsgh] 10/11/2017 09:44

Overview of today's rns below. Difficult to find negatives in the info provided. The question that may remain is whether they are having to swim against the tide in some of their markets. If they are, this increases the possibility of a deterioration in their outlook at some point going forward, even if they haven't been affected to date.

Annual General Meeting, Update on Current Trading and Board and Committee Changes -

LINDEN HOMES
Average sales rate: 0.62 units per site per week (2016: 0.56)
Sales reserved, contracted or completed: £652m (2016: £614m)
Landbank: 11,200 plots (2016: 11,430)

PARTNERSHIPS & REGENERATION
Order book: £1.3bn (2016: £0.873bn)

CONSTRUCTION
Order book: £3.6bn (2016: £3.4bn)
94% of projected revenue for FY to 30 June 2018 secured (2016: 90%)
51% of projected revenue for FY to 30 June 2019 secured (2016: 52%)
Progress on resolution of legacy contracts in line with position indicated in Sept 2017 Final Results.

DEBT
Average net debt below budgeted levels since start of current FY

[jaf111] 10/11/2017 09:34

Clearly the market doesn't agree....

But that hasn't stopped me buying more today....

[gabble ratchet] 10/11/2017 09:29

What's not to like? An excellent company with impressive order book and stellar dividend.

[kevph] 10/11/2017 07:40

Completely agree. Business as usual and looking on plan.

[lord gnome] 09/11/2017 14:41

So now we know the cause for the fall. General weakness in the property market. Few buyers about. House builders and Estate Agents taking a hit today. It will be interesting to read what the AGM RNS has to say tomorrow. It's all in the outlook statement.

[dr_smith] 09/11/2017 10:41

Yep, I'm another, concur with Kevph, I'm already in for disprportionate percentage of 'folio. Likewise happy on fundamentals and baffled by recent share price drop.
As for future skeletons - any company can have them, something you accept day 1 of putting money in stock market.

[speedsgh] 09/11/2017 10:34

Posible reasons for current weakness in a nutshell...

CONSTRUCTION: sentiment towards sector poor due to headwinds & some high profile car crashes relating to legacy contracts (cf CLLN IRV); GFRD also reported on legacy contracts in 3rd May rns - investors possibly nervous until get further reassurance that no further deterioration (in spite of reasurance given in Final Results*).

* from Final Results -
"There has been no material movement in this position and we have taken a proactive approach towards managing these legacy contracts through to completion, with significant involvement of the executive team. We have made good progress in resolving legacy projects during the period, and pleasingly no further contracts have been added to that list. Most of these contracts are now complete on site, with continuing uncertainties relating to final settlements and claim recoveries. Of the two large infrastructure joint ventures which gave rise to the exceptional item, one is largely practically complete, whilst the other is expected to conclude in mid 2018. We have reasonable confidence around the cost position on these projects, but inevitable intrinsic uncertainty around amounts to be recovered from some significant claims."

LINDEN HOMES (housebuilding): Statements from Persimmon (PSN) & Redrow (RDW) suggesting possible sector slowdown...

Persimmon (8/11) -

Redrow (9/11) -
"The sales market was buoyant in the first quarter, however ongoing political and economic uncertainty has resulted in a slight slow down in sales in recent weeks in comparison to a very strong sales market last year..."

AIMHO

[lord gnome] 09/11/2017 09:55

AGM is tomorrow, micos, so I guess we'll get an AGM statement / update RNS in the morning. That might just shed a bit of light on things.

[lord gnome] 09/11/2017 09:53

Any more skeletons about to pop out of the cupboard? PIs are always last to know anything. Other than that, I would agree with Kevph.

[micos] 09/11/2017 09:39

It's now paying 8%. Am I right in thinking the AGM is today?

[joshgroeny] 09/11/2017 09:22

Just looked at GFRD on Digital Look.. It would be hard to find a more amazing set of figures and yet the shares are being ground down steadily, or rather rapidly this morning. I've got too many if these already but I'm tempted to load up on more!

[kevph] 09/11/2017 09:14

Looks like usual panic. A little doubt over legacy plus a perceived slowdown in the housing market without the support of an imminent divi and it's turned into a free for all. At times like this I stick to the fundamentals. No debt, great growth, amazing divi. Frankly, way to cheap.

[joshgroeny] 09/11/2017 09:05

Does anyone have any idea what's going on here lately..?

[garycook] 02/11/2017 13:21

I would rather keep my holdings in BKG,and TW atm.The worry with GFRD is the existing legacy contracts.Look at CLLN,and IRV in that respect.GFRD went down to £8 and change last year.The 8% yield is very attractive,but I do not want to be caught out with any surprises down the line,which Construction issues can throw up.

[gp1948] 02/11/2017 13:16

Good point bigbertie. The construction arm of the business is by far the largest of the three parts and they're only targeting a profit margin of >2.0% by 2021, and that is presumably if everything goes well.

[ptgint] 02/11/2017 11:49

I'm in same mind as you Gary and speed and Bigb adds to my edginess. Think I'll watch and wait a little longer. Don't want any big surprises.

[bigbertie] 02/11/2017 11:41

But even without the provision on legacy contracts the margin on construction was zero! That sounds serious IMHO

[garycook] 02/11/2017 11:21

Speeds,Thats what is stopping me buying GFRD.