Galliford Try Share Discussion Threads

[careful] 01/8/2018 11:47

we seem to be breaking the golden rule of posting on this thread.
'Posters who know something about the subject are not welcome.'

[ccraig69] 01/8/2018 11:18

for util companies stranded red book or green book contracts iirc

[dr_smith] 01/8/2018 10:22

marksp2011
>I think the way forward with these things is demanding a third part financial guarantee.
30 years ago I worked for a Bank and reading wording of performance bonds was my job.
These were typically for work to utility co's, water board, electric co and like - and sometimes roads. Key part for me was to make sure bank/surety role was limited to a fixed amount, no clauses to make it run higher.
Bank would typically be secured, and a mortgage debenture a common form of security.
I don't know if this is still general practice in construction.*
*Housing development done different, as customer is usually the land/property owner.

On Audits, yes, I think we all suspected they are often lip gloss, be they CLLN or others, and their leniency/negligence is now under review from what we see in media.

Dave (middle name Russell)
P.S. Thank-you Ken, though not a Doc, don't want to unintentionally mis-lead. :-)

[marksp2011] 01/8/2018 07:32

In common with many contracting bodies they know better than the people they have hired to do the work :)
i struggle daily with people who have bought a service on a rate card but think they can also choose, the people who do the work, how the work is done and demand price reductions because they don't like the answer when the rate cards they demanded give them an unpopular answer.

I think the way forward with these things is demanding a third part financial guarantee. That will engage people to review accounts who have a vested interest in the outcome and will ask the right questions. The current issue with audits is that they aren't audits. They are gentle confirmations of Directors Statements

In the CLLN case, if you really dug through the accounts and read all the notes to accounts the detail didn't match the "Headlines" by a country mile. Cashflow, working capital and debt were very different from the Page 1 announcements. So, the accounts were technically correct but the presentation of them was designed to mislead. The auditors must have known that as must the CEO CFO and Chairman who published the obfuscating narratives in their role as company officers

[dr_smith] 31/7/2018 21:19

"It isn't up to the government to save commercial companies from their own actions."
True..but..the gov have played big brother and have ended up paying along with other victims.

My beef is that the business norm is for roles and responsibilities to be defined and respective parties deliver their own part. GFRD acting as surety for CLLN a company with which they are not directly associated is not in their commercial interest and only done due to a big brother style pressure from the gov/Aberdeen principal.

Yes, each are big boys are should be able to look after their own interest, but a gov handing out contracts without caring whether they, or their sub-contractors can deliver effectively, then find themselves with lots of jobless, lots of half built amenities and services that need to be suddenly covered, it ain't in theor own interest.

To crash earlier is better. To divide a big contract into tranches is good. Big co's mean big contracts (such as Aberdeen by-pass) are possible, but when bigger co's mean more risk and bigger problems, rather than nipping in the bud, the whole eco-system fails.

To avoid a like problem, I maintain my view is interest of all. I do believe in free enterprise, why should gov (road works care)...but when gov (sh*t clear up depts) resources are required to come in, more forethought by gov (central) is in their self interest, as well as the workforce, all tax payers or dole claimants.

If you are a sub-contractor, delivering services/materials to a company, running up a big debt, not being paid timely, what do you do?
CLLN is a big co, with gov giving them contracts, so they must be OK, and small sub-contractor threatened with loss of work/custom if complaints rec'd over late payment..so.... an unhealthy environment.

My view is for the future.

So, what if the gov came in sooner.
Maybe the gov appointed receiver could see that payments are filtered down to those that did the work, re-allocate contracts in a phased timed orderly manner...but that's not ideal.. so, a better framework at outset is called for.

IMO :-)

[marksp2011] 31/7/2018 19:33

Dr_Smith

Not sure you have these completely correct. These deals are let to consortia each of which play to their specific strengths - in total they meet all the bid requirements. They bid as a group usually through a bid vehicle. The government doesn't manage the profit/risk share within the bidding consortium. The people responsible for GFRDs issues were GFRD. If they didn't want to bid with CLLN they could have no bid or, bid with someonelse. It isn't up to the government to save commercial companies from their own actions.

the Govt is in a cleft stick. If they had declined to accept a bid from CLLN, it would probably have bought them crashing down earlier

[ken tennis] 31/7/2018 16:01

Well if its only Trying that will do me im happy with that just let it keep trying
I love it when a plan comes together don't you.

[tymedici] 31/7/2018 12:05

Yeah its really Galliford Trying!

[ken tennis] 31/7/2018 11:58

Hi guys looks like we just changing into second gear now lovely.

[floridamassive] 30/7/2018 22:38

Full year results on 12th Sept...... Perfect time to snap these on the cheap before the full year results and tasty ~55p divi (6% divi yield) announcement in a month’s time :). This is a great buy in my book!

[ken tennis] 28/7/2018 08:19

Gary cheers for that.
Ye PFC and GFRD look as tho they're both on
A run now I'm well up on both I've been in PFC for a while
Now it's starting to reward nicely.
BATS pulled back a little yesterday but that was to be exspected after a near 6% rise the day before I'm well up on that too.
At least VOD has moved away from 175 which I think bodes well.
I'm down on Vod but I think most of us are at this point however I'm very happy with my position as it will produce a lovely divi income.
I was tempted a week back to have tickle on BT only on its run up to XD then out
Couple days before as I think it could drop significantly after divi, but I'm outa dosh now so
I will have to just watch on the sideline and see what I could have won
As Jim bowman used to say haha.
ATB Ken

[garycook] 28/7/2018 07:16

Ken,Owned AV.when they took over Friends Prov.Sold them at £6.Prefer PHNX at 685p for the better yield of 6.84% atm.AV.current yield is 5.6%.Personally PHNX,LGEN,and then AV.,in that order.By the way nice rise in GFRD yesterday.Also PFC,and VOD

[ken tennis] 28/7/2018 05:51

Gary just having quick look through I see Aviva went into oversold territory on
25 May and it's bouncing on resistance at 4.89 and I recon will move up soon pays good divi.
If had the spare funds I'd have a punt at this one
But knowing you've already spotted it haha.
ATB Ken

[ken tennis] 28/7/2018 05:38

Hi Gary,must nearly be time for a spot of lunch and a
dip in the pool Were you are good luck with your new addition.
ATB Ken

[ken tennis] 28/7/2018 05:33

Ayl30, I see you have posted on the BT board recently.
I've been watching them for quite a while and nearly baught in
A few weeks ago just for the run up to the divi as on their chart
This seemed to happen quite a bit then sell before XD
unfortunately I'm too late now but what are your thoughts as to where
it will go after XD I'm thinking it may sink back towards the £2.00 mark.
Regards
Ken.

[ayl30] 27/7/2018 17:29

I am happy to hold

[ken tennis] 27/7/2018 17:24

This board is now like Marie celest have you all sold up
And moved on.
This will take a while but I recon if you hold out for 6 months
You will be happy with your return just be patient this will never move
Fast but will get there eventually.

[ken tennis] 23/7/2018 13:29

Hi Gary I just sent you a PM
ATB Ken.

[garycook] 21/7/2018 04:27

Ken,Also replied to your.G

[ken tennis] 21/7/2018 04:21

Gary, got your PM and replied to it have a good weekend.
ATB
Ken.

[garycook] 20/7/2018 14:28

Correct,Did you get my PM.The Stocks you have look good.You will do well with CAML and HGM,but maybe 6 months out.CAML just bounced off 231,and HGM at or near a year low.VOD will recover