Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Britain's Galliford sees return to profitability, dividend resumption

share with twitter share with LinkedIn share with facebook
09/16/2020 | 03:39am EDT

British construction firm Galliford Try on Wednesday said it expects to return to profitability in fiscal 2021 as site activity resumes and productivity nears normal levels, after coronavirus lockdowns led to a loss this year.

The FTSE small-cap company reported a loss for the second year running, but said it expects to resume dividend payouts next year as margins improve and a year-on-year increase in its order book helped it secure 90% of planned revenue for 2021.

"We have successfully transitioned to a well-capitalised UK construction business and I am confident about our future ... The Group is performing well and focusing on its core strengths of building, highways and environment," said Chief Executive Officer Bill Hocking.

Galliford, known for the re-development of the Wimbledon tennis venue, forecast revenue between 1.1 billion pounds and 1.3 billion pounds ($1.4 billion and $1.7 billion) for the year ending June 2021.

The company's operating margins had taken a massive hit from the pandemic in fiscal 2020 and it has been opting for smaller contracts to avoid unexpected cost hits from larger, fixed-price contracts.

Excluding one-time items, Galliford reported a pretax loss of 59.7 million pounds for the year ended June 30, compared with a loss of 17.2 million pounds last year. Revenue fell 22% to 1.09 billion pounds.

Peel Hunt analysts said the reinstated guidance was confident, given the company's "well-bid order book, attractive infrastructure markets and the sector-leading balance sheet."

(This story corrects to FTSE small-cap company from FTSE 250 company in paragraph 2)

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Devika Syamnath)

share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:55pSTATISTICS NEW ZEALAND : Education sector lifts August job numbers
PU
05:44pEXCLUSIVE : ArcelorMittal in talks to merge U.S. assets with Cleveland-Cliffs
RE
05:01pNew Zealand PM Seeks 3-5 Year Delay in Smelter Closure
DJ
04:50pArcelormittal sa in talks to merge its u.s. operations with cleveland-cliffs inc -sources
RE
03:59pTikTok Awaits Judge's Ruling on Whether U.S. Can Ban Downloads
DJ
03:06pJudge plans to decide on TikTok U.S. app store ban by end of day
RE
02:11pValue of U.S. commercial property slashed by 27%, Financial Times reports
RE
01:50pBMW : claims 20th overall victory at the Nürburgring 24 Hours – Nick Catsburg, Alexander Sims and Nick Yelloly triumph in the ROWE Racing BMW M6 GT3.
PU
01:47pChile's president launches $2 billion plan to bring back jobs lost during pandemic
RE
01:31pFrance's Macron says he will keep pushing initiative on Lebanon
RE
Latest news "Economy & Forex"