Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Galliford Try Holdings Plc LSE:GFRD London Ordinary Share GB00BKY40Q38 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 175.00 174.40 175.20 177.60 174.80 175.00 111,174 16:35:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 1,124.8 11.4 7.0 25.0 194

Galliford Try Holdings PLC Annual Financial Report

05/10/2021 4:47pm

UK Regulatory (RNS & others)


Galliford Try (LSE:GFRD)
Historical Stock Chart


From May 2021 to May 2022

Click Here for more Galliford Try Charts.

TIDMGFRD

RNS Number : 1105O

Galliford Try Holdings PLC

05 October 2021

GALLIFORD TRY HOLDINGS PLC

PUBLICATION OF ANNUAL REPORT AND FINANCIAL STATEMENTS 2021 AND NOTICE OF 2021 ANNUAL GENERAL MEETING

Galliford Try Holdings plc has today, in accordance with LR 9.6.1 R of the Listing Rules, submitted to the Financial Conduct Authority's National Storage Mechanism copies of the following:

   --      The Annual Report and Financial Statements 2021. 
   --      Notice of 2021 Annual General Meeting. 
   --      Form of Proxy for the 2021 Annual General Meeting. 

The documents will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Annual Report and Financial Statements and Notice of Annual General Meeting are also available on the Galliford Try website at www.gallifordtry.co.uk/investors/reports-presentations/.

A condensed set of the Group's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in Galliford Try Holdings plc's Final Results Announcement on 16 September 2021. That information, together with the information set out below which is extracted from the Annual Report and Financial Statements 2021 constitute the material required by DTR 6.3.5 of the Disclosure Guidance and Transparency Rules which is required to be communicated to the media in full unedited text through a Regulatory Information Service. This announcement is not a substitute for reading the full Annual Report and Financial Statements 2021. Page and note references in the text below refer to page numbers and note references in the Annual Report and Financial Statements 2021. To view the results announcement, slides of the results presentation and the results webcast please visit www.gallifordtry.co.uk/investors/reports-presentations/.

Our principal risks

In previous years, we have monitored and reported our principal risks using a framework comprised of 12 risk themes. There was a high degree of interdependence between these risk themes because in many cases, they represented causes rather than impacts. For example, we had separate risk themes in relation to the opportunity pipeline, project selection and work winning, but the ultimate risk for the Group is that we fail to secure an appropriate pipeline of projects to achieve our revenue and profitability targets. At a Group level, the Board now monitors risk using the following four principal risks, a detailed analysis of which is provided below:

Work winning.

Project delivery.

Resources.

Compliance and cyber security.

This simplified approach facilitates a more targeted focus on the most significant risks and the actions being taken to manage them.

At an individual business unit level, our risk management process still captures and monitors risks and mitigations using the 12 risk themes so that we can take targeted actions to address issues that are specific to the regions and sectors in which they operate.

Work winning

Risk description

We fail to secure an appropriate pipeline of projects to achieve our revenue and profitability targets.

Our risk appetite

We aim to secure a forward order book that provides a high degree of certainty of current year plus following year revenue, while reflecting appropriate margin, cash and risk attributes.

Maintaining discipline in the projects that we bid for is a fundamental element of our internal control framework. We will only bid for projects where we are confident that we have the experience, knowledge and supply chain to deliver effectively and where the client relationships and commercial terms support a collaborative approach to managing risk.

Potential causes of risk

> A significant and sustained reduction in Government investment in building and infrastructure projects reduces the opportunity pipeline.

> Delays to and/or reduced levels of private sector investment due to macro-economic conditions.

> Failure to secure positions on key procurement frameworks.

> Failure to meet the increasing sustainability expectations of our clients.

> Poor quality bid submissions.

> Failure to maintain discipline in project selection.

Current risk environment

Public sector opportunities are now coming to market quicker as funding has been secured. Likewise, the private sector market remains resilient with opportunities in commercial sectors such as Private Rented Sector (PRS) and student accommodation increasing both for Construction and Investments. Medium to longer term, the outlook for public sector markets remains positive. However, there is a greater degree of uncertainty in the private sector as the longer-term impacts of the pandemic on the way we live and work, and the buildings that are required, are not yet clear.

Maintaining discipline in project selection remains absolutely fundamental to delivering on our strategic objectives. Our risk management in evaluating opportunities is robust and is supported by a clear sector focus. The Procurement Playbook sets out principles for a more collaborative approach to sharing of risks between client and contractor. However, these principles will take time to become embedded in client behaviours and we still observe some clients attempting to pass more risk on. We remain vigilant to this risk and maintain discipline in reviewing and challenging onerous contract conditions.

We continue to be successful in winning work and securing positions on key frameworks with good quality clients. However, the market remains very competitive and we must compete not just on price, but by demonstrating our ability to deliver against the clients' priorities, especially in relation to carbon reduction.

Market review p16

Emerging risks

> Clients start to move away from the traditional main contractor/subcontractor model, instead opting for more self-delivery and enterprise delivery models.

> We innovate or adopt new technologies too early, incurring costs associated with being an early adopter, or too late, losing market share.

> Client attitudes to sustainability shift at differing rates, leaving some clients focused on construction cost and others on whole-life cost and carbon performance.

> We fail to balance the need to be competitive with delivering long-term sustainability in the assets we build and/or we are not adequately rewarded for the long-term value we deliver to clients.

> PRS becomes a less attractive market to invest in, reducing the opportunities in this market.

> The political arena in the UK continues to be increasingly unpredictable. Radical shifts in Government policy reduce the certainty of opportunities in the public and regulated sectors.

Mitigations

> We manage the potential impact of an economic downturn by building a high-quality order book with projects that meet our strict risk profile.

> We concentrate on sectors where we have core strengths and clients with long-term growth and profitability potential.

> We focus on securing positions on key procurement frameworks (page 48) and repeat business with key clients through a centralised, dedicated pre-construction team. This allows for strategic planning, better collaboration and reduced risk of project failure.

> We have robust review and approval controls for bids and contracts supported by a risk-based heat map tool to ensure that project selection is aligned to our risk appetite. Any potentially onerous terms or other misalignment to our contract selection criteria are flagged early on in the process and escalated for Board review.

> We typically target lower-risk contract types as described on page 6.

> We carry out peer reviews of bids where relevant to ensure robust review and challenge of risks and assumptions and to promote knowledge sharing across the business.

Key risk indicators

> Percentage of planned revenue secured.

> Percentage of pipeline in frameworks.

> Order book by client type.

> Percentage of repeat business with existing clients.

Project delivery

Risk description

We fail to deliver projects safely, on time, in agreement with contractual terms, and to a high quality for our clients.

Risk appetite

We prioritise health and safety above everything else and believe that nothing is so important that we cannot take the time to do it safely.

We will not tolerate poor quality and strive to deliver high quality buildings and infrastructure for our clients that provide safe environments for the occupiers and users of the assets.

We aim to provide realistic and transparent forecasts of project performance with potential risks to programme and margins identified and addressed before they materialise.

Potential causes of risk

> Changing regulations.

> Non-compliance with health and safety regulations and/or poor safety behaviours.

> Programme delays and cost escalation.

> Poor control of client and subcontractor variations and claims processes.

> Contractual notices not given as per contract requirements.

> Poor record-keeping and document management.

> Poor design quality and/or co-ordination.

> Failure to comply with quality control procedures.

> Extended periods of adverse weather conditions.

> Subcontractor poor performance and/or insolvency.

> Unrealistic estimates, including cost to complete, inflation estimates, outcomes of disputes and final value included in project forecasts.

Current risk environment

Safety performance has remained strong through the second half of the financial year. The Covid-19 site operating procedures are embedded and have driven a greater focus on planning. This was further supported by the refresh of our Challenging Beliefs, Affecting Behaviours behavioural safety programme in the first half of 2021. We have had an increased focus on wellbeing across the Group through initiatives such as Wellbeing Wednesdays and Feel Good Fridays which have been well-received by our people. Our thinking on safety now extends to consideration of the safety in use of the buildings we construct and, in the case of our FM business, the buildings we operate.

The disruption to programmes caused earlier in the Covid-19 pandemic has subsided and extensions of time agreed wherever possible. Covid-19 site operating procedures are now very well established, and productivity has returned to normal levels. Any additional costs associated with Covid-19 health and safety measures are built into all project forecasts but do not have a material impact on margins. The latest round of project commercial health checks, performed in March 2021 again observed that project risks are well understood and where necessary, reflected in the forecasts.

As a side effect of the increased scrutiny of fire safety on legacy projects, 12-year defects claims are becoming more common. Defending these claims incurs legal costs and can take up management resource and therefore it remains important that quality inspection records are well maintained within Fieldview and Viewpoint as most claims relate to defects in design or workmanship. Our Technical Services team is working on a wide range of initiatives to drive continuous improvement in quality, including investment in digital tools to support better design integration and visualisation. The revised approach to auditing compliance with our quality management systems and processes has been implemented and ActivSHEQ (the platform that we use for safety auditing and reporting) is being used to record and report the results of quality management system audits. This will drive greater consistency in auditing and more visibility of compliance trends.

Emerging risks

> Insurers withdraw from the market for PI cover for construction contractors and/or insurance cover becomes prohibitively expensive.

> We fail to adapt our processes to meet the requirements of our clients to have better and more reliable data about the assets we design and build for them.

> The country fails to learn from Covid-19 and any potential new global pandemic has a significant/similar impact on the construction industry that it had with Covid-19.

> Building designs and construction methodologies fail to adapt to the effects of climate change, leading to reduced productivity, programme delays and cost overruns.

Mitigations

> Continued reinforcement of our behavioural safety programme Challenging Beliefs, Affecting Behaviour, and the introduction of Lead Indicators which target no harm.

> A values-driven approach to project delivery focusing on close collaboration and client satisfaction to enable achievement of end goals for both parties.

> Robust review and approval of contractual terms, pre-contract to ensure we do not sign up to contracts with onerous terms. This includes the employment of margin thresholds and escalation to the Board of any contracts that do not meet our criteria.

> Rigorous quality control in our business management system policies and procedures and digitalisation to improve data, quality and efficiency.

> Due diligence to select competent designers and subcontractors to work with and use specialist consultants at key review stages.

> Comprehensive commercial training.

> We have introduced standardised formats (value cost analysis and cost and value reconciliation) for monitoring and reporting project performance and forecasts.

> Monthly cross-disciplinary contract review meetings on all projects enable a robust assessment of programme status, risks and commercial forecasts and are investing in upgrading our existing ERP systems.

> A programme of commercial 'health checks' to provide an independent assessment of the project team's reported project performance and forecast outturn.

> Operational controls including health and safety site risk assessments, which are monitored through a regular audit process.

> Introduction of Technical and Business Support Forums that drive process improvements across health and safety, digitalisation, carbon reduction, procurement, design management, mechanical and electrical, and commercial activities.

> Escalation processes to respond promptly and appropriately to incidents.

Key risk indicators

> RIDDOR and AFR scores.

> Forecast project margins.

Link to our strategic priorities

Progressive culture

Socially responsible delivery

Quality and innovation

Fair and sustainable financial returns

Resources

Risk description

We fail to secure the right people and other resources necessary to deliver our projects and manage our business.

Risk appetite

We aim to recruit employees from a diverse talent pool who are aligned to our values and behaviours.

We seek to work with financially resilient subcontractors, suppliers and joint venture partners who share our values in relation to safety, quality and sustainability.

Potential causes

> We are unable to attract, retain and/or develop the right staff to meet our future needs, we mismatch our staffing levels to peaks and troughs in activity or lack diversity.

> Lack of capacity in the supply chain due to high levels of activity in the construction sector.

> Subcontractor and/or client insolvency.

> Failure to comply with fair payment practices.

> Lack of geographical coverage.

Current risk environment

The availability and pricing of products and materials in most categories are being adversely affected by a significant and sustained demand and supply imbalance. Multiple factors including Covid-19 disruption to manufacturers, the Suez Canal backlog, new customs procedures, and a shortage of drivers are all causing supply-side issues. Meanwhile, the high levels of activity in the housebuilding and infrastructure sectors in particular are leading to unprecedented demand. We are mitigating this risk through early engagement with the supply chain and incorporating inflation clauses into contracts wherever possible. If tender lead-in times are high, we re-price projects to account for any inflation. Subcontractor insolvency risk has reduced as most of our Aligned subcontractors continued to work throughout the pandemic without furloughing staff. The more significant subcontractor risk is the current skills shortages in certain trades, including bricklayers and joiners. Such shortages could extend to other trades as construction activity continues to increase.

The pandemic continues to have a huge impact on people, particularly their mental health. We are supporting our teams through several initiatives including Wellbeing Wednesdays, Feel Good Fridays, the Be Well Podcast Library and targeted employee surveys. A Company-wide employee survey is planned for later in 2021. Large infrastructure schemes and a mismatch between skilled worker supply and demand are driving salaries up and increasing the risk of employees leaving for higher reward packages. We continue to develop our own people and provide them with opportunities for progression. However, it remains a competitive market for talent and we continue to improve the way we promote the business and develop our employee offering.

We continue to manage cash effectively and the extra disciplines that have been introduced in the past 12 months have further improved the accuracy of our cash forecasting and helped improve our cash performance. The introduction of domestic reverse charge for VAT during the year created a one-off improvement to cash flow, but we have passed this back to our supply chain by making further improvements in the time we take to pay.

Emerging risks

> There is a generational shortage of skills as more experienced staff retire who are not replaced in sufficient numbers because the construction sector cannot compete with other sectors in attracting talent.

> Innovations in the use of technology will require us to attract a workforce with a very different set of skills.

> Depletion or increased scarcity of non-renewable materials may lead to greater volatility in prices and more regular disruption to supply.

Mitigations

> The Group has an established HR strategy based on best practice principles and relevant legislation which, among other things, includes the regular review of remuneration and benefits packages to ensure we remain competitive.

> Our succession planning and talent management processes enable continuity and identification of future leaders.

> We operate graduate and trainee programmes to develop our own pipeline of talent.

> We develop long-term relationships with key suppliers and subcontractors to ensure that we remain a priority customer when resources and materials are in short supply.

> Our Advantage through Alignment programme facilitates greater engagement with our key supply chain members and provides them with greater visibility of our pipeline of projects.

> We are committed to paying 95% of supply chain invoices within 60 days, and achieving the new standards of the Prompt Payment Code.

> We monitor subcontractor financial strength using a credit tracker on the Dun & Bradstreet portal.

> Each business unit reviews its cash forecast weekly and monthly, and the Group prepares a detailed daily cash book forecast for the following eight-week period to highlight any risk of intra-month fluctuations. These forecasts are reviewed at business unit, division and Group level.

Key risk indicators

> Material and trade shortages.

> Voluntary staff churn rate.

> Prompt Payment Code performance statistics.

> Average month end cash.

Link to our strategic priorities

Progressive culture

Socially responsible delivery

Quality and innovation

Fair and sustainable financial returns

Regulatory compliance

Risk description

We fail to comply with requirements of the various legal and regulatory regimes in which we operate, resulting in a high-profile breach and regulatory censure.

Our risk appetite

We have zero tolerance for non-compliance with regulations. We expect all employees and subcontractors to be aware of all regulations relevant to their role and to comply at all times. We also expect our people to speak up if they observe or suspect non-compliance.

Potential causes

> Failure to update our procedures to reflect changes to key legislation and regulations.

> Failure to provide sufficient and effective training to all staff.

> Failure to implement effective compliance monitoring processes.

Current risk environment

During the year, we have successfully managed the transition to new regulatory requirements in relation to off-payroll working (IR35) and the introduction of the Domestic Reverse Charge VAT procedure.

We continue to monitor the findings and recommendations from the Grenfell inquiry and will be ready to adapt to any changes in building regulations. Where necessary, we have already incorporated the lessons learned from Grenfell into our processes, specifically in relation to design co-ordination and accountabilities.

We are preparing for the expected review and update of the Modern Slavery legislation in the next 12 months. A review of the likely changes is under way with our focus on moving beyond basic legal compliance to adopting and advocating for good practice throughout our supply chain.

As part of the Group's continued compliance with anti-fraud and bribery legislation, we issued e-learning focused on the Criminal Finances Act 2017, and new Corporate Criminal Offences (CCO) introduced in the Act.

Emerging risks

> Greater devolution or even full independence may lead to very different regulatory regimes in Scotland and the rest of the UK.

Mitigations

> Galliford Try has comprehensive policies and guidance at every level including our Code of Conduct, mandatory regulatory and cyber security e-learning for all employees, an anonymous and independent whistleblowing helpline, regular legal updates and briefings, six-monthly compliance declarations, and conflict of interest registers and authorisations.

> The Ethics and Compliance Committee, chaired by the General Counsel & Company Secretary, provides ongoing monitoring and oversight of policy and compliance activity in relation to key areas of legislation.

Key risk indicators

Number of external enforcement cases.

Viability Statement

As required by provision 31 of the UK Corporate Governance Code, the Board has assessed the prospects and financial viability of the Group, taking account of the Group's current position and the potential impact of the principal risks to the Group's ability to deliver its business plan. The assessment of prospects has been made using a period of five years, which aligns to our strategic plan period. The assessment of viability has been made using a period of three years, which aligns with our budget period and provides reasonable visibility of future revenue from the existing order book. Since the sale of the housebuilding businesses and the recapitalisation of the business in January 2020, the Group no longer has any debt facilities and associated covenants, therefore viability has been assessed in terms of the headroom against available cash reserves.

Assessment of prospects

As outlined in our Strategic report, the long-term prospects of the business are supported by a refreshed strategy which builds on our existing strengths and the growth opportunities in our target markets.

Our alignment to the Government's continued investment in the UK's social and economic infrastructure is a fundamental driver of demand for our services and plays to our strengths in the health, education, defence, highways and environment markets. Our ability to achieve sustainable growth within these markets is underpinned by our position on the most significant procurement frameworks, our commitment to supporting the decarbonisation of the built environment and our investment in digital technologies to drive continuous improvement in quality and productivity.

Our people remain the key to our success and our focus on attracting and retaining a more diverse workforce as well as increasing the proportion of apprentices and graduates help us access the skills and expertise required to deliver on our sustainable growth strategy.

Assessment of viability

The base case for the cash flow projections modelled in our assessment of viability is the budget for the three years from 1 July 2021 which incorporates appropriate contingencies against plausible day-to-day downside risks, primarily the Group's principal risks as disclosed previously. The base case shows average month end net cash growing in line with earnings and assumes that the Group continues to operate without debt facilities.

Against this base case, we have stress-tested the forecasts and modelled the impact on cash flow and liquidity of a number of downside scenarios related to our principal risks, including a combined downside scenario that includes a number of these sensitivities occurring together. The scenarios modelled and their link to the underlying principal risks are described in the table below.

Although we have included a further national lockdown scenario in our stress testing, the business and our cash performance has shown a high degree of resilience throughout the Covid-19 pandemic. Our sites have largely remained open and the adherence to stringent risk mitigation measures in our sites and offices, together with good engagement with our clients and supply chain has minimised the disruption to project delivery.

 
Scenario modelled                                                              Link to principal 
                                                                                           risks 
-----------------------------------------------------------------------  ----------------------- 
Scenario 1                                                                *    Work winning 
 Reduction in construction volumes 
 Our cash performance is correlated with earnings growth and therefore 
 reliant on construction activity being in line with our assumptions. 
 We have modelled a reduction in construction volumes that would 
 equate to a 10% reduction in monthly cash receipts offset by a 
 proportionate reduction in payments, relative to our base case 
 forecast. 
-----------------------------------------------------------------------  ----------------------- 
Scenario 2                                                                *    Resources 
 Deterioration in working capital 
 We have modelled the impact of a deterioration in our working capital, 
 which could be caused by delays in receiving payments from clients 
 and/or earlier payments to our supply chain. 
-----------------------------------------------------------------------  ----------------------- 
Scenario 3                                                                *    Resources 
 Irrecoverable cost increases 
 There is a risk of a prolonged period of materials cost inflation 
 and therefore we have modelled the impact of failing to fully mitigate 
 these cost increases on our projects. 
Scenario 4 
 Covid - national lockdown                                                 *    Project delivery 
 While considered unlikely, there is the potential for new variants 
 combined with seasonal pressure on the NHS to result in further 
 national lockdowns during the winter of 2021/22. In this scenario, 
 we have modelled the impact on working capital of programme delays 
 and reduced operational efficiency. 
-----------------------------------------------------------------------  ----------------------- 
Scenario 5 
 'Perfect storm'                                                           *    Work winning 
 We also tested the unlikely but plausible scenario where all of 
 scenarios 1-4 combine at the same time. 
                                                                           *    Resources 
 
 
                                                                           *    Project delivery 
-----------------------------------------------------------------------  ----------------------- 
 

As part of the viability assessment, the Board also considered the mitigations and interventions available to manage the impact of one or more of the downside scenarios occurring. The base case already includes significant cash contingencies and the Board has considered further mitigating actions that are available to it.

Based on the results of this analysis, the Board has concluded that it has a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three-year period of its assessment.

Related party transactions

Transactions between the Group and its related parties are disclosed as follows:

Group

 
                                                 Amounts owed 
                                 Sales to                  by 
                          related parties     related parties 
---------------------  ------------------  ------------------ 
                           2021      2020      2021      2020 
                           GBPm      GBPm      GBPm      GBPm 
---------------------  --------  --------  --------  -------- 
Trading transactions 
Related parties           110.5      75.8      42.2      35.9 
---------------------  --------  --------  --------  -------- 
 
 
                                 Interest and 
                              dividend income 
                                 from related 
                                      parties 
-------------------------  ------------------ 
                               2021      2020 
                               GBPm      GBPm 
-------------------------  --------  -------- 
Non-trading transactions 
Related parties                 4.4       4.5 
-------------------------  --------  -------- 
 

The related party transactions above reflect continuing operations. Sales to related parties within discontinued operations amount to GBPnil (2020: GBP50.3m) and interest and dividend income received from related parties amount to GBPnil (2020: GBP11.1m).

Sales to related parties are based on terms that would be available to unrelated third parties. Amounts owed by related parties consist predominantly of subordinated debt within the PPP and Other Investments portfolio, that if held to maturity would be due over the next 27 years (2020: 28 years). These receivables are unsecured, with interest rates varying between a range of 9% and 12%. Payables are due within one year (2020: one year) and are interest free.

Company

Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation, are disclosed as follows:

 
                                 Interest and 
                              dividend income 
                                 from related 
                                      parties 
-------------------------  ------------------ 
                               2021      2020 
                               GBPm      GBPm 
-------------------------  --------  -------- 
Non-trading transactions 
Subsidiary undertakings         2.0     100.0 
-------------------------  --------  -------- 
 

The Company has provided performance guarantees in respect of certain operational contracts entered into between joint ventures and a Group undertaking.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have prepared the Group and Parent Company financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. Under company law, the directors must not approve the financial statements, unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Parent Company and of the profit or loss of the Group and Parent Company for that period.

In preparing the financial statements, the directors are required to:

> select suitable accounting policies and then apply them consistently;

> make judgments and accounting estimates that are reasonable and prudent;

> state whether they have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;

> state whether they have been prepared in accordance with international financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, subject to any material departures disclosed and explained in the financial statements;

> prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;

> prepare a Directors' report, a Strategic report and Directors' Remuneration report which comply with the requirements of the Companies Act 2006.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Parent Company and enable them to ensure that the financial statements and the Directors' Remuneration report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Group and the Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for ensuring the Annual Report and the financial statements are made available on a website. Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the directors. The directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

The directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Parent Company's performance, position, business model and strategy.

Each of the directors, whose names and functions are listed on page 56, confirms that to the best of their knowledge:

> The Parent Company financial statements have been prepared in accordance with the applicable set of accounting standards and Article 4 of the IAS Regulation and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group and the Parent Company.

> The Annual Report and Accounts includes a fair review of the development and performance of the business and the financial position of the Group and Parent Company, together with a description of the principal risks and uncertainties that it faces.

In the case of each director in office at the date the Directors' report is approved:

> so far as the director is aware, there is no relevant audit information of which the Group and Group's auditors are unaware; and

> they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Group and Group's auditors are aware of that information.

For and on behalf of the Board

Bill Hocking

Chief Executive

16 September 2021

Forward-looking statements

Forward-looking statements have been made by the directors in good faith using information up until the date on which they approved this Annual Report. Forward-looking statements should be regarded with caution due to uncertainties in economic trends and business risks. The Group's businesses are generally not affected by seasonality.

For further enquiries:

 
Galliford Try Holdings   Kevin Corbett, Company 
 plc                      Secretary                        01895 855001 
 Clara Melia, Investor Relations                           020 3289 5520 
Tulchan Communications   James Macey White                 0207 353 4200 
 Giles Kernick 
 

Notes to Editors

Galliford Try Holdings plc is a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACSDKPBQPBDDNKK

(END) Dow Jones Newswires

October 05, 2021 11:47 ET (15:47 GMT)

1 Year Galliford Try Chart

1 Year Galliford Try Chart

1 Month Galliford Try Chart

1 Month Galliford Try Chart
ADVFN Advertorial
Your Recent History
LSE
GFRD
Galliford ..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220525 19:57:53