Share Name Share Symbol Market Type Share ISIN Share Description
Galliford Try LSE:GFRD London Ordinary Share GB00B3Y2J508 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -7.50p -0.86% 863.50p 862.50p 863.50p 873.50p 859.00p 868.00p 131,528 12:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 2,704.5 147.6 145.8 5.9 715.75

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Date Time Title Posts
20/2/201822:21Galliford Try - Building on Solid Foundations4,285
25/8/201709:23TRYING TO MAKE MONEY ? BUY GFRD642
02/3/201713:25LInden Homes - the house that Jack built or was it Jerry?1
19/11/201208:32*** Galliford Try ***45
24/10/200905:05Galiford Try7

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Galliford Try Daily Update: Galliford Try is listed in the Construction & Materials sector of the London Stock Exchange with ticker GFRD. The last closing price for Galliford Try was 871p.
Galliford Try has a 4 week average price of 772.50p and a 12 week average price of 772.50p.
The 1 year high share price is 1,592p while the 1 year low share price is currently 772.50p.
There are currently 82,888,851 shares in issue and the average daily traded volume is 1,618,446 shares. The market capitalisation of Galliford Try is £715,745,228.39.
jimmywilson612: Hi Mark, All valid points and does show why investment isn't black and white, but an art. Everyone I think will agree the fundamentals are good here at this price, so the issue does come down to management. In my opinion, Galliford has signed up to contracts when the market was a very different place to it was now. They tried to save face/share price years ago which now has kicked the can down the road and destroying value now. I think its best to raise more than they anticipate they need. It would be unwise to go cap in hand to the market for a 2nd time for example if costs continue to overrun. It's good to cut the dividend when it needs to be cut. I would be more concerned if they didn't, and simply buried the head in the sand like they did before. Take the pain now, get it out in the open, and move on. The risks are clear, the rewards are clear. I think at this price - the risk/reward ratio is in my favour but will keep a close eye on this.
jimmywilson612: I'm a buyer at these levels and I'll try and set out my reasons below. Please give me both barrels if you don't agree - I like people who have different opinion than myself as I think it makes us all better investors than head in the sand. Current Market Cap - £723M (+Debt of £84M or £203M depending on what figure you want.) Big decrease in price due to raising £150M due to legacy issues and Carillion's demise. Issue is therefore in the construction team and looking at the figures, net cash within this department fell from £110M to £44M. Therefore, I think it makes sense to raise cash from shareholders to maintain a healthy cash surplus in this area and avoid any cashflow issues in the future. Short-term pain to ensure we avoid and nasty jolts later on in the road. Should also be said that net debt across the business fell from £113M to £84M which looks good. Average net debt of £203M as opposed to £231M debt last year. Pension deficit is only £2.3M so not worth worrying about. Dividend cover of 2.0x is sensible approach and ensures we benefit as well as ensuring that debt figure is reduced over time. Now - this is now down to how much do you trust management moving forward.In my opinion pre-exceptional is only valid if it's one off costs.As you'll see below - one-off isn't every year. 2017 Profit - £58M (£147M pre-exceptional) 2016 Profit - £135M (157M pre-exceptional) 2015 Profit - £117M (138M pre-exceptional) 2014 Profit - £94M (£110M pre-exceptional) 2017 is obviously the stand out year due to legacy contracts and looking at the 2017 report we have: Chief Executive "Construction’s markets were also generally positive during the year,with the government and regulated bodies continuing to spend on construction and infrastructure.However,the business was held back by legacy contracts, primarily two major infrastructure joint venture projects.These legacy contracts were secured in a more challenging economic environment for the construction sector. After a thorough review of costs to complete and expected recoveries, we announced a one-off charge of £98.3 million in our trading update in May. We are no longer undertaking similar large infrastructure contracts on fixed-price terms and there are no other similarly procured major projects in our portfolio." The two legacy contracts are: Queensferry Crossing (completed) and Aberdeen Western Peripheral Route (on-going). SO to conclude, the legacy contracts have destroyed shareholder value but the end is in sight and believe lessons have been learnt. Management have done the right thing in raising capital so other the other sub-sectors (re-generation & Linden Homes)resources are taken away. Therefore, the problems are temporary and are fixable. After this, the business should be making circa £140M profit, with reducing debt. In my opinion I can see value of the business are circa £1.2BN, which would indicate 50% rise in share price. With all these decisions there are of course risks, other legacy contracts coming out and an economic crash, house prices falling etc. However, as management have indicated, have signed any further fixed-cost contracts and the potential upside is worth the risk.
c2b: Rising price is surely a good sign that it may be a proper rights issue. If the belief was that it was mostly a placing to institutions, with the placing price unknown, then surely the share price would carry on crashing, since all placings are at a discount to the share price on the day it is announced, and those in "the know" short the shares.Still absolutely disgraceful that the equity raising announcement was made the way it was.
gp1948: On your last point Dr Smith: " The Group no longer undertakes fixed price, all risk major projects of this nature, and has improved its tendering and project selection processes." from hTTps://
c2b: With Carillion gone contracting should be less competitive and more realistic. I think they should raise more money and pay off more debt. As regards the fund raising let's hope this is a proper rights issue or open offer available to all shareholders not just chosen institutions. The company should take note of all the small PI purchases that have stopped the share price from completely crashing.
careful: If this £150m is to strengthen the balance sheet then that could be a good thing going forward. Opportunities must be plentiful for a strong company going forward in this sector. If it is because the £3.5bn construction order book was won at loss making prices it is not so good. They claim the order book is high quality. Let us hope they can deliver on time and on budget. CLLN must help to concentrated the mind. Share price has already collapsed from a recent peak of £18 to yesterdays £10.(44%). Is it all in the price?
lord gnome: I am now out. I'll watch this from the sidelines until results. The drip drip drip in the share price is telling me something and I am getting the same feeling I had when CLLN share price started to fall away. I got out then and took a much smaller loss than I would have done it I stayed put. In hindsight I should have bailed out on the first profit warning.
gp1948: Referring to the article in post #4041 - it's rather misleading to describe GFRD as a housebuilder. Yes, it does build houses, and that part of the business is very profitable too, turning in an operating profit of 18.2% in the last financial year. But the largest part of the business, comprising over 50% of turnover, is the construction division which excludes housebuilding and which in the last complete financial year made an operating profit of 0% and a huge exceptional item loss. In their plan for the years ahead the directors of GFRD hope to turn the construction division around to give an operating profit of 2% in 2021. This target seems rather undemanding and is, perhaps, the reason for GFRD's low rating. Figures I quote above are from: hTTps://
speedsgh: 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.
mattcookson: Housebuilder and construction company Galliford Try (LSE: GFRD) updated the market this morning with its full-year results. We’ve endured a stomach-churning ride with the share price over the last couple of years due mainly to the push-pull relationship between the firm’s largest divisions. The housebuilding division, Linden Homes, has been wonderfully profitable, but the firm has found it hard to keep the construction operation in the black and today’s results reflect the internal battle. One-off charge Compared to a year ago, revenue is up 9% but earnings declined 55% due to the “profit impact of the one-off charge of £98.3m announced in May.” In other words, Linden Homes made lots of profit but losses in the construction division took half of it away. However, the directors assure us that forward contracts in the construction division are under control and the firm is treating the hit to profits as an exceptional item. I hope they are right because the company puts a lot of effort into its construction operation, which accounted for around 55% of revenue during the period. Looking at the figures after ignoring the exceptional charge to profits, underlying earnings per share lifted 10%. The firm also moved from a net debt position of £8.7m to a net cash position of £7.2m. The directors made an implied statement about their confidence in Galliford Try’s forward prospects by pushing up the full-year dividend by 17%. High dividend And the dividend looks attractive. At today’s 1,373p share price, the forward yield for the year to June 2018 runs at 7% and City analysts following the firm expect earnings to advance 16% and cover the payout almost 1.8 times.
Galliford Try share price data is direct from the London Stock Exchange
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