Galliford Try Share Discussion Threads

[marksp2011] 03/10/2018 17:22

prettygreen
the trade data is usually meaningless. You can sometimes see the direction of travel if you watch as the aggregate numbers are meaningless. They dont even include all the trades so....... dont waste your time

[prettygreen] 03/10/2018 16:06

Am I missing something here ? Trades today show buy:sell as 605k:125k, yet the share price is down again (for the 11th day on the trot). If it's not a true reflection of all the trades then what's the point of providing us with the data ?

[speedsgh] 25/9/2018 14:26

£128m London Gallions Reach phase 2 approved -

[nickwild] 24/9/2018 18:30

Blackrock - see RNS

[marksp2011] 23/9/2018 19:37

A UT trade is the auction
It clears all the trades that are flagged to clear in the auction if they didn't clear in the trading day. Could be one trade or thousands reflect in that one line

[spudders] 23/9/2018 15:14

Pram, I expect there will be a Rns in due course. I'm still bullish on GFRD fwiw 👍🏻

[prambigear] 23/9/2018 12:48

'Uncrossing Trade'

Difficult to find a proper explanation or definition but it is usually related to a large trade, and involves (theoretically) an 'auction' on SETS. However, only Tier 1 players can bid.

My reading is that it is an excuse for an agreed trade between a large seller and ONE buyer .

Just my opinion.

[spudders] 23/9/2018 08:32

2M+ UT, institutional sale ?

[marksp2011] 21/9/2018 17:16

yes

interesting rotation - banks and insurers very strong. Vod too

[deb81e] 21/9/2018 16:27

Bad day for all construction / Builders today

[dr_smith] 17/9/2018 15:54

Mark: Good to have a sector you have an affinity with - and a hopefully blossoming sector.
I have an aversion to Trusts as you pay their fees regardless of whether they go up or down.
I am overweight in IQE in Tech sector, my only tech share, and have been thinking of increasing in this sector, (often US co's) but products can easily be usurped or out of date, so increased risk, I guess that's where trusts come in to spread risk around more co's.

[dr_smith] 17/9/2018 15:42

Thank-you Speedsh.
My expectation on my post above, 3 days previous proves right:
"A possible downside.
Year end t/o may be less with declined work, but work done implicitly better margin, but possibly the lower volume of work will mean the distribution of central costs/fixed overheads has to be paid by that lower contract volume."

Taking macro view, those that commission work still need it to be done, no reason why that job need shouldn't remain, but they need a few more percent on their budget.

A restoration of balance. :-)
IMO
Dave

[marksp2011] 17/9/2018 15:35

DR

I have a lot of stuff in the tech sector.

It is in the sector but mainly Fundsmith/FGT type stocks eg Paypal, Visa, MSFT etc. It is an industry I know very well and I am careful with what I am doing. SMT might love Tesla but I dont buy car makers:) Especially those who make poor quality cars

[garycook] 17/9/2018 15:17

See Blackrock have just purchased another £1.2 Mill of shares

[speedsgh] 17/9/2018 15:05

Galliford construction boss: 'We need to improve bottom line' -

Growth in Galliford Try’s construction business will flatten as the group focuses on margins, the division’s chief executive Bill Hocking has told CN.

Results for the last financial year showed the building and infrastructure business increased turnover from £1.53bn to £1.69bn for the year to 30 June, while operating losses were reduced from £88.8m to £29.1m.

Mr Hocking (pictured) told Construction News he was not looking to grow the business further.

“I’m quite happy with that. I’m quite happy to have a business that is £1.7bn,” he said.

The construction business has a revenue target of £1.8bn by 2021, which would effectively mean revenue increasing only in line with forecast inflation.

“We’re plenty big enough,” Mr Hocking said. “We don’t need to chase volume; we need to improve the bottom line.”...

[marksp2011] 15/9/2018 08:08

Dr

I still have 2k of these. Not much for some I know but still a year of UK average salary and hard earned over the years. I was trading the 950==>1000 loop so my holding had been increasing

In general I am de-risking and going more global until this Brexit shambles plays out. I think that sterling is going to take a pasting so there is 10-15% to be had just being in $ assets

Whether you think Brexit is good or bad isn't particularly relevant at the macro level Mr Global market will see a shorting opportunity.

We may get 7% growth in the UK market but we could be getting twice that in sterling terms holding a US$ steady eddy picking up 2-3% divi and a 15% currency move.

I am not trying to open the Brexit debate but what is happening there is a change that will play out generationally not over the next quarter and I think it best to try and get out of the way

[dr_smith] 14/9/2018 17:18

I have been out playing at being a Trucker helping mate with house move, so apologies for delayed responses.

Mark: Yes rights 1 for 3, but don't forget to factor in the £5.68 we paid to take up those rights - so say £1.42 per (1+3) new shares held.

speedsgh:
Thank-you for the "no thanks" GFRD contract offers.
Good to see it is more than lip-service (risk/reward etc) and the fact that it has hit media is good.
I wonder what sort of shock-wave it sends through those that commission hospital/infrastructure and the like if they now struggle to get big boys on board.
They like big contractors to price with piecemeal breakdown...but if they have to get multiple co's to do one contract, that's more headache for the principal, they may well recognise the error of their ways and the outcome may well be a healthier for all contracting environment.

A possible downside.
Year end t/o may be less with declined work, but work done implicitly better margin, but possibly the lower volume of work will mean the distribution of central costs/fixed overheads has to be paid by that lower contract volume.

I guess the answer, net good or net bad, lies in the volume of work out there, to keep staff/equipment perpetually employed, with Brexit as perpetual fog over that answer..zzzzzzzzz yes boring. ;-)

If you do sell, still happy to chat. :-)
Your above post.. shouldn't that be a wink to indicate irony?

Dave

[marksp2011] 14/9/2018 12:40

Time to sell

Buy rec in IC :)

[marksp2011] 14/9/2018 12:18

DR

"The firm has been making margins in excess of 2% on jobs it has taken on in the past two years and Hocking said: “They’re progressing well, we don’t have any howlers.”"

I would much prefer open book and a management fee - fixing the management fee if necessary. You don't need a "howler" to miss by 2%

[garycook] 14/9/2018 09:04

14 Sep Galliford Try PLC Numis Add 1,095.50 950.00 1,200.00 Retains

[speedsgh] 14/9/2018 08:39

Aberdeen road woe meant Galliford Try turned down taking over stricken Carillion hospital, boss admits -

The boss of Galliford Try’s construction arm has said the £120m-plus losses it has racked up building a road around Aberdeen meant the firm quickly ruled out working on Carillion’s stalled hospital job in the West Midlands when asked to run the rule over it.

Carillion was building the £350m PFI Midland Met Hospital when it went bust in January and the job has remained mothballed ever since.

Bill Hocking, Galliford Try’s chief executive of its £1.7bn construction business, admitted the firm was approached by hospital bosses about taking over the job.

But he told Building: “I was asked and gave them a one-word answer. I don’t want to be distracted by trying to recover another bad job. It’s about looking to the future for us.”...

...Turning down the deal, Hocking (pictured) told the trust, which has since abandoned its plan to complete the work under a PFI deal and has now asked the government to bail out the job, it would only interest contractors if the client took on the risk to finish the work.

“It would have to be [done on] relatively risk-free terms,” he added, warning the longer the job remained unfinished, the more it would cost to complete.

“To stop a building like that and leave it in limbo for a long time is no good in the first place. It’s worth [the trust] paying a bit more money to keep the job going.”...

[marksp2011] 14/9/2018 08:28

DR

The rights was 1:3 so I guess we are at about 1460 in old money.
The article that Speedsgh has posted above should really help going forward as it will also improve the cash flow position which isn't looking so good

[speedsgh] 13/9/2018 10:02

Galliford Try boss says firm won’t touch Stonehenge tunnel -

[dr_smith] 12/9/2018 17:44

Profitaker:
Past year share price has been say 1200-1400.
Factor in rights issue and that equates to say 1100-1200.
That was pre Carillion, so todays 1104 close just about restores status quo.

Engage smug mode: I was right on the 1050+ closing price, with exiting ghosts from closet.

Using EPS alone for valuation, earlier today I thought £15 would still be justified, same as your own figure.

Mark:
I assume you mean the sign off and claims before final monies received.
IMO, aside from margin issues, it is usual for big projects to be phased, so you have safety valves built in and rather than one big sign off, multiple small projects are signed off and paid for, reducing risk and financial pressures for all concerned.
Basic stuff. Normal project management.
Hopefully their new procedures will cater for this, bread and butter stuff.